Inven Capital – Subfund D
ANNUAL REPORT
Period from 1 January 2023 to 31 December 2023

CONTENTS
Definitions

2

Declaration of honor of the persons responsible for the Annual Report3

Independent Auditor’s Report

4

Business activities, state of assets and ownership interests

7

Sub-fund Profile

10

Annexes18

1. Report on Relations for 2023
2. Regular disclosure of financial product information under the SFDR as at 31 December 2023
3. Financial Statements as at 31 December 2023

1

Definitions
For the purposes of this Annual Report, the following legislation contained herein shall have the meaning
provided below:

AMISTA IS

AMISTA investiční společnost, a.s., Company ID No. (IČO): 274 37 558, registeredoffice: Pobřežní 620/3, Prague 8, 186 00

CNB

Czech National BankFATCA Agreement

Agreement between the United States of America and the Czech Republic to
Improve International Tax Compliance and with Respect to the United States
Information and Reporting Provisions Commonly Known as the Foreign AccountTax Compliance Act, published under No. 72/2014 Coll. of Int. Agreements

EIB

European Investment Bank, registered office: 98-100 boulevard Konrad Adenauer,
L-2950 Luxembourg

Fund

Inven Capital, SICAV, a.s., Company ID No. (IČO): 02059533, registered office: Podkřížkem 1773/2, 147 00 Prague 4, registered in the Commercial Register
maintained by the Municipal Court in Prague, Section B, Entry No. 19323

Valuation Date

Last day of the Accounting Period

Sub-fundInven Capital – Subfund D

SFDR

Regulation (EU) 2019/2088 of the European Parliament and of the Council of
27 November 2019 on sustainability-related disclosures in the financial services
sector

Accounting Period / Reporting
PeriodPeriod from 1 January 2023 to 31 December 2023

DecreeDecree No. 234/2009 Coll., on the Protection against Market Abuse and on
Transparency, as amended

Act on Auditors

Act No. 93/2009 Coll., on Auditors and on amendments to certain acts (Act on
Auditors), as amended

Income Taxes Act

Act No. 586/1992 Coll., on Income Taxes, as amended

Act on Accounting

Act No. 563/1991 Coll., on Accounting, as amended

ICIFA

Act No. 240/2013 Coll., on Investment Companies and Investment Funds, as
amendedAICTA

Act No. 164/2013 Coll., on International Cooperation in Tax Administration and on
amendments to other related acts, as amended

BCA

Act No. 90/2012 Coll., on Business Corporations and Cooperatives (BusinessCorporations Act), as amended

ACMU

Act No. 256/2004 Coll., on Capital Market Undertakings, as amended2

Declaration of honor of the persons responsible for the Annual
ReportTo the best of our knowledge, having taken all reasonable care to ensure that such is the case, the Annual
Report gives a true and fair view of the financial position, business and results of operations for the year 2023,
prospects for future development, business activities and results of operations, and does not conceal any
facts that could change the purpose and meaning of this Report.

Prague, 9 April 2024---------------------------------------------------------------------------------------------

Inven Capital, SICAV, a.s.

Inven Capital, SICAV, a.s.

Ing. Ivo Němejc

Ing. Viktor Miškovský

Vice-Chairman of the Board of Directors

Member of the Board of Directors

3Independent Auditor’s Report4

INDEPENDENT AUDITOR'S REPORTTo the Shareholders oflnven Capital - Subfund D, lnven Capital, SICAV, a.s.
Having its registered oﬃce at: Pod křížkem 1773/2, 147 00 Praha 4
OpinionWe have audited the accompanying ﬁnancial statements of lnven Capital -Subfund D (hereina er also the"Subfund"), of company lnven Capital, SICAV, a.s. (hereina er also the "Fund" or "Company") prepared on thebasis of accoun ng regula ons applicable in the Czech Republic, which comprise the balance sheet as at 31
December 2023, and the proﬁt and loss account, statement of changes in equity and cash ﬂow statement for theyear then ended, and notes to the ﬁnancial statements, including material accoun ng policy informa on.
ln our opinion, the accompanying ﬁnancial statements give a true and fair view of the ﬁnancial posi on of lnven
Capital - Subfund D, of company lnven Capital, SICAV, a.s. as at 31 December 2023, and of its ﬁnancial
performance and its cash ﬂows for the year then ended in accordance with accoun ng regula ons applicable in
the Czech Republic.
Basis for Opinion
We conducted our audit in accordance with the Act on Auditors and Audi ng Standards of the Chamber ofAuditors of the Czech Republic, which are lnterna onal Standards on Audi ng (ISAs), as amended by the related
applica on guidelines. Our responsibili es under this law and regula on are further described in the Auditor's
responsibili es for the Audit of the Financial Statements sec on of our report. We are independent of the
Subfund 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 responsibili es 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.
Other Ma er
The ﬁnancial statements of lnven Capital - Subfund D, of company lnven Capital, SICAV, a.s. for the year ended 31
December 2022 were audited by another auditor who expressed an unmodiﬁed opinion on those statements on
14 April 2023.
Other lnforma on in the Annual Reportln compliance with Sec on 2(b) of the Act on Auditors, the other informa on comprises the informa on includedin the Annual Report other than the ﬁnancial statements and auditor's report thereon. The Board of Directors oflnven Capital, SICAV, a.s. is responsible for the other informa on.
Our opinion on the ﬁnancial statements does not cover the other informa on. ln connec on with our audit of
the ﬁnancial statements, ot.ir responsibility is to read the other informa on and, in doing so, consider whether
the other informa on is materially inconsistent with the ﬁnancial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. ln addi on, we assess whether the other informa on has
been prepared, in all material respects, in accordance with applicable law or regula on, in par cular, whether
the other informa on complies with law or regula on in terms of formal requirements and procedure forpreparing the other informa on in the context of materiality, i.e. whether any non-compliance with theserequirements could inﬂuence judgments made on the basis of the other informa on.
Based on the procedures performed, to the extent we are able to assess it, we report that:• The other informa on describing the facts that are also presented in the ﬁnancial statements is, in all material
respects, consistent with the ﬁnancial statements; and• The other informa on is prepared in compliance with applicable law or regula on.
ln addi on, our responsibility is to report, based on the knowledge and understanding of the Subfund obtainedin the audit, on whether the other informa on contains any material misstatement of fact. Based on theprocedures we have performed on the other informa on obtained, we have not iden ﬁed any material
misstatement of fact.
Deloi e refers to one or more of Deloi e Touche Tohmatsu Limited (DTIL), its global network of member. ﬁrms, and their related en es (collec vely, the "Deloi eorganiza on'). DTIL (also referred to as 'Deloi e Global') and each of its member ﬁrms and related en es are legally separate and independent en es, whichcannot obligate or bind each other in respect of third par es. DTIL and each DTIL member ﬁrm and related en ty is liable only for its own acts and omissions, andnot those of each other. DTIL does not provide services to clients. Please see www.deloi e.com/about to learn more.

Responsibili es of the Company's Board of Directors and Supervisory Board of lnven Capital. SICAV. a.s. for the
Financial Statements of the Subfund
The Board of Directors of lnven Capital, SICAV, a.s. is responsible for the prepara on and fair presenta on of the
ﬁnancial statements in accordance with accoun ng regula ons applicable in the Czech Republic and for suchinterna I control as the Board of Directors of lnven Capital, SICAV, a.s. determines is necessary to enable theprepara on of ﬁnancial statements that are free from material misstatement, whether due to fraud or error.
ln preparing the ﬁnancial statements, the Board of Directors of lnven Capital, SICAV, a.s. is responsible forassessing the Subfunďs ability to con nue as a going concern, disclosing, as applicable, ma ers related to going
concern and using the going concern basis of accoun ng unless the Board of Directors of lnven Capital, SICAV,
a.s. either intends to liquidate the Subfund or to cease opera ons, or has no realis c alterna ve but to do so.
The Supervisory Board of lnven Capital, SICAV, a.s. is responsible for overseeing the Subfunďs ﬁnancial repor ng
process.
Auditor's Responsibili es for the Audit of the Financial Statements
Our objec ves are to obtain reasonable assurance about whether the ﬁnancial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 regula on, we exercise professional judgment andmaintain professional skep cism throughout the audit. We also:• Iden ty and assess the risks of mate rial 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 suﬃcientand appropriate to provide a basis for our opinion. The risk of not detec ng a material misstatement resul ng
from fraud is higher than for one resul ng from error, as fraud may involve collusion, forgery, inten onal
omissions, misrepresenta ons, or the override of internal control.
• Obtain an understanding of interna! control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the eﬀec veness of the
Subfunďs internal control.
• Evaluate the appropriateness of accoun ng policies used and the reasonableness of accoun ng es mates andrelated disclosures made by the Board of Directors of lnven Capital, SICAV, a.s.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accoun ng and,based on the audit evidence obtained, whether a material uncertainty exists related to events or condi ons that
may cast signiﬁcant doubt on the Subfunďs ability to con nue as a going concern. lf we conclude that a material
uncertainty exists, we are required to draw a en on in our auditor's report to the related disclosures in theﬁnancial 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 condi ons may
cause the Subfund to cease to con nue as a going concern.
• Evaluate the overall presenta on, structure and content of the ﬁnancial statements, including the disclosures,and whether the ﬁnancial statements represent the underlying transac ons and events in a manner that achieves
fair presenta on.
We communicate with the Board of Directors and the Supervisory Board of lnven Capital, SICAV, a.s. regarding,among other ma ers, the planned scope and ming of the audit and signiﬁcant audit ﬁndings, including any
signiﬁcant deﬁciencies in interna! control that we iden ty during our audit.
ln Prague on 10 April 2024
Audit ﬁrm:

Statutory auditor:

Deloi e Audit s.r.o.
registra on no. 079

Miroslav Mayer
registra on no. 2529

Business activities, state of assets and ownership interests
Fund

Inven Capital, SICAV, a.s., Company ID No. (IČO): 02059533, registeredoffice: Pod křížkem 1773/2, 147 00 Prague 4, registered in theCommercial Register maintained by the Municipal Court in Prague under
File No. B 19323

Sub-fundInven Capital – Subfund D

Accounting Period / Reporting Period

Period from 1 January 2023 to 31 December 2023

1. Sub-fund’s activities in the Accounting Period
Inven Capital - Subfund D focuses on investments in growth-stage cleantech startups from the European
Union, with scalable business models proven by sales and a strong growth potential. The Sub-fund isinterested in sectors such as energy efficiency, distributed power generation, flexibility and energy storage,energy data services, clean transport, smart city, and activities with the potential to reduce greenhouse gas
emissions in general. More than 450 investment opportunities have been assessed for 2023.
Subfund D has invested in one company:
Hydrogrid GmbH – thanks to its fully integrated and automated software, the Austrian company can unlock
the flexibility of existing water sources, helping to integrate other renewable sources (wind, PV) into the gridand reducing the need to install new battery systems. Its customers are operators of hydroelectric power
plants, for which the Hydrogrid solution allows comprehensive optimization of operations.

1.1. Sub-fund’s results
The annual financial statements for the Accounting Period including the notes to the financial statements,
together with the auditor’s report that constitutes an inseparable part of the Annual Report, give a fair andcomprehensive view of the Sub-fund’s financial performance.
The Sub-fund is, from an accounting and property perspective, a part separated from the assets and liabilitiesof the Fund. The accounting records reflect the Sub-fund’s assets and liabilities and other facts to allow for
the preparation of a separate set of financial statements of the Sub-fund. This Annual Report is also a separate
annual report of the Sub-fund. The Sub-fund has no legal personality; information concerning its bodies istherefore contained in the Fund’s Annual Report.
In 2023, the company recorded a loss of CZK 20,558 thousand after tax, mainly due to the operating costs
incurred in the administration of Subfund D.

1.2. State of assets
The year 2023 was the first year of the Sub-fund’s existence, therefore the year-on-year comparison of thedevelopment of the Sub-fund’s assets is not shown.

7

The Sub-fund’s portfolio is financed through own resources (7.67%). 92.33% of the Sub-fund’s assets werecovered by short-term foreign resources in the form of other liabilities, consisting primarily of liabilities toshareholders.
AssetsIn the balance sheet as at 31 December 2023, the Sub-fund reported assets totaling CZK 44,511 thousand.
These assets mainly consist of shares in Hydrogrid in the amount of CZK 40,178 thousand. Other items werethe costs of future periods in the amount of CZK 2,700 thousand, receivables from banks in the amount of
CZK 537 thousand and other assets in the amount of CZK 1,096 thousand, which is a deferred tax asset in theamount of CZK 1,096 thousand.
The fair value of ownership interests in Hydrogrid was determined on the basis of a valuation report preparedby Ernst & Young as at 31 December 2023.
Liabilities
In the balance sheet as at 31 December 2023, the Company reported liabilities totaling CZK 44,511 thousand.
These consisted of equity of CZK 3,414 thousand, other liabilities in the amount of CZK 41,096 thousand,which represent mainly liabilities to shareholders of CZK 41,029 thousand and estimated accounts payable in
the amount of CZK 68 thousand.
The number of investment shares issued for Subfund D is 1,020. The shares were issued during the accounting
period. The loss for the period was CZK 20,558 thousand.
The structure of assets and liabilities is shown in the graphs below in thousands CZK:8Cash flow
Cash and cash equivalents at the end of the period increased to CZK 537 thousand compared to the beginningof the accounting period, which represents a net increase of cash and cash equivalents by CZK 537 thousand.
The cash flow from operating activities at the end of the Reporting Period amounted to CZK 16,757 thousand,which was mainly caused by the change in the status of other assets in the amount of CZK -2,700 thousand
and by changing the status of other liabilities in the amount of CZK 41,096 thousand.
At the end of the accounting period, the net cash flow related to investment activity amounted to CZK -40,455
thousand. Its amount was affected only by expenses associated with the acquisition of long-term assets inthe amount of CZK -40,455 thousand.
The net cash flow related to financial activity was CZK 24,235 thousand at the end of the accounting period.
Its value was affected by the status of the item Effects of changes in equity on cash resources in the amountof CZK 24,235 thousand, when it was a subscription of shares.

2. Projected development
On the business side, the goal is to make 1-3 new investments in 2024. The Fund’s management will continue
to monitor the development of the international economic and security situation, especially the conflicts in
Ukraine and the Middle East. Conflicts accelerate some trends such as the transition to sustainable energy
sources, self-sufficiency and diversification. On the other hand, they are a source of uncertainty and volatility
in world markets. Growing geopolitical tensions are leading to a slowdown in globalization and a decline in
the volume of international trade. The investment managers of individual Target companies actively monitor
international developments and their influence on the business activities of individual companies. Where
possible, especially if they are board members of portfolio companies, they provide support to companies in
adapting business models to changing conditions.

9Sub-fund Profile
1. Sub-fund description
Name: Inven Capital – Subfund D
Identification data
Alternative ID No. (NIČ): 751 63 861
Tax Identification No. (DIČ): CZ686173167
Registered OfficeStreet: Pod křížkem 1773/2
District: Braník
Post code: 147 00 Prague 4
Establishment of the Fund
On 1 September 2013, ČEZ Nová energetika, a.s. (original name of the Fund prior to the granting of a license),
was formed as a non-regulated joint-stock company established by ČEZ, a. s., Company ID No. (IČO):45274649, with registered office located at Duhová 2/1444, Prague 4, post code 140 53, registered in theCommercial Register maintained by the Municipal Court in Prague, Section B, Entry No. 1581, as the solefounder and shareholder.
With effect from 4 September 2014, ČEZ Nová energetika, a.s., was registered in the register maintained by
CNB pursuant to Section 596(f) of ICIFA.
With effect from 10 December 2015, the ownership of 4 shares issued by ČEZ Nová energetika, a.s., wastransferred to ČEZ Teplárenská, a. s., Company ID No. (IČO): 273 09 941, with registered office located at
Duhová 2/1444, Prague 4, post code 140 00, registered in the Commercial Register maintained by the
Municipal Court in Prague, Section B, Entry No. 17910.
The CNB’s decision to grant a license to conduct the activities of an autonomous investment fund came into
legal force on 31 August 2016 and the company changed its business name to Inven Capital, investiční fond,a.s. with effect from 1 September 2016. Pursuant to Section 8(1) of the Act, the Fund is authorized to manage
itself. The Fund is not authorized to perform its own administration. The Fund has submitted to theapplication of the ICIFA upon the Fund’s own request.
With effect from 1 February 2018, the Fund as a joint-stock company was transformed into a variable-capital
joint-stock company (SICAV) pursuant to Section 367 of ICIFA; alongside the change of legal form, thecompany changed its name to Inven Capital, SICAV, a.s.
Sub-fundInven Capital - Subfund D was created on 1 January 2023 by the decision of the Fund’s Board of Directors andwas registered in the register maintained by the CNB on 1 January 2023. In accordance with Section 165(1)of the ICIFA, the Sub-fund is, from an accounting and property perspective, a part separated from the assets
and liabilities of the Fund. The Fund has included in the sub-funds the assets and liabilities arising from10

investment activities. All investment activities of the Fund are carried out through the sub-funds.
Each sub-fund has its own investment strategy and its own statute. The investment strategy is always set out
in the statute.
SharesFor each sub-fund, the Fund issues investment shares that represent equal shares in the fund capital of thegiven sub-fund. The investment shares issued for a sub-fund have the following rights attached: the right toa share in profit ensuing only from the performance of the given sub-fund and the right to a share of theliquidation surplus ensuing only upon the dissolution of the sub-fund with liquidation.
The shares are issued as no-par value (NPV) shares, i.e. shares with no nominal value listed on the share. The
investment shares of Subfund D are held by the European Investment Bank. As at 31 December 2023, 1,020
investment shares were issued for the Sub-fund. As at 31 December 2023, the fund capital amounted to CZK
3,414 thousand.
The currency of the investment shares of Subfund D is in EUR. The Company’s shares have been issued as
securities and have not been admitted to trading on a regulated market, i.e. they are not listed on any
regulated (or other European) market or admitted to trading in any multilateral trading facility.
Net business assets: CZK 3,414 thousand.

Bodies of the Sub-fund
Board of Directors
Chairman of the Board of Directors

Ing. Petr Míkovec(since 27 February 2015)

Address: Na Královce 508/3, Vršovice, 101 00 Prague 10
Date of birth: 24 May 1974
Vice-Chairman of the Board

Ing. Ivo Němejc

(since 1 February 2017)of Directors

Address: Chrustenice no. 212, 267 12 Chrustenice
Date of birth: 5 May 1977

Member of the Board of Directors

Ing. Viktor Miškovský

(since 1 February 2017)

Address: České družiny 1947/19, Dejvice, 160 00 Prague 6
Date of birth: 12 April 1968
The Board of Directors is the statutory body of the Fund, which is responsible for management of the Fundand represents the Fund externally. The Board of Directors follows generally binding legal regulations, theArticles of Association and the Statute of the Fund and its sub-funds, if established. Among other things, theBoard of Directors further convenes the General Meeting of the Fund and approves amendments to the
Statute of the Fund and its sub-funds, if established. The Board of Directors is elected by the Fund’s General
Meeting and has three members.
The fundamentals of the Fund’s business management fall within the competence of the Board of Directors.

11

The members of the Board of Directors are authorized to perform their activities based on a CNB decision tocarry out investment company activity. An authorized representative of the Board of Directors has the priorconsent of CNB to perform its function.
Supervisory Board
Chairman of theIng. Tomáš Pleskač, MBA(since 30 May 2016)

Supervisory Board

Date of birth: 8 November 1966

(member since 1 February 2016)

Education: university degree
Vice-Chairman of theIng. Martin Novák, MBA(since 16 March 2015)

Supervisory Board

Date of birth: 2 May 1971

(member since 30 August 2014)

Education: university degree

Member of theMgr. Ing. Vojtěch Kopp

(since 30 December 2014)

Supervisory Board

Date of birth: 12 July 1981

(member since 30 August 2014)

Education: university degree
The Supervisory Board supervises the proper performance of the Fund’s activities, as well as carries out otheractivities stipulated by generally binding legal regulations; it consists of three members elected by the General
Meeting.

2. Information on changes of facts recorded in the Commercial Register that
occurred in the Reporting Period
The Sub-fund constitutes a part of the assets and liabilities of the Fund, separated for accounting and property
purposes; the Sub-fund is without legal personality and is not registered in the Commercial Register.

3. Information on the investment company managing the Sub-fund in the
Accounting Period
The Fund is an autonomous investment fund authorized to manage itself pursuant to the license to performthe activities of an autonomous investment fund granted by the CNB. Pursuant to the provision of Section
8(2) of the ICIFA, the Fund is the manager of the Fund. The manager of the Fund, i.e. the Fund, is also the
manager of the sub-funds created by the Fund.
In the Accounting Period, the manager carried out regular activities stipulated in and compliant with theFund’s statute and the Sub-fund’s statute.
Members of the Board of Directors act as portfolio managers.
Chairman of theIng. Petr Míkovec(since 27 February 2015)

Board of Directors

Date of birth: 24 May 1974

(member since 1 September 2013)12

Education: university degree1998 – 2003

Patria Finance, a.s.: Online business division manager

2004 – 2006

ČEZ, a.s.: Analysis and forecasting specialist

2007 – 2007

ČEZ, a.s.: Strategy project manager

2007 – 2008

ČEZ, a.s.: Product evaluation department head2008 – 2010

ČEZ, a.s.: Portfolio assessment division head2010 – 2012ČEZ, a.s.: Portfolio assessment division manager

2010 – 2014

ČEZ, a.s.: Director of the business development division, ČEZ Group

Vice-Chairman of theIng. Ivo Němejc

(since 1 February 2017)

Board of Directors

Date of birth: 5 May 1977
Education: university degree1998 - 2001

NEWTON Holding, a.s.: Financial analyst

2001 – 2005

NEWTON Management, a.s.: Project manager

2005 – 2006

BAWAG Bank CZ, a.s.: Corporate Finance team leader

2006 – 2009

LBBW Bank CZ a.s.: Structured financing director

2010 – 2014

LBBW Bank CZ a.s.: Director for large corporate clients and structured financing

Member of theIng. Viktor Miškovský

Board of Directors

Date of birth: 12 April 1968

(since 1 February 2017)

Education: university degree
1995 – 2002 Arthur Andersen, a.s.: Senior Manager
2002 – 2005 Horizon Energy Development/United Energy: CFO in Horizon Energy Development s.r.o.,chairman of the Supervisory Board of United Energy a.s., member of the Board of Directors of Teplárny
Liberec, a.s.
2005 – 2007 Západočeská energetika, a. s.: CEO and chairman of the BoD
2008 – 2015 Wikov Wind, a. s.: CEO and member of the BoD
Major factors affecting the Sub-fund’s economic results
In 2023, the Sub-fund recorded a loss, which was mainly caused by the operating costs.

4. Information on the Sub-fund’s DepositaryBusiness name:Česká spořitelna, a.s.

Registered office:Olbrachtova 1929/62, 140 00 Prague 4

Company ID No. (IČO):452 44 782

The performance of the activities of a depositary by Česká spořitelna is governed by the Depositary
Agreement of 1 September 2020. Pursuant to the Agreement, the Depositary undertakes to act as adepositary for the fund pursuant to Act No. 240/2013 Coll., on Investment Companies and Investment Funds,
and Commission Delegated Regulation (EU) No. 231/2013 supplementing Directive 2011/61/EU of theEuropean Parliament and of the Council.
13

5. Information on the prime broker
No persons authorized to provide investment services acted as the prime broker for the Sub-fund In the
Accounting Period. The Sub-fund did not have a prime broker.

6. Information on persons to whom the safekeeping or custody of the Fund’s assets
was delegated by the Depositary, if they safekeep or otherwise hold in custodymore than 1% of the Sub-fund’s assets
The Depositary currently uses the services of Clearstream Banking S.A. Luxembourg for the settlement andclearing of foreign securities and the services of the Central Securities Depositary (Centrální depozitář cenných
papírů, a. s.) for the settlement and clearing of stock-exchange transactions with the securities traded on the
Prague Stock Exchange (Burza cenných papírů Praha, a. s.) and local custodians for the markets in Poland,
Slovakia, Hungary, Romania and Turkey. The collaborating entities may change over time, particularly whenentering new markets.

7. Information on the remuneration of employees and officers paid to the Fund’s
employees and officers by the Sub-fund’s manager
The Fund, as the Sub-fund’s manager, has disclosed in its annual report information on the payment for the
performance of the activities of the depositary, administrator and auditor, and data on other costs or taxes
in its annual report. These payments are paid out of operating costs, which for 2023 were in the amount of
CZK 20,976 thousand.

8. Information on the remuneration of employees and officers paid by the Sub-fund
to the employees or officers whose activity has a significant impact on the Subfund’s risk profile
The Sub-fund did not make any such payments in the Accounting Period.

9. Identification of assets with value exceeding 1% of the total value of the Subfund’s resources
The Sub-fund’s assets in excess of 1% of the total value of the Sub-fund’s resources as at the Valuation Datecomprise ownership interests in Hydrogrid GmbH amounting to CZK 40,178 thousand. The Sub-fund’s interestin the company is up to 10%.

14

10. Information on research and development activities
The Sub-fund did not engage in any R&D activities in the Reporting Period.

11. Information on environmental protection activities and labor relations
The objective of Sub-Fund D is to invest in a responsible manner, to actively take into account environmental
and social characteristics, as well as responsible governance procedures when choosing investments andduring the period of their holding. Inven Capital fully offsets its CO2 emissions by planting trees in cooperation
with the non-profit organization Sázíme stromy and is carbon neutral. In connection with its membership in
the international Leaders for Climate Action initiative, it also seeks to reduce its carbon footprint, for example
by consuming electricity exclusively from renewable sources, printing on recycled paper or reducing air travel.
Since the Sub-fund is, from an accounting and property perspective, a part separated from the assets andliabilities of the Fund, the Sub-fund did not have any employees in the Accounting Period.

12. Sustainability-related disclosures in the financial services sector
In 2022, the Fund formulated its internal sustainability strategy (the “Inven ESG Policy”), which it publishedon its website (www.invencapital.cz) in the “Info for investors” section and which it will update regularly
in line with developments in legislation and market practice. The Fund takes sustainability factors into
account in its investment process and considers Subfund D to be a financial product that promotes
environmental and social characteristics in accordance with Regulation (EU) 2019/2088 of the European
Parliament and of the Council, Article 8(1). This Annual Report shall be accompanied by a completed template
for the periodic disclosures for the financial products referred to in Article 8(1), (2) and (2a) of Regulation(EU) 2019/2088 and in the first subparagraph of Article 6 of Regulation (EU) 2020/852, showing the degreeof compliance with the environmental and social characteristics of that financial product.

13. Information on securities financing transactions (SFT)
No such transactions took place in the Accounting Period.

14. Foreign branch or a part of the undertaking abroad
The Sub-fund has no foreign branch or a part of the undertaking abroad.

15

15. The Sub-fund’s fund capital and changes in share value
Balance as at:

31/ 12/ 2023

Fund capital of Sub-fund (CZK):

3,414,269

Fund capital of Sub-fund (EUR):
Number of the Sub-fund’s investment shares issued
and outstanding at the end of the Accounting Period:

138,090
1,020

Number of the Sub-fund’s investment shares issued in
the Accounting Period:

1,020

Number of the Sub-fund’s investment shares purchasedin the Accounting Period:

0Fund capital of Sub-fund per 1 share (CZK):Fund capital of Sub-fund per 1 share (EUR):

3,347.3221
135.3820

The development of the share value of Subfund D in 2023 is shown on the following chart (in EUR):

16. Information on major changes in the Sub-fund’s Statute
During the Accounting Period, after approval by the Board of Directors of the Fund, the following changes
were made to the statute of Subfund D:- With effect from 14 June 2023, the description of sustainability risks in Article 11.2 of the Statue has beenchanged.
- With effect from 12 October 2023, due to the change of auditor, this change was taken into account in
Article 14.6. of the Statute.

17. Information on the acquisition of own shares or ownership interests
The Sub-fund did not acquire its own shares or ownership interests in 2023.

18. Impact of the war in Ukraine and Israel on the accounting unit
Throughout the year, the Fund’s management monitored the situation in the Target Companies in connection
with the war in Ukraine and, subsequently, the war in Israel.
16

The valuation of the companies, which took place at the end of 2023, reflects the market’s reaction to thewar in Ukraine and Israel and its impact on the value of individual investments. The main macroeconomic
effects of conflicts include energy prices, inflationary pressures, disruption of supply chains, deterioration of
the geopolitical situation and increase in arms spending, but also changing economic regulations.
The only target company of the Subfund was not negatively affected by these military conflicts; on thecontrary, steps to accelerate Europe’s energy self-sufficiency and focus on renewable resources could support
the growth of this company.
The Fund’s management has considered the current and anticipated effects of the conflict on its activities
and business and has concluded that they do not have a significant impact on the Fund's assumption of going
concern. Considering this, the financial statements as of 31/12/2023 were prepared on the assumption thatthe company will continue to be able to continue its activities.

19. Subsequent events
No significant events occurred after the balance sheet date.

20. Comments on the Annexes attachedThis Annual Report includes Annexes that include information on the Sub-fund’s performance. In accordancewith the generally binding legal regulations, this Annual Report also includes the financial statements,
including the notes to the financial statements, and the Independent Auditor’s Report. The Report on
Relations is prepared at the level of the Fund. The figures contained in the Annexes are in CZK thousands(unless otherwise stated). The investment fund’s balance sheet and income statement contain data
structured according to special accounting legislation. Each caption contains information on the amount for
the immediately preceding reporting period. If certain tables or values are not filled in, the corresponding
value is zero. Further information is provided in the notes to the financial statements.

Prague, 9 April 2024---------------------------------------------------------------------------------------------

Inven Capital, SICAV, a.s.

Inven Capital, SICAV, a.s.

Ing. Ivo Němejc

Ing. Viktor Miškovský

Vice-Chairman of the Board of Directors

Member of the Board of Directors

17Annexes
1. Report on Relations as at 31 December 2023
2. Periodic disclosures for the financial products referred to in Article 8(1), (2) and (2a)of Regulation (EU) 2019/2088 and in the first subparagraph of Article 6 ofRegulation (EU) 2020/852 as at 31 December 2023
3. Financial Statements as at 31 December 2023

18

Inven Capital, SICAV, a.s.

Report on Relations of Inven Capital, SICAV, a.s. for 2023
Date of preparation:

March 2024

Appendices:1

This Report has been prepared on the basis of an obligation defined in Section 82 of Act No. 90/2012
Coll., on Business Corporations (the Corporations Act). In accordance with the Corporations Act, theReport describes relations between the Controlling entity and the Controlled entity and between theControlled entity and entities controlled by the same Controlling entity. The Report has been preparedin accordance with the provision of Section 82 (1) through (4) of the Corporations Act for the pastaccounting period (from 1 January 2023 to 31 December 2023).
1. Structure of relations
Controlled entity and author of Report on Relations
Inven Capital, SICAV, a.s.
Corporate ID: 020 59 533
Registered office: Pod křížkem 1773/2, Braník, 147 00 Prague 4,Entered in the Commercial Register maintained by the Municipal Court in Prague, Section B,
Insert no. 19323.
Controlling entityČEZ, a. s.
Corporate ID: 452 74 649
Registered office: Prague 4, Duhová 2/1444, Postal code 140 53
Entered in the Commercial Register maintained by the Municipal Court in Prague, Section B,
Insert no. 1581.
As at 31 December 2023, 100% of the founder’s shares are held by ČEZ, a.s., with its registered officein Prague 4, Duhová 2/1444, postal code 140 53, Corporate ID: 452 74 649.
Inven Capital, SICAV, a.s. may establish sub-funds pursuant to Section 165 et seq. of the Act onManagement Companies and Investment Funds. A sub-fund is, from an accounting and property
perspective, a part separated from the assets and liabilities of the Company. The Fund has so far
established four sub-funds: Inven Capital – Subfund A, Inven Capital – Subfund B, Inven Capital –Subfund C, and Inven Capital – Sub-fund D.
As at 31 December 2023, ČEZ, a.s., with its registered office in Prague 4, Duhová 2/1444, postal code
140 53, Corporate ID: 452 74 649, and ČEZ Teplárenská, a.s., with its registered office in Prague 4,Duhová 1444/2, postal code 140 00, Corporate ID: 273 09 941, hold 99.84% and 0.16%, respectively
of investment shares in Inven Capital – Subfund A. ČEZ Teplárenská, a.s., is the entity controlled byČEZ, a.s.
As at 31 December 2023, 100% of investment shares in Inven Capital – Subfund B are held by theEuropean Investment Bank (EIB), with its registered office at 98-100 boulevard Konrad Adenauer, L2950 Luxembourg.
As at 31 December 2023, ČEZ, a.s., with its registered office in Prague 4, Duhová 2/1444, postal code
140 53, Corporate ID: 452 74 649, and ČEZ Teplárenská, a.s., with its registered office in Prague 4,1

Duhová 1444/2, postal code 140 00, Corporate ID: 273 09 941, hold 99.9% and 0.1%, respectively ofinvestment shares in Inven Capital – Subfund C. ČEZ Teplárenská, a.s., is the entity controlled by ČEZ,a.s.
As at 31 December 2023, 100% of investment shares in Inven Capital – Subfund D are held by theEuropean Investment Bank (EIB), with its registered office at 98-100 boulevard Konrad Adenauer, L2950 Luxembourg.
The Czech Republic, i.e. the Ministry of Finance, owns shares corresponding to 69.78% of the sharecapital of the Controlling entity, ČEZ, a.s.
Other entities controlled by the same controlling entity
According to the information provided by ČEZ, a.s., the Board of Directors of Inven Capital, SICAV, a.s.
has prepared the scheme of the structure of relations between entities controlled by the same controlling
entity or the entities controlled by ČEZ, a.s.
Inven Capital, SICAV, a.s. is included in the ČEZ Group; the ČEZ Group also includes the ČEZ Concern,
led by ČEZ, a.s., as the managing entity. Inven Capital, SICAV, a.s. is not a member of the ČEZConcern.
2. Scheme of relations
For the scheme of relations see Appendix 1 to this Report.
3. Controlled entity’s role
Inven Capital, SICAV, a.s. is an internally-managed investment fund that aims to bring ČEZ Group knowhow, capacities, and products in the field of “new energy” – especially in the area of energy services
and products for end customers, new technologies, decentralized resources, etc. in the EU region andother nearby markets. The investment activities of Inven Capital, SICAV, a.s. should provide the ČEZGroup with innovative products and companies, as well as additional revenues and synergies with thepresent customer and product portfolio of the ČEZ Group.
4. Method and means of control
ČEZ, a.s. directly controls Inven Capital, SICAV, a.s., i.e. it is the majority shareholder of Inven Capital,
SICAV, a.s., and holds 100% of its founder’s shares. With regard to the above, ČEZ, a.s. is entitled toappoint or recall the majority of the controlled entity’s statutory body members.
5. Summary of actions taken during the accounting period at the initiative or in the interest ofother related parties
No actions pertaining to the assets with a value exceeding 10% of the controlled entity’s equity as statedin the most recent financial statements were carried out at the initiative or in the interest of the controlling
entity or entities controlled by it.
6. Overview of agreements between related parties
This overview includes agreements/contracts concluded between Inven Capital, SICAV, a.s. (formerly
Inven Capital, investiční fond, a.s. and ČEZ Nová energetika, a.s.) and ČEZ, a.s. and other entities
controlled by the same controlling entity; it includes not only agreements concluded in the relevant
accounting period, but all agreements existing (i.e. effective) in 2023.

2

Contractual parties

Contract number

ČEZ Nová energetika, a.s.
and ČEZ, a.s.

5600005989

Inven Capital, investičnífond, a.s. and ČEZ, a.s.

5600008710

Inven Capital, investičnífond, a.s. and ČEZ, a.s.

CONTRACT_2021_2211

Inven Capital, investičnífond, a.s. and ČEZ, a.s.

CONTRACT_2021_2254

Inven Capital, SICAV, a.s.
and ČEZ, a.s.

CONTRACT_2022_582

Inven Capital, SICAV, a.s.
and ČEZ, a.s.

CONTRACT_2022_9

Inven Capital, SICAV, a.s.
and ČEZ, a.s.

CONTRACT_2022_515

Inven Capital, SICAV, a.s.
and ČEZ, a.s.

5600009180

Inven Capital, SICAV, a.s.
and ČEZ, a.s.
Inven Capital, SICAV, a.s.
and ČEZ, a.s.
Inven Capital, SICAV, a.s.
and ČEZ ICT Services,
s.r.o.

5600011270
CONTRACT_2023_1473
41/2021

Subject of contract and date
Contract for the provision of services – media
services (website) dated 18 June 2015, incl.
Amendment no. 1 dated 24 September 2020
Service Level Agreement (SLA) dated 6 November
2017, incl. Amendments no. 1 through 10
Agreement on mutual credit frameworks
in connection with the agreement on the provisionof multi-level flexi on-line real mutual cash poolingin CZK for an economically related group dated
28 January 2016, incl. Amendments no. 1
through 7
Agreement on mutual credit frameworks
in connection with the agreement on the provisionof multi-level flexi on-line real mutual cash poolingin EUR for an economically related group dated
28 January 2016, incl. Amendment no. 1 through 5
Agreement on the subscription, issue, andrepurchase of investment shares of Subfund A
dated 21 February 2018
Agreement on the subscription, issue, andrepurchase of investment shares of Subfund C
dated 3 January 2022, incl. Amendments no. 1
dated 4 April 2023
Agreement on mutual credit frameworks
in connection with the agreement on the provisionof multi-level flexi on-line real mutual cash poolingin USD for an economically related group(MutualCreditFacilityAgreement) dated 1 February
2022
Entrustment agreement on the performance of anindividual activity, incl. management of aninvestment fund (performance of an internal audit)
dated 8 March 2018
Licence agreement on the provision of the right touse trademark effective from 9 January 2020
Agreement on the subscription and issue ofinvestment shares of Subfund A dated 4 April 2023
Framework agreement on the provision of services
dated 12 February 2021, incl. Amendment no. 1

Subcontract for the provision of services to the
Framework agreement on the provision of services
42/2021
41/2021 dated 12 April 2021, incl. Amendment
no. 1
Inven Capital, SICAV, a.s.
Personal data processing agreement to theand ČEZ ICT Services,
GDPR_SO_2022_162
Framework agreement on the provision of services
s.r.o.
41/2021 dated 31 May 2022
Inven Capital, SICAV, a.s. 0201502284, 0201502287, Contracts for combined services of electricity
and ČEZ Prodej, a.s.
0201502320, 0201502323 supply from LV networks dated 2 April 2020
Inven Capital, SICAV, a.s.
Contracts for combined services of electricity
0203063295
and ČEZ Prodej, a.s.
supply from LV networks dated 13 December 2021
Agreement on the subscription, issue, andInven Capital, SICAV, a.s.
000329_2023
repurchase of investment shares of Subfund C
and ČEZ Teplárenská, a.s.
dated 31 January 2022
Inven Capital, SICAV, a.s.
and ČEZ ICT Services,
s.r.o.

All the above-stated agreements were signed at arm’s length; provided counter-performancecorresponded to arm’s-length conditions as well.

3

7. Assessment of any detriment suffered by the Controlled entity and possible compensation
In view of the legal relations between the Controlled entity and other Related Parties, it is clear that theControlled entity suffered no detriment as a result of agreements, other legal actions, or other measuresconcluded, made, or accepted by the Controlled entity in the accounting period. For this reason, no
compensation has been assessed.
8. Assessment of benefits and drawbacks arising from relations between related parties
Based on the available information, the Board of Directors assessed the benefits and drawbacks of theCompany’s membership in the ČEZ Group and concluded that the benefits outweighed and that theCompany generally profits from being the part of the entire concern. For example, the Company benefits
from the financial stability of the ČEZ Group, its good reputation, as well as related cost savings in thearea of marketing, procurement, administration, etc. In addition, it uses service outsourcing, cash
pooling, and advanced cooperation options within the ČEZ Group. The Board of Directors is not awareof any risks arising from the relations between the entities described above that would not be provided
for by standard means.
9. Other actions
In 2023, Inven Capital, SICAV, a.s. did not perform any actions at the initiative or in the interest of theControlling entity or its controlled entities that should be included in this Report pursuant to the provisionof Section 82 (2) (d) of the Corporations Act.
10. Conclusion and Representation
This Report on Relations between Related Parties has been prepared by the statutory body of Inven
Capital, SICAV, a.s. within the legal deadline. The statutory body declares that the above-stated
overview is complete and accurate. All activities have been carried out in accordance with the provisionsof the Corporations Act and have not been intended to obscure any other relationship.
This Report on Relations does not contain information the disclosure of which could cause material
damage to Inven Capital, SICAV, a.s. Furthermore, no information herein is deemed a trade secret orclassified information under special legislation.
The Report has been prepared to the best of the authors’ knowledge and belief; the authors drew on all
available materials and documents with every effort. This Report is subject to review by the Supervisory
Board of Inven Capital, SICAV, a.s.
In Prague on 15 March 2024----------------------------------------------Ing. Viktor Miškovský

---------------------------------------------Ing. Ivo Němejc

Member of the Board of Directors

Vice-Chairman of the Board of Directors

Appendix 1: Scheme of Structure of Relations

4

Annex 1 Relation Structure Diagram for the Periodof January 1, 2023, to December 31, 2023
Name/Stake
Name/Staker
ID NumberCountry
Registered Office Address
Czech Republic—Ministry of Finance
00006947
Czechia
Praha 1, Letenská 525/15, Malá Strana, postcode 118 1069.78%		 ČEZ, a. s.
45274649
Czechia
Praha 4, Duhová 2/1444, postcode 140 53		
100%		 ČEZ Distribuce, a. s.
24729035
CzechiaDěčín, Teplická 874/8, Děčín IV-Podmokly, postcode 405 02
				 51%		 Grid Design, s.r.o.
19333650
Czechia
Praha 4, Vyskočilova 1461/2a, Michle, postcode 140 00							 Established as at May 11, 2023
		
100%		 ČEZ Energetické produkty, s.r.o.
28255933
Czechia
Hostivice, Komenského 534, postcode 253 01
				100%		 in PROJEKT LOUNY ENGINEERING s.r.o.
44569688
Czechia
Louny, Na Valích 899, postcode 440 01
				100%		 1. Opravárenská společnost, s.r.o.
47306891
CzechiaKadaň, Tušimice 13, postcode 432 01
		
100%		 ČEZ ENERGOSERVIS spol. s r.o.
60698101
CzechiaTřebíč, Bráfova tř. 1371/16, Horka-Domky, postcode 674 01
				100%		 SALLEKO, spol. s r.o.
46990020
CzechiaTřebíč, Cyrilometodějská 32/15, Nové Dvory, postcode 674 01
							 Acquired as at February 28, 2023
28110706
CzechiaČeské Budějovice 3, Skuherského 1361/45, postcode 370 01
				100%		 MD projekt s.r.o.
							 Acquired as at March 31, 2023
03592880
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
		
100%		 ČEZ ESCO, a.s.
27804721
Czechia
Ostrava, Výstavní 1144/103, Vítkovice, postcode 703 00
				100%		 ČEZ Energetické služby, s.r.o.

47972033
Czechia
Ostrava, Na jízdárně 2767/21a, Moravská Ostrava, postcode 702 00
					 100%		 HA.EM OSTRAVA, s.r.o.

25357255
Czechia
Ostrava, Ruská 83/24, Vítkovice, postcode 70300
					 100%		 IVITAS, a.s.
									 Acquired as at June 1, 2023
29060109
Czechia
Praha 4, Duhová 1531/3, Michle, postcode 140 00
				100%		 ČEZ Energo, s.r.o.

01873237
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
				100%		 ČEZ LDS s.r.o.
								Dissolution of company by merger with ČEZ Energetické služby, s.r.o., as at January 1, 2023
27282074
Czechia
Praha 4, U plynárny 1388/18, Michle, postcode 140 00
				100%		 Solární servis, s.r.o.
27382052
Czechia
Praha 9, Českomoravská 2532/19b, Libeň, postcode 190 00
				100%		 ENESA a.s.
							 Change of registered office as at December 22, 2023 (originally Praha 9, U Voborníků 852/10, Vysočany, postcode 190 00)
24772631
Czechia
Brno, Tuřanka 1519/115a, Slatina, postcode 627 00
				100%		 AZ KLIMA a.s.

61675938
Czechia
Mladá Boleslav, tř. Václava Klementa 869, Mladá Boleslav II, postcode 293 01
				 12%		 ŠKO-ENERGO, s.r.o.
							 Change of registered office as at July 18, 2023 (originally Mladá Boleslav 1, Tř. Václava Klementa 869, postcode 293 60)
25441931
Czechia
Modlany, č.ev. 22, postcode 417 13
				100%		 AirPlus, spol. s r.o.
27154742
Czechia
Praha 5, Moulíkova 3286/1b, Smíchov, postcode 150 00
				100%		 HORMEN CE a.s.
44021470
Slovakia
Bratislava, Hattalova 12, postcode 831 03
					 100%		 HORMEN SK s. r. o.
27189465
Czechia
Pardubice, U Panasonicu 376, Staré Čívice, postcode 530 06
				100%		 Domat Control System s.r.o.
44570473
Slovakia
Bratislava, Pri Smaltovni 4, Petržalka, postcode 851 01
					 100%		 Domat Control System s. r. o.
45791023
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
				100%		 KART, spol. s r.o.
52963659
Slovakia
Bratislava, Tomášikova 28C, Ružinov, postcode 821 01				 50%		 ESCO Slovensko, a. s.
47256265
Slovakia
Bratislava, Plynárenská 7/C, postcode 821 09					 100%		 e-Dome a. s.
									 Increase of stake by 49% as at June 19, 2023 (originally 51%)47474238
Slovakia
Trnava, Františkánska 4, postcode 917 01					 100%		 ESCO Distribučné sústavy a.s.
35796944
Slovakia
Bratislava, Tomášikova 28C, Ružinov, postcode 821 01					 100%		 AZ KLIMA SK, s.r.o.
31718523
Slovakia
Prešov, Volgogradská 88, postcode 080 01
					 55%		 SPRAVBYTKOMFORT, a.s. Prešov
31706053
Slovakia
Prešov, Volgogradská 88, postcode 080 01
					 100%		 ESCO Servis, s. r. o.
35937190
Slovakia
Bratislava, Karadžičova 14, Ružinov, postcode 821 08					 100%		 CAPEXUS SK s. r. o.
36306941
Slovakia
Nové Mesto nad Váhom, Srnianska 19, postcode 915 01					 100%		 ELIMER, a.s.
46823492
Slovakia
Kysucký Lieskovec, Kysucký Lieskovec 847, postcode 023 34
				55.43%		 BIOPEL, a. s.
									 Increase of stake by 5.2% as at September 14, 2023 (originally 50.23%)07334214
CzechiaHavířov, Svornosti 86/2, Město, postcode 736 01
				 51%		 ENVEZ, a. s.
45193631
CzechiaRožnov pod Radhoštěm, Boženy Němcové 1720, postcode 756 61
				100%		 EP Rožnov, a.s.
18051081
CzechiaRožnov pod Radhoštěm, Tvarůžkova 2740, postcode 756 61
					 100%		 EPIGON spol. s r.o.
25887815
CzechiaRožnov pod Radhoštěm, Tvarůžkova 2740, postcode 756 61
					 100%		 PIPE SYSTEMS s.r.o.
									 Increase of stake by 10% as at June 30, 2023 (originally 90%)36230804
SlovakiaPiešťany, Vajanského 58, postcode 921 01					 100%		 ELEKTROPROJEKTA SLOVAKIA, s.r.o.
14043505
Czechia
Praha 4, Duhová 1531/3, Michle, postcode 140 00
				100%		 Green energy capital, a.s.
24131326
Czechia
Praha 5, Moulíkova 3286/1b, Smíchov, postcode 150 00
				100%		 CAPEXUS s.r.o.
46356088
Czechia
Husinec, Hlavní 130, Řež, postcode 250 68
		69.85%		 ÚJV Řež, a. s.
					 Transfer of 17.39% stake in ÚJV Řež, a. s., from ŠKODA JS a.s., to ČEZ, a. s., as at February 8, 2023
00128201
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
				100%		 ŠKODA PRAHA a.s.
47718684
CzechiaPlzeň, Tylova 1581/46, Jižní Předměstí, postcode 301 00
				100%		 Výzkumný a zkušební ústav Plzeň s.r.o.
26722445
Czechia
Husinec, Hlavní 130, Řež, postcode 250 68
				100%		 Centrum výzkumu Řež s.r.o.
28389638
CzechiaŘež, Husinec-Řež 289, postcode 250 68
				100%		 RadioMedic s.r.o.
							 Acquired as at May 15, 2023
60715871
Czechia
Brno, Resslova 972/3, Veveří, postcode 602 00
		
100%		 Ústav aplikované mechaniky Brno, s.r.o.

28861736
Czechia
Praha 4, Duhová 2/1444, postcode 140 53
		
100%		 ČEZ Invest Slovensko, a.s.
					 Change of company name as at January 1, 2023 (originally ČEZ Bohunice a.s.)45337241
Slovakia
Bratislava, Tomášikova 22, postcode 821 02				 49%		 Jadrová energetická spoločnosť Slovenska, a. s.
55011136
Slovakia
Bratislava, Tomášikova 28C, Ružinov, postcode 821 01					 100%		 JESS OZE s.r.o.
									 Established as at November 12, 2022
55011250
Slovakia
Bratislava, Tomášikova 28C, Ružinov, postcode 821 01					 100%		 JESS Projects s.r.o.
									 Established as at December 29, 2022
26470411
Czechia
Praha 4, Duhová 1531/3, postcode 140 53
		
100%		 ČEZ ICT Services, a. s.
29148278
Czechia
Praha 4, Duhová 1531/3, Michle, postcode 140 00
				100%		 Telco Pro Services, a. s.
08425817
Czechia
Praha 4, Duhová 1531/3, Michle, postcode 140 00					 100%		 Telco Infrastructure, s.r.o.

26378191
Czechia
Tachov, Vilémovská 1602, postcode 347 01
					 100%		 ČEZNET s.r.o.
27310531
CzechiaFrýdlant, Březová 1306, postcode 464 01
					 100%		 FDLnet.CZ, s.r.o.
									 Dissolution of company by division through splitting and merging into ČEZNET s.r.o., and Telco Infrastructure, s.r.o., as at July 1, 2023
24237744
Czechia
Praha 4, Duhová 1531/3, Michle, postcode 140 00					 100%		 CERBEROS s.r.o.
27547469
Czechia
Hradec Králové, Pražská třída 485/3, Kukleny, postcode 500 04
					 85%		 Magnalink, a.s.
24156027
CzechiaZlín, Tyršovo nábřeží 5183, postcode 760 01
					 100%		 ADAPTIVITY s.r.o.
									 Dissolution of company by merger with INTERNEXT 2000, s.r.o., as at July 1, 2023
25352288
Czechia
Vsetín, Palackého 166, postcode 755 01
					 100%		 INTERNEXT 2000, s.r.o.
									 As a result of the merger of the dissolving company ADAPTIVITY s.r.o., as the original owner of 31% stake of INTERNEXT 2000, s.r.o., with INTERNEXT 2000, s.r.o., as the successor company as at July 1, 2023,									 Telco Pro Services, a. s., is a 100% stakeholder of INTERNEXT 2000, s.r.o., as at the same date
29460212
Czechia
Valašské Meziříčí, Zašovská 778, Krásno nad Bečvou, postcode 757 01
								100%		 Optické sítě s.r.o.
48150029
Czechia
Praha 10, Ruská 8, postcode 101 00
					 100%		 KABELOVÁ TELEVIZE CZ s.r.o.
28595734
Czechia
Jeseník, Masarykovo nám. 60/5, postcode 790 01
					 100%		 Web4Soft Internet s.r.o.
									 Acquired as at January 31, 2023
25938924
Czechia
Hradec Králové, Křižíkova 788/2, postcode 500 03
		
100%		 ČEZ Obnovitelné zdroje, s.r.o.

13955454
Czechia
Praha 9, Ocelářská 1354/35, Libeň, postcode 190 00
				100%		 PV Design and Build s.r.o.
24135780
Czechia
Praha 4, Duhová 1444/2, postcode 140 53
		99.57%		 ČEZ OZ uzavřený investiční fond a.s.
27232433
Czechia
Praha 4, Duhová 1/425, postcode 140 53
		
100%		 ČEZ Prodej, a.s.
26349451
Czechia
Praha 4, Duhová 1531/3, Michle, postcode 140 00
				100%		 TENAUR, s.r.o.

27309941
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
		
100%		 ČEZ Teplárenská, a.s.
					 Change of registered office as at October 1, 2023 (originally Říčany, Bezručova 2212/30, postcode 251 01)
22801600
Czechia
Klášterec nad Ohří, Jana Ámose Komenského 450, Miřetice u Klášterce nad Ohří, postcode 431 51
				100%		 Teplo Klášterec s.r.o.
26051818
CzechiaJindřichův Hradec, Otín 3, postcode 377 01
				100%		 Energetické centrum s.r.o.
49101684
CzechiaÚstí nad Labem, Malátova 2437/11, Ústí nad Labem-centrum, postcode 400 11			
55.83% Tepelné hospodářství města Ústí nad Labem s.r.o.
							 The company became a controlled entity following an amendment to its articles of association as at July 1, 2023
25006754
CzechiaÚstí nad Labem, Mezní 2854/4, Severní Terasa, postcode 400 11		
100%		 MARTIA a.s.
29452279
CzechiaDětmarovice, č.p. 1202, postcode 735 71
		
100%		 Elektrárna Dětmarovice, a.s.
					 Dissolution of company by merger with ČEZ, a. s., as at January 1, 2023
04669207
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
		
100%		 Elektrárna Dukovany II, a. s.
04669134
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
		
100%		 Elektrárna Temelín II, a. s.
47115726
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
		
100%		 Energotrans, a.s.
29132282
Czechia
Praha 4, Duhová 1444/2, Michle, postcode 140 00
				100%		 Areál Třeboradice, a.s.
02059533
Czechia
Praha 4, Pod křížkem 1773/2, Braník, postcode 147 00
		
100%		 Inven Capital, SICAV, a.s.
					 These are founder’s shares as defined in Sec. 158 et seq. of Act No. 240/2013 Sb., on investment companies and investment funds, as amended
61465569
CzechiaMořina, č.p. 73, postcode 267 17
		
51.05%		 LOMY MOŘINA spol. s r.o.
60714794
Czechia
Brno, Staňkova 557/18a, Ponava, postcode 602 00
		
100%		 OSC, a.s.
					 Member of CEZ Concern since February 1, 2023
49901982
Czechia
Chomutov, Boženy Němcové 5359, postcode 430 01		
100%		 Severočeské doly a.s.

25020790
Czechia
Bílina, Důlní 437, Mostecké Předměstí, postcode 418 01
				100%		 PRODECO, a.s.
25028197
Czechia
Bílina, Důlní čp. 429, postcode 418 01
				100%		 Revitrans, a.s.

25438107
CzechiaKadaň, Tušimice 7, postcode 432 01
				100%		 SD - Kolejová doprava, a.s.

17641349
CzechiaČeské Budějovice, Lipová 1789/9, České Budějovice 2, postcode 370 05
		
40%		 South Bohemian Nuclear Park, s.r.o.
25235753
CzechiaPlzeň, Orlík 266/15, Bolevec, postcode 316 00
		
100%		 ŠKODA JS a.s.
27135471
Czechia
Praha 4, Duhová 1531/3, Michle, postcode 140 00
		
100%		 Nuclear Property Services, s.r.o.
					 Change of company name (originally Middle Estates, s.r.o.) and change of registered office (originally Praha 6, Pod Beránkou 2469/1, Dejvice, postcode 160 00) as at March 8, 2023

0.39%

20%

Czech Republic—Ministry of Finance of the Czech Republic
Subsidiaries of the Ministry of Finance of the Czech Republic (ČEZ, a. s.)
Subsidiaries of ČEZ, a. s.
Sub-subsidiaries of ČEZ, a. s.
Sub-sub-subsidiaries of ČEZ, a. s.
Sub-sub-sub-subsidiaries of ČEZ, a. s.


CEZ Concern member
Dissolved company—CEZ Concern member
Dissolved company

Name/Stake
ID Number
Czech Republic—Ministry of Finance
00006947
100%		ČEPRO, a.s.
60193531
		
100%		B.R.G., spol. s r.o., v likvidaci
60110872					 Acquired as at March 6, 2023; went into liquidation as at April 1, 2023, dissolved by liquidation as at December 11, 2023
		
100%		RABŠTEJN, spol. s r.o., v likvidaci
60933810					 Acquired as at March 6, 2023; went into liquidation as at April 1, 2023, dissolved by liquidation as at December 8, 2023
84%		Česká exportní banka, a.s.
63078333
100%		Letiště Praha, a. s.
28244532
		
100%		B. aircraft, a.s.
24253006
		
100%		Czech Airlines Handling, a.s.
25674285					 Change of registered office as at October 1, 2023 (originally Praha 6, Aviatická 1017/2, postcode 160 08)		
100%		Czech Airlines Technics, a.s.
27145573
		
100%		Prague Airport Real Estate, s.r.o.
09745599					 Acquired as at August 28, 2023
100%		Exportní garanční a pojišťovací společnost, a.s.
45279314
100%		GALILEO REAL, k.s. v likvidaci
26175291
			 General partner is IMOB a.s. v likvidaci
96.85%		HOLDING KLADNO a.s."v likvidaci"
45144419
100%		IMOB a.s. v likvidaci
60197901
		
100%		SLOVIM s.r.o. v likvidaci
08207763
54.35%		Kongresové centrum Praha, a.s.
63080249
100%		MERO ČR, a.s.
60193468		
100%		MERO Germany GmbH
152122768
49%		
MUFIS a.s.
60196696
			 Change of registered office as at May 1, 2023 (originally Praha 1, Jeruzalémská 964/4, postcode 110 00)
100%		PRISKO a.s.
46355901
		
100%		OKD, a.s.
05979277
				100% OKD, HBZS, a.s.
47676019
40.78%		Severočeské mlékárny, a.s. Teplice48291749
			 Dissolution of company as at July 26, 2023
100%		THERMAL-F, a.s.
25401726
100%		Výzkumný a zkušební letecký ústav, a.s.
00010669
		100%		SERENUM, a.s.
01438875		
100%		VZLU TECHNOLOGIES, a.s.
29146241		
100%		VZLU TEST, a.s.
04521820

Country
Czechia
Czechia
Czechia

Registered Office Address
Praha 1, Letenská 525/15, Malá Strana, postcode 118 10
Praha 7, Dělnická 213/12, Holešovice, postcode 170 00
Praha 7, Dělnická 213/12, Holešovice, postcode 170 00

Czechia

Praha 7, Dělnická 213/12, Holešovice, postcode 170 00

Czechia
Czechia
Czechia
Czechia

Praha 1, Vodičkova 34 č.p. 701, postcode 111 21
Praha 6, K letišti 1019/6, Ruzyně, postcode 161 00
Praha 6, Jana Kašpara 1069/1, Ruzyně, postcode 161 00
Praha 6, K letišti 1040/10, Ruzyně, postcode 161 00

Czechia
Czechia

Praha 6, Jana Kašpara 1069/1, Ruzyně, postcode 160 08
Praha 6, K letišti 1019/6, Ruzyně, postcode 161 00

Czechia
Czechia

Praha 1, Vodičkova 34/701, postcode 111 21
Praha 8, Thámova 181/20, postcode 186 00

Czechia
Czechia
Czechia
Czechia
Czechia
Germany
Czechia

Kladno, Cyrila Boudy 1444, Kročehlavy, postcode 272 01
Praha 8, Thámova 181/20, Karlín, postcode 186 00
Praha 8, Thámova 181/20, Karlín, postcode 186 00
Praha 4, 5. května 1640/65, Nusle, postcode 140 00
Kralupy nad Vltavou, Veltruská 748, postcode 278 01
Vohburg an der Donau, MERO - Weg 1, postcode 850 88
Praha 3, Přemyslovská 2845/43, Žižkov, postcode 130 00

Czechia
Czechia
Czechia
Czechia

Praha 8, Thámova 181/20, Karlín, postcode 186 00
Stonava, č.p. 1077, postcode 735 34
Ostrava, Lihovarská 1199/10, Radvanice, postcode 716 00
Teplice, Libušina 2154, postcode 415 03

Czechia
Czechia
Czechia
Czechia
Czechia

Karlovy Vary, I. P. Pavlova 2001/11, postcode 360 01
Praha 9, Beranových 130, Letňany, postcode 199 00
Brno, Jana Babáka 2733/11, Královo Pole, postcode 612 00
Praha 9, Beranových 130, Letňany, postcode 199 00
Praha 9, Beranových 130, Letňany, postcode 199 00

16%

Czech Republic—Ministry of Finance of the Czech Republic
Subsidiaries of the Ministry of Finance of the Czech Republic
Sub-subsidiaries of the Ministry of Finance of the Czech Republic
Sub-sub-subsidiaries of the Ministry of Finance of the Czech Republic
Dissolved company

Continues on the next page.

Annex 1 Relation Structure Diagram for the Periodof January 1, 2023, to December 31, 2023
Name/Stake
Name/Staker
ID NumberCountry
Registered Office Address
Czech Republic—Ministry of Finance
00006947
Czechia
Praha 1, Letenská 525/15, Malá Strana, postcode 118 1069.78%		 ČEZ, a. s.
45274649
Czechia
Praha 4, Duhová 2/1444, postcode 140 53		
100%		 CEZ Bulgarian Investments B.V.
51661969
Netherlands
Amsterdam, Herikerbergweg 157, postcode 1101CN
					 Went into liquidation as at December 1, 2023
		
100%		 CEZ MH B.V.
24426342
Netherlands
Amsterdam, Herikerbergweg 157, postcode 1101CN
		50%		 Akcez Enerji Yatirimlari Sanayi ve Ticaret A.Ş.
28317
TurkeyIzmit, Kocaeli, Yahyakaptan Mahallesi, Şevval Sokak, No. 4/4, postcode 41050
					 Dissolution of the stakeholding as a result of selling the entire stake as at December 1, 2023
10941-18573
TurkeyAdapazarı, Sakarya, Maltepe Mahallesi, Orhangazi Cad. No. 258, TEK Trafo İstasyonu P.K. 160, postcode 54100
				100%		 Sakarya Elektrik Dağitim A.Ş.
							 Dissolution of the stakeholding as a result of selling the entire stake as at December 1, 2023
25281
TurkeyIzmit, Kocaeli, Yahyakaptan Mahallesi, Şevval Sokak, No. 4/1, postcode 41050
				100%		 Sakarya Elektrik Perakende Satiş A.Ş.
							 Dissolution of the stakeholding as a result of selling the entire stake as at December 1, 2023
31828/41014/0761101945500001
TurkeyIzmit, Kocaeli, Alikahya Fatih Mah. Kural SK. No. 3B, postcode 41050
				100%		 Sepaş Akıllı Çözümler A.Ş.
							 Dissolution of the stakeholding as a result of selling the entire stake as at December 1, 2023
255005
Turkeyİstanbul, Miralay Şefik Bey Sokak, Akhan No. 15, Gumuşsuyu Beyoğlu, postcode 34437
		
37.36%		 Akenerji Elektrik Üretim A.Ş.
736921
Turkeyİstanbul, Miralay Şefik Bey Sokak, No. 15, Kat: 1, Oda: 1, Gumuşsuyu Beyoğlu, postcode 34437
				100%		 AK-EL Kemah Elektrik Üretim A.Ş.
745367
Turkeyİstanbul, Miralay Şefik Bey Sokak, Akhan No. 15, Kat: 3, Oda: 3, Gumuşsuyu Beyoğlu, postcode 34437
				100%		 Akenerji Doğalgaz Ithalat Ihracat ve Toptan Ticaret A.Ş.
512971
Turkeyİstanbul, Miralay Şefik Bey Sokak, Akhan No. 15, Kat: 3–4, Oda: 2, Gumuşsuyu Beyoğlu, postcode 34437
				100%		 Akenerji Elektrik Enerjisi Ithalat Ihracat ve Toptan Ticaret A.Ş.
865516923
Netherlands
Hilversum, Koninginneweg 31, postcode 1217KR					 100%		 Aken Europe B.V.
									 Established as at July 31, 2023
13520670-4013-113-01
Hungary
Budapest, 76 Váci út, Capital Square, 6. torony, fszt., postcode 1133
		
100%		 CEZ Hungary Ltd.
20180650
SerbiaBeograd, Bulevar Zorana Đinđića 65, postcode 110 70		
100%		 CEZ Srbija d.o.o. – u likvidaciji					 Dissolved by liquidation as at November 29, 2023
34728482
UkraineKyiv, Velyka Vasylkivska 5, postcode 01004
		
100%		 CEZ Ukraine LLC
0000321795
PolandChorzów, ul. Marii Skłodowskiej-Curie 30, postcode 41-503
		100%		 CEZ Produkty Energetyczne Polska sp. z o.o.
82230714
Netherlands
Amsterdam, Herikerbergweg 157, postcode 1101CN
		
100%		 CEZ Finance B.V.
					 Went into liquidation as at May 1, 2023, dissolved by liquidation as at September 7, 2023
24301380
Netherlands
Amsterdam, Herikerbergweg 157, postcode 1101CN
		
100%		 CEZ Holdings B.V.
0000568025
PolandWarszawa, Aleje Jerozolimskie 63, postcode 00-697
				100%		 Baltic Green Construction sp. z o.o.
0000441363
PolandWarszawa, Aleje Jerozolimskie 63, postcode 00-697					 100%		 Baltic Green II sp. z o.o. w likwidacji									 Dissolved by liquidation as at June 29, 2023
0000440952
PolandWarszawa, Aleje Jerozolimskie 63, postcode 00-697					 100%		 Baltic Green III sp. z o.o. w likwidacji
0000610284
PolandWarszawa, Aleje Jerozolimskie 63, postcode 00-697					 100%		 A.E. Wind S.A. w likwidacji
0000516616
PolandWarszawa, Aleje Jerozolimskie 63, postcode 00-697					 100%		 Baltic Green VI sp. z o.o. w likwidacji									 Dissolved by liquidation as at June 22, 2023
0000610092
PolandWarszawa, Aleje Jerozolimskie 63, postcode 00-697					 100%		 Baltic Green IX sp. z o.o. w likwidacji									 Dissolved by liquidation as at September 1, 2023
0000969468
PolandWarszawa, Aleje Jerozolimskie 63, postcode 00-697
				100%		 Eco-Wind Construction sp. z o.o. w likwidacji							 Dissolved by liquidation as at July 14, 2023
0000266114
PolandWarszawa, Aleje Jerozolimskie 63, postcode 00-697
		99.33%		 CEZ Polska sp. z o.o.
0000038504
PolandSkawina, ul. Piłsudskiego 10, postcode 32-050					 100%		 CEZ Skawina S.A.
0000541490
PolandChorzów, ul. Marii Skłodowskiej-Curie 30, postcode 41-503
					 100%		 CEZ Chorzów S.A.
0000627827
PolandChorzów, ul. Marii Skłodowskiej-Curie 30, postcode 41-503
								100%		 CEZ Chorzów II sp. z o.o.
65782267
Netherlands
Amsterdam, Herikerbergweg 157, postcode 1101CN
				100%		 Elevion Group B.V.
0000678975
PolandChorzów, ul. Składowa 17, postcode 41-500					77.68%		 OEM Energy sp. z o.o.
0000994045
PolandRacibórz, ul. Piaskowa nr. 11, postcode 61-049							 100%		 HPMP SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ
											 Increase of stake by 49% as at November 9, 2023 (originally 51%)
0000616808
PolandPoznań, Piątkowska 212A, postcode 61-693
					 100%		 E-City Polska sp. z o.o.
0000788905
PolandSuchy Las, Obornicka 68, postcode 62-002					 96%		 Euroklimat sp. z o.o.
0001036856
PolandSkórzewo, Kokosowa 2, postcode 60-185							 100%		 TRIM-TECH TECHNIKA INSTALACJI sp. z o. o.
											 Acquired as at November 28, 2023
0000071593
PolandCzarnków, ul. Kościuszki 97, postcode 64-700					 100%		 Metrolog sp. z o.o.
HRB 513963
Germany
Jena, Göschwitzer Straße 56, postcode 07745
					 92%		 Elevion Deutschland Holding GmbHHRB 45601
Germany
Jena, Am Zementwerk 4, postcode 07745
								100%		 Elevion GmbH											 Change of registered office as at October 11, 2023 (originally Jena, Göschwitzer Straße 56, postcode 07745)
HRB 504087
Germany
Jena, Göschwitzer Straße 56, postcode 07745
								100%		 D-I-E Elektro AG
HRB 41069
Germany
Dietzenbach, Dieselstraße 8, postcode 63128
								100%		 EAB Elektroanlagenbau GmbH Rhein/Main
HRB 4993
Germany
Eppstein, Burgstraße 81—83, postcode 65817
								100%		 AMPRO Medientechnik GmbHHRB 10376
Germany
Eppstein, Burgstraße 81—83, postcode 65817
								100%		 Ampro Projektmanagement GmbHHRB 4844
Germany
Essen, Holzstr. 7—9, postcode 45141
								100%		 Elektro-Decker GmbHHRB 509730
Germany
Schnaittenbach, Am Scherhübel 14, postcode 92253
								100%		 ETS Efficient Technical Solutions GmbH
91310115791438905Y
China
Shanghai, Wuxing Road No. 385, Building 4, Pudong District								100%		 ETS Efficient Technical Solutions Shanghai Co. Ltd.
01-09-469090
Hungary
Budapest, Rétköz utca 5. 3. em. 4., postcode 1118								100%		 ETS Engineering Kft.
															 Transfer of 100% stake from Elevion Group B.V., to ETS Efficient Technical Solutions GmbH, as at February 27, 2023
HRB 508518
Germany
Rüsselsheim am Main, Hans-Sachs-Straße 19, postcode 65428
								100%		 Rudolf Fritz GmbHHRB 9535
Germany
Magdeburg, Joseph-von-Fraunhofer Straße 2, postcode 39106
								100%		 En.plus GmbHHRB 3996
Germany
Mistelgau, Gartenstraße 19, postcode 95490
								100%		 Hermos AG
HRB 16037
Germany
Dresden, Hamburger Straße 65, postcode 01157
								100%		 Hermos Systems GmbHHRB 4187
Germany
Mistelgau, Gartenstraße 19, postcode 95490
								70.72%		 HERMOS International GmbH
717709-H
Malaysia
Selangor Darul Ehsan, Petaling Jaya, 8 Avenue, Jalan Sg. Jernih 8/1, Seksyen 8, postcode 46050
								100%		 HERMOS SDN. BHD
0000243856
PolandLesnica, ul. Powstanców Slaskich, lok. 1, postcode 47150
								100%		 Hermos sp. z o.o.
HRB 136955
Germany
Neufahrn, Hanns-Braun-Straße 59, postcode 85375
								100%		 Hermos Signaltechnik GmbH
HRA 8993
GermanyRohr, Gewerbering Nord 11, postcode 91189
								100%		 Elektro Hofmockel GmbH & Co. Elektroanlagen KG
															Acquired as at April 20, 2023
HRB 3217
GermanyRohr, Gewerbering Nord 11, postcode 91189
								100%		Elektro Hofmockel Verwaltungsgesellschaft mit beschränkter Haftung															Acquired as at April 20, 2023								100%		 Hermos Schaltanlagen GmbHHRB 2326
Germany
Mistelgau, Gartenstraße 19, postcode 95490
								100%		 MWS GmbHHRB 110337 B
Germany
Berlin, An der Industriebahn 12—16, postcode 13088
													 Dissolution of company by merger with En.plus GmbH, as at May 4, 2023								100%		 Alexander Ochs Wärmetechnik GmbHHRB 108754
Germany
Karlsruhe, An der RaumFabrik 31B, postcode 76227													Acquired as at July 7, 2023								100%		 Bechem & Post Wärmetechnik Kundendienst GmbHHRB 106308
Germany
Karlsruhe, An der RaumFabrik 31B, postcode 76227															Acquired as at July 7, 2023					 100%		 Elevion Energy & Engineering Solutions GmbHHRB 200647 B
Germany
Berlin, Geneststraße 5, postcode 10829
									 Change of company name as at February 27, 2023 (originally CEZ ESCO II GmbH)								100%		 Kofler Energies Ingenieurgesellschaft mbH
HRB 155983 B
Germany
Berlin, Geneststraße 5, postcode 10829
								100%		 Entract Energy GmbHHRB 148661 B
Germany
Berlin, Geneststraße 5, postcode 10829
											 Change of company name as at October 2, 2023 (originally Kofler Energies Energieeffizienz GmbH)								100%		 NEK Facility Management GmbHHRB 149310 B
Germany
Berlin, Geneststraße 5, postcode 10829
								100%		 Hybridkraftwerk Culemeyerstraße Projekt GmbHHRB 159001 B
Germany
Berlin, Geneststraße 5, postcode 10829
								100%		 WPG Projekt GmbHHRB 183196 B
Germany
Berlin, Geneststraße 5, postcode 10829
													Legally terminated as at July 15, 2020 as a result of initiating insolvency proceedings								100%		 BELECTRIC Greenvest GmbHHRB 9187
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
											Change of company name (originally Kofler Energies Systems GmbH), change of registered office (originally Berlin, Geneststraße 5, postcode 10829), change of company identification number (originally HRB 135379 B), all as at July 7, 2023								100%		 Belectric SP Solarprojekte 101 GmbH & Co. KG
HRA 10311
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													Transfer of 100% limited partnership interest from BELECTRIC GmbH, to BELECTRIC Greenvest GmbH, as at November 30, 2023								100%		 Belectric Asset Verwaltungs-GmbHHRB 8312
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													 Transfer of 100% stake from BELECTRIC GmbH, to BELECTRIC Greenvest GmbH, as at December 14, 2023; change of company name as at December 27, 2023 (originally SP Solarprojekte 19 Verwaltungs-GmbH)								100%		 Solarkraftwerk Reddehausen GmbH & Co. KG
HRA 10187
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													 Change of company name as at December 14, 2023 (originally Belectric SP Solarprojekte 19 GmbH & Co. KG); transfer of 100% limited partnership interest from BELECTRIC GmbH, to BELECTRIC Greenvest GmbH, as at December 14, 2023								100%		 Solarkraftwerk Herleshof GmbH & Co. KG
HRA 10340
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													Acquired as at December 7, 2023								100%		 Solarkraftwerk Herleshof Verwaltungs-GmbHHRB 8668
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													Acquired as at December 7, 2023								100%		 Umspannwerk Herleshof GmbH & Co. KG
HRA 10443
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													Acquired as at December 7, 2023								100%		 Umspannwerk Herleshof Verwaltungs-GmbHHRB 8959
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													Acquired as at December 7, 2023								100%		 SYNECOTEC Deutschland GmbHHRB 739111
Germany
Heidelberg, Sickingenstraße 39, postcode 69126
								100%		 GWE Wärme- und Energietechnik GmbHHRB 12561
GermanyGütersloh, Am Anger 35, postcode 33332
								100%		 GWE Verwaltungs GmbHHRB 8588
GermanyGütersloh, Am Anger 35, postcode 33332
								100%		 Peil und Partner Ingenieure GmbHHRB 208712 B
Germany
Berlin, Landsberger Allee 117 A, postcode 10407
								100%		 IBP Verwaltungs GmbHHRB 225124
GermanyMünchen, Landsberger Straße 396, postcode 81241
								100%		 IBP Ingenieure GmbHHRB 278660
GermanyMünchen, Landsberger Straße 396, postcode 81241
								100%		 BELECTRIC GmbHHRB 5161
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP Solarprojekte 100 GmbH & Co. KG
HRA 10310
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP Solarprojekte 100 Verwaltungs-GmbHHRB 8580
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP Solarprojekte 101 Verwaltungs-GmbHHRB 8581
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP Solarprojekte 102 GmbH & Co. KG
HRA 10312
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													 Dissolution of the stakeholding as a result of selling the entire limited partnership interest as at December 11, 2023								100%		 Belectric SP Solarprojekte 102 Verwaltungs-GmbHHRB 8584
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP Solarprojekte 103 GmbH & Co. KG
HRA 10313
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													 Dissolution of the stakeholding as a result of selling the entire limited partnership interest as at December 28, 2023								100%		 Belectric SP Solarprojekte 103 Verwaltungs-GmbHHRB 8585
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP Solarprojekte 104 GmbH & Co. KG
HRA 10314
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP Solarprojekte 104 Verwaltungs-GmbHHRB 8582
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP Solarprojekte 18 GmbH & Co. KG
HRA 10184
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Climagy PV-Sonnenanlage Verwaltungs-GmbHHRB 6255
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Climagy Stromertrag GmbH & Co. KG
HRA 9465
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Climagy Stromertrag Verwaltungs-GmbHHRB 6655
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Photovoltaikkraftwerk Groß Dölln Infrastruktur GmbH & Co. KG
HRA 2504 NP
Germany
Templin-Groß Dölln, Zum Flugplatz 9, postcode 17268
								100%		 Photovoltaikkraftwerk Groß Dölln Infrastruktur Verwaltungs-GmbHHRB 9623 NP
Germany
Templin-Groß Dölln, Zum Flugplatz 9, postcode 17268
								100%		 SP Solarprojekte 18 Verwaltungs-GmbHHRB 8313
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 SP Solarprojekte 20 Verwaltungs-GmbHHRB 8311
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 105 GmbH & Co. KG
HRA 10510
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													Established as at May 31, 2023								100%		 Belectric SP 105 Verwaltungs-GmbHHRB 9138
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
													Established as at May 22, 2023
HRA 10508
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 106 GmbH & Co. KG
													Established as at May 22, 2023
HRB 9141
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 106 Verwaltungs-GmbH													Established as at May 22, 2023
HRA 10507
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 107 GmbH & Co. KG
													Established as at May 22, 2023
HRB 9140
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 107 Verwaltungs-GmbH													Established as at May 22, 2023
HRA 10506
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 108 GmbH & Co. KG
													Established as at May 22, 2023
HRB 9137
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 108 Verwaltungs-GmbH													Established as at May 22, 2023
HRA 10511
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 109 GmbH & Co. KG
													Established as at May 31, 2023
HRB 9136
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
								100%		 Belectric SP 109 Verwaltungs-GmbH													Established as at May 22, 2023
HRB 93521
Germany
Rüsselsheim, Heinrich-Lersch-Straße 3, postcode 65428
								75.10%		 GESPA GmbH											 Acquired as at March 28, 2023
HRB 56186
Germany
Neu-Isenburg, Dornhofstraße 10, postcode 63263
								100%		 Pantegra Ingenieure GmbH											 Transfer of 100% stake from Elevion GmbH, to Elevion Energy & Engineering Solutions GmbH, as at April 19, 2023; change of company name (originally Elevion Vorrats GmbH),											 change of registered office (originally Jena, Göschwitzer Straße 56, postcode 07745), change of company identification number (originally HRB 520124), all as at October 30, 2023
HRB 212358
Germany
Lingen, Friedrich-Ebert-Straße 125, postcode 49811
								100%		 SERCOO Group GmbH											 Acquired as at August 31, 2023
HRB 200590
Germany
Rockstedt, Ostereistedter Straße 6, postcode 27404
								100%		 Brandt GmbH													Acquired as at August 31, 2023
HRB 101114
Germany
Lingen, Friedrich-Ebert-Straße 125, postcode 49811
								100%		 Bücker & Essing GmbH													Acquired as at August 31, 2023
HRB 207258
Germany
Zeven, Ludwig-Elsbett-Straße 1, postcode 27404
								100%		 Deutsche Technik Service GmbH													Acquired as at August 31, 2023
HRB 204945
Germany
Zeven, Ludwig-Elsbett-Straße 1, postcode 27404
								100%		 MT Energy Service GmbH													Acquired as at August 31, 2023
HRB 29426 HB
Germany
Bremerhaven, Barkhausenstraße 60, postcode 27568
								100%		 MWB Power GmbH													Acquired as at August 31, 2023								100%		 SERCOO ENERGY GmbHHRB 1861
Germany
Mengkofen, Ettenkofen 20, postcode 84152
													Acquired as at August 31, 2023								 51%		 GEE - Green Energy Efficiency GmbHHRB 32783
Germany
Magdeburg, c/o Campus Tower, Universitätsplatz 1, postcode 39106
											 Acquired as at November 9, 2023					 100%		 SP Solarprojekte 17 Verwaltungs-GmbHHRB 8306
Germany
Kolitzheim, Wadenbrunner Straße 10, postcode 97509
									 Transfer of 100% stake from BELECTRIC GmbH, to Elevion Group B.V., as at December 8, 2023					 100%		 Elevion Holding Italia Srl
02936810213
Italy
Bolzano (BZ), Via Galileo Galilei 10, postcode 39100
								100%		 inewa consulting Srl
01749660211
Italy
Bolzano (BZ), Via Galileo Galilei 10, postcode 39100
								100%		 inewa Srl
02936480215
Italy
Bolzano (BZ), Via Galileo Galilei 10, postcode 39100
								100%		 SYNECO PROJECT S.r.l.
02296040229
Italy
Bolzano (BZ), Via Galileo Galilei 10, postcode 39100
								70%		 BUDRIO GFE 312 SOCIETA' AGRICOLA S.R.L.
03139141208
Italy
Monghidoro (BO), Via Provinciale 31, postcode 40063
								100%		 AxE AGRICOLTURA PER L'ENERGIA SOCIETA' AGRICOLA A R.L.
02825841204
Italy
Bologna (BO), Via delle Lame 118, postcode 40122
								100%		 SOCIETA' AGRICOLA DEF S.R.L.
02523770218
Italy
Casaleone (VR), Via San Michele 3, postcode 37052
								85%		 SOCIETA' AGRICOLA B.T.C. S.R.L.
02969370986
Italy
Chiari (BS), Via San Monticelli 4, postcode 25032
													 Transfer of 15% stake from inewa Srl to a company outside the business group controlled by the Czech Republic—Ministry of Finance, as at November 13, 2023								85%		 Societa' Agricola Falgas S.r.l.
04132601206
Italy
Bologna (BO), Via Alfonso Rubbiani 6/2, postcode 40124
													 Established as at July 4, 2023; transfer of 15% stake from inewa Srl to a company outside the business group controlled by the Czech Republic—Ministry of Finance, as at November 7, 2023								100%		 Belectric Italia Srl
02406930590
Italy
Latina (LT), Via Priverno 18, postcode 04100
								100%		 CDR MP S.R.L.			
03038000596
Italy
Latina (LT), Via Priverno 18, postcode 04100
													Acquired as at January 10, 2023								100%		 MP SOLAR 4 S.R.L.			
03165520598
Italy
Latina (LT), Via Ufente SNC, Torre Pontina Numero 20, postcode 04100
													Acquired as at April 6, 2023								100%		 MP SOLAR 2 S.R.L.			
03160180596
Italy
Latina (LT), Via Ufente 18, postcode 04100
													Acquired as at June 1, 2023								100%		 MP SOLAR 5 S.R.L.			
03177320599
Italy
Latina (LT), Via Priverno 18, postcode 04100
													Acquired as at June 1, 2023								100%		UNISOLAR S.R.L.			
03153720598
Italy
Latina (LT), Via Priverno 18, postcode 04100
													Acquired as at June 1, 2023								100%		 BAINSIZZA SOLARE 1 S.R.L.			
03240560593
Italy
Latina (LT), Via Priverno 18, postcode 04100
													Established as at July 13, 2023								100%		 BAINSIZZA SOLARE 2 S.R.L.			
03240600597
Italy
Latina (LT), Via Priverno 18, postcode 04100
													Established as at July 18, 2023								 70%		 Project X S.r.l.
01375070321
Italy
Trieste (TS), Via San Lazzaro 4/1, postcode 34122
											 Acquired as at November 15, 2023
				99.99%		 High-Tech Clima S.A.
16645925
RomaniaPopeşti-Leordeni, Jud. Ilfov, 11 Șos. Berceni, postcode 077160
					 100%		 Elevion Österreich Holding GmbHFN 529923 z
Austria
Absam, Salzbergstraße 13a, postcode 6067
								100%		 Moser & Partner Ingenieurbüro GmbHFN 252904 v
Austria
Absam, Salzbergstraße 13, postcode 6067
								100%		 Syneco tec GmbHFN 199510 y
Austria
Absam, Salzbergstraße 13a, postcode 6067
								100%		 M&P Real GmbHFN 377866 k
Austria
Absam, Salzbergstraße 13, postcode 6067
								100%		 Wagner Consult GmbHFN 348462 w
Austria
Absam, Salzbergstraße 13a, postcode 6067
				66%		 ZOHD Groep B.V.
82236690
Netherlands
Barneveld, Zwolleweg 9, postcode 3771NR
								100%		 Shift Energy B.V.
82250901
Netherlands
Barneveld, Zwolleweg 9, postcode 3771NR
											 Change of company name as at December 28, 2023 (originally Energy Shift B.V.)
								100%		 Energy Shift B.V.
54074851
Netherlands
Barneveld, Zwolleweg 9, postcode 3771NR
											 Change of company name as at December 28, 2023 (originally Zonnepanelen op het Dak B.V.)
								100%		 Energy Shift Installaties B.V.
58668217
Netherlands
Barneveld, Zwolleweg 9, postcode 3771NR
											 Change of company name as at December 28, 2023 (originally Zonnepanelen op het Dak Installaties B.V.)
					 100%		 Belectric Israel Ltd.
514481241
IsraelBe'er Sheva, Ha-Kotser St 20, postcode 2280
					 100%		 Belectric France S.A.R.L.
514456078
FranceVendres, ZAE Via Europe Est Rue de Stockholm, postcode 34350
					 100%		 Belectric Solar Ltd.
07462075
United Kingdom Chippenham, 5 Callow Hill, Callow Park, Brinkworth, postcode SN15 5FD
				100%		 CEZ RES International B.V.
77019717
Netherlands
Amsterdam, Herikerbergweg 157, postcode 1101CN
					 100%		 CEZ Erneuerbare Energien Verwaltungs GmbHHRB 141626
Germany
Hamburg, Am Sandtorkai 74, postcode 20457
					 100%		 CEZ Erneuerbare Energien Beteiligungs II GmbHHRB 157136
Germany
Hamburg, Am Sandtorkai 74, postcode 20457
								100%		 CEZ France SAS
830572699
FranceToulouse 8 Esplanade Compans Caffarelli, Immeuble Astria, postcode 31000								100%		 Ferme Eolienne de la Piballe SAS
813057817
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme Eolienne de Neuville-aux-Bois SAS
797909546
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme Eolienne de Saint-Laurent-de-Céris SAS
807395454
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme Eolienne de Thorigny SAS
813057981
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme Eolienne des Breuils SAS
811797331
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme Eolienne des Grands Clos SAS
807395512
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme Eolienne du Germancé SAS
819634361
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme Eolienne de Seigny SAS
819459017
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme Eolienne d’Andelaroche SAS
820979540
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme éolienne de Feuillade et Souffrignac SAS
819576075
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme éolienne du Blessonnier SAS
813057445
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme éolienne de Genouillé SAS
814322012
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme éolienne de la Petite Valade SAS
805011715
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme éolienne des Besses SAS
538265000
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 Ferme éolienne de Nueil-sous-Faye SAS
797909637
FranceToulouse Cedex 5, 2 Rue du Libre Echange CS 95893, postcode 31506
								100%		 CEZ Erneuerbare Energien Projektentwicklung Verwaltungs GmbHHRB 183059
Germany
Hamburg, Am Sandtorkai 74, postcode 20457
											 Acquired as at September 29, 2023								100%		 Windpark Nortorf GmbH & Co. KG
HRA 10139 FL
Germany
Reußenköge, Cecilienkoog 16, postcode 25821
											 Increase of the limited partnership interest to 100% (originally 50%), as a result of which the company became a controlled entity as at December 20, 2023					 100%		 CEZ Erneuerbare Energien Beteiligungs GmbHHRB 141607
Germany
Hamburg, Am Sandtorkai 74, postcode 20457
								100%		 Windpark FOHREN-LINDEN GmbH & Co. KG
HRA 28356 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 CEZ Windparks Lee GmbHHRB 30409 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 Windpark Frauenmark III GmbH & Co. KG
HRA 26112 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 Windpark Cheinitz-Zethlingen GmbH & Co. KG
HRA 26116 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 Windpark Zagelsdorf GmbH & Co. KG
HRA 26699 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 CEZ Windparks Luv GmbHHRB 30201 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 Windpark Gremersdorf GmbH & Co. KG
HRA 27087 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 Windpark Mengeringhausen GmbH & Co. KG
HRA 24214 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 Windpark Baben Erweiterung GmbH & Co. KG
HRA 25725 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 Windpark Naundorf GmbH & Co. KG
HRA 25228 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 CEZ Windparks Nordwind GmbHHRB 28044 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 Windpark Badow GmbH & Co. KG
HRA 24600 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 CASANO Mobiliengesellschaft mbH & Co. KG
HRA 28452 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								25.50%		 juwi Wind Germany 100 GmbH & Co. KG
HRA 29626 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
								100%		 BANDRA Mobiliengesellschaft mbH & Co. KG
HRA 28344 HB
Germany
Bremen, Stephanitorsbollwerk 3, postcode 28217
					 100%		 CEZ Deutschland GmbHHRB 140377
Germany
Hamburg, Am Sandtorkai 74, postcode 20457
				100%		 CE Insurance Limited
C 99826
Malta
Qormi, The Landmark, Level 1, Suite 2, Triq L- Iliun, postcode QRM 3800

Czech Republic—Ministry of Finance of the Czech Republic
Subsidiaries of the Ministry of Finance of the Czech Republic (ČEZ, a. s.)
Subsidiaries of ČEZ, a. s.
Sub-subsidiaries of ČEZ, a. s.
Sub-sub-subsidiaries of ČEZ, a. s.
Sub-sub-sub-subsidiaries of ČEZ, a. s.
Sub-sub-sub-sub-subsidiaries of ČEZ, a. s.
Sub-sub-sub-sub-sub-subsidiaries of ČEZ, a. s.
Sub-sub-sub-sub-sub-sub-subsidiaries of ČEZ, a. s.


CEZ Concern member
Dissolved/sold company

1 share0.67%

29.28%

0.01%

25.50%

Appendix No. 2
Periodic disclosures for the financial products according to Article 8 SFDR
Sustainable
investment means
an investment in an
Product name: Inven Capital – Podfond D (“Sub-Fund D”)
economic activity
Legal entity identifier: 75163861 (NIČ of Sub-Fund D)
that contributes toan environmental orsocial objective,
provided that theinvestment does not
significantly harm
Did this financial product have a sustainable investment objective
any environmental orsocial objective andYesNo
that the investee
companies follow
It made sustainable
It promoted Environmental/Social (E/S)
good governancecharacteristics andinvestments with anpractices.
while it did not have as its objective aenvironmental objective: ___%

Environmental and/or social characteristics

The EU Taxonomy isa classification
system laid down inRegulation (EU)2020/852,
establishing a list ofenvironmentally
sustainableeconomic activities.
That Regulation
does not lay down alist of sociallysustainableeconomic activities.
Sustainable
investments with anenvironmental
objective might bealigned with theTaxonomy or not.

in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomyin economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomysustainable investment, it had a proportion of___% of sustainable investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy
with an environmental objective ineconomic activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investmentswith a social objective: ___%

It promoted E/S characteristics, but did not
make any sustainable investments

To what extent were the environmental and/or social characteristics promotedby this financial product met
Environmental and social characteristics promoted by Sub-Fund D
Our investment strategy intends to promote environmental or social characteristics, or a
combination of those characteristics, provided that the companies in which the investments
are made follow good governance practices in accordance with Article 8 of Regulation (EU)2019/2088 of the European Parliament and of the Council, on the disclosure of information1

related to sustainability in the financial services sector, as amended (hereinafter referred toas the "SFDR").
Sub-fund D committed to investing in a responsible way by actively integrating
environmental, social and governance considerations into our investment selection andongoing monitoring process. Specifically, Sub-fund D aims at:a)investing into companies where we see a commitment towards ESG goals,b)supporting these companies with the process of defining their own ESG strategy
and policy as well as their implementation,c)ensuring that the companies in which the Sub-Fund D invests ideally benefit
investors, society and the environment.
We monitor several metrics during our investment process that are listed in our ESG policy(document Inven ESG policy) published on our website www.invencapital.cz in the section
Info for Investors.
The ESG metrics we consider in our investment process can be divided into the following
areas: general environment, carbon footprint, material management, supply chain,
employees, customers, community, diversity and inclusion, general governance and boardof directors.
How did the sustainability indicators perform?
Performance of ESG characterictics promoted by Sub-Fund D in 2023
Sustainability
indicators measure
how theenvironmental orsocialcharacteristics
promoted by thefinancial productare attained.

In 2022 we formulated our ESG policy and framework in a structured way during 2022 (asdescribed in detail in our Inven ESG policy on our website In 2023, we then implemented theWorldfavor professional platform, through which we obtained sustainability indicators for2023. These are summarized in several broad categories below.
In 2023, Sub-Fund D invested in the first portfolio company, so there is only one company inthe portfolio of Sub-Fund D as of 31/12/2023.
General commitment towards ESG
The commitment to sustainability goals is demonstrated by Sub-Fund D especially in theenvironmental area, where it mainly deals with issues of biodiversity, climate change, waste
and water management.
Environmental metrics
Sub-fund D promotes environmental properties. The Subfund's portfolio company
formulated goals for reducing its carbon footprint and achieving carbon neutrality by 2050.
In 2023, the company measured its carbon footprint (scope 1, 2 and 3).
Social metrics
Sub-fund D promotes social properties. In the social area, we focused in particular on theanalysis of the workforce, the supply chain and guidelines in the field of data protection andIT.
2The company of Subfund D employed an average of 33% of women in 2023, the same ratioof women was also on the company's board of directors. We did not obtain data regarding
the directives in 2023.
Governance metrics
In the area of governance, we monitored the functioning of the board of directors and theexistence of some basic mechanisms such as whistleblowing and anti-corruption measures.
The company formulated an anti-corruption policy in 2023.
…and compared to previous periods?
Principal adverse
impacts are themost significant
negative impacts ofinvestment
decisions onsustainability factors
relating toenvironmental,social and employee
matters, respect forhuman rights, anticorruption and antibribery matters.

Data from previous reporting periods are not available as 2023 is the first reporting
period for Sub-Fund D.
What were the objectives of the sustainable investments that the financial
product partially made and how did the sustainable investment contribute to suchobjectives?
The intention of Subfund D is not to make sustainable investments.
How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
How were the indicators for adverse impacts on sustainability factors taken
into account?
The intention of Subfund D is not to make sustainable investments.
Were sustainable investments aligned with the OECD Guidelines forMultinational Enterprises and the UN Guiding Principles on Business andHuman Rights? Details:
N/A

How did this financial product consider principal adverse impacts onsustainability factors?
Even thought Sub-Fund D did not make any sustainable investments, it considered theprincipal adverse indicators on sustainability. In June 2024 Sub-fund D will publish the
Principal adverse sustainability impacts statement defined in Appendix 1 of Commission
Delegated Regulation (EU) 2022/1288 of the European Parliament and of the Council, as
amended ("RTS") on Inven’s website Inven Capital in the section Info for investors.
Sub-fund D will take into account the following adverse sustainability impacts:• emissions of greenhouse gases,• carbon footprint,• the intensity of greenhouse gas emissions of companies in which investments aremade,• exposure to companies operating in the fossil fuel sector,• share of energy consumption and production from non-renewable sources,3• the intensity of energy consumption by sector with a high impact on the climate,• activities with a negative impact on areas sensitive to biological diversity,• emissions into water,• share of hazardous waste and radioactive waste,• violation of the principles of the United Nations Global Compact and the guidelinesof the Organization for Economic Cooperation and Development (OECD) for
multinational enterprises,• missing procedures and mechanisms for monitoring compliance with the principlesof the UN Global Compact and OECD guidelines for multinational enterprises,• the unadjusted difference in the remuneration of women and men,
• gender diversity in the board of directors,• exposure to controversial weapons (anti-personnel mines, cluster munitions,chemical and biological weapons),• investments in companies without initiatives to reduce carbon emissions,• missing supplier code of conduct,• missing policies in the area of combating corruption and bribery.

What were the top investments of this financial product?
The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is:
1.1.2023-31.12.2023

Largest investments

Sector% Assets

Country

Hydrogrid

Energy100%

Austria

What was the proportion of sustainability-related investments?
It is not relevant, as the intention of Subfund D is not to make sustainable investments.
What was the asset allocation?

Asset allocation
describes theshare ofinvestments inspecific assets.

Investments#1 Aligned with E/Scharacteristics = 99%#1B Other E/Scharacteristics = 100%

#1 Aligned with E/S characteristics includes the investments of the financial product used to attain theenvironmental or social characteristics promoted by the financial product.

#2 Other includes the remaining investments of the financial product which are neither aligned with theenvironmental or social characteristics, nor are qualified as sustainable investments.

In which economic sectors were the investments made?
The investments were made into the energy sector.
4

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?
The intention of Subfund D is not to make sustainable investments.
Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy?
Yes
No

In fossil gas

In nuclear energy

Sub-fund D does not pursue the objective of sustainable investments in the reference
period, however, it is gradually preparing to implement the screening of sustainable
The EU taxonomy sets out the "do no significant harm" principle, according towhich investments that comply with the taxonomy should not significantly harmthe objectives of the EU taxonomy, and is complemented by specific Union criteria.
The "do no significant harm" principle applies only to those underlying investmentsof the financial product that take into account the EU criteria for environmentally
sustainable economic activities. The underlying investments of the remaining partof this financial product do not take into account the EU criteria forenvironmentally sustainable economic activities.
Even other sustainable investments must not significantly harm any
environmental or social goals.
economic activities at its portfolio companies in accordance with Regulation (EU)2020/852 of the European Parliament and of the Council of 18 June 2020 on theestablishment of a framework for facilitating sustainable investments, as amended (EUTaxonomy”). Due to the lack of available data and the readiness of companies to report
this data, we consider the compliance of Subfund D's portfolio with the EU taxonomy
to be 0% by the end of 2023. The companies in which Subfund D has invested are
private start-ups whose data is usually not publicly available.
We are currently working on taxonomy screening implementation and will present theresults in the following reporting periods.
What was the share of investments made in transitional and enabling activities?
There were no investments in transitional and enabling activities.
How did the percentage of investments that were aligned with the EU Taxonomy
compare with previous reference periods?

5Currently, it is not the intention of Sub-Fund D to make sustainable investments.
The percentage share of these investments has therefore not changed compared tothe previous reference period.

What was the share of sustainable investments with an environmental
objective not aligned with the EU Taxonomy?
Based on data from the current reference period, Sub-Fund D does not holdsustainable investments with an environmental objective.

What was the share of socially sustainable investments?
Sub-fund D does not follow the objective of sustainable investments.

What investments were included under “other”, what was their purpose and were
there any minimum environmental or social safeguards?
N/A

What actions have been taken to meet the environmental and/or social
characteristics during the reference period?
Inven's investment managers actively monitoring the activities of portfolio companies
and participating in the meetings of the boards of directors of the given companies (inmost companies, Inven has a member on the board of directors). In 2023, investment
managers presented the results of their sustainability data collection to their portfolio
companies and presented Invenu's sustainability strategy. Inven evaluated companies'
approach to sustainability using the Worldfavor reporting platform, its questionnaires
and subsequent interviews with company representatives. Based on the evaluation of
the established facts, Inven helps its portfolio companies set priorities and goals in thearea of sustainability depending on the individual needs of each company.
Regular monitoring (at least annually) was set up and will happen in the first quarter of
each year.

How did this financial product perform compared to the reference benchmark?
We haven’t designated any reference benchmark for this financial product.
How does the reference benchmark differ from a broad market index?
N/A6

Reference
benchmarks areindexes tomeasure whether
the financial
product attains theenvironmental orsocialcharacteristics thatthey promote.

How did this financial product perform with regard to the sustainability indicators
to determine the alignment of the reference benchmark with the environmental
or social characteristics promoted?
N/A
How did this financial product perform compared with the reference benchmark?
N/A
How did this financial product perform compared with the broad market index?
N/A7

Inven Capital - Subfund D
Financial Statements as at 31 December 2023
(Translation of Financial Statements Originally Issued in Czech –See Note 2 to the Financial Statements)1Company: Inven Capital - Podfond D
Registered office: Pod křížkem 1773/2, Prague 4, CZ
Alternative ID No. (NIČ): 751 63 861
Scope of business: autonomous investment fund

BALANCE SHEET
as at 31 December 2023
(in CZK thousands)

Note

2023
Gross

2023
Adjustment

2023
Net

0
0
0
0
0
537
537
0
0
0
0
0
0
0
40 178
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
537
537
0
0
0
0
0
0
0
40 178
0
0
0
0
0
0
0

0

0

0

0
1 096
0
2 700

0
0
0
0

0
1 096
0
2 700

44 511044 511ASSETS
1
2

3

4

5

6
7
8
9
10

11
12
13

Cash in hand and balances with central banks
State zero-coupon bonds and other securities eligible
for refinancing with the central bankof which:a) issued by government institutionsb) otherDue from banks and cooperative savings associationsof which:a) repayable on demandb) other receivables
Receivables from non-banking entitiesof which:a) repayable on demandb) other receivables
Debt securitiesof which:a) issued by government institutionsb) issued by other entities
Shares, unit certificates and other participations
Ownership interests constituting a significant influenceof which: in banks
Ownership interests constituting a dominant influenceof which: in banks
Intangible fixed assetsa) goodwill
Tangible fixed assetsa) land and buildings for operatingof which:
activitiesb) other operating assets
Other assets
Receivables from subscribed share capital
Deferred expenses and accrued income

Total assets

2

7

6

8
9

Note

(in CZK thousands)

2023

LIABILITIES AND EQUITY
1

2

3

4
5
6

7
8
9
10

11
12
13

14
15

Due to banks and cooperative savings associationsof which:a) repayable on demandb) other payables
Liabilities to non-banking entitiesof which:a) repayable on demandb) other payables
Payables from debt securitiesof which:a) issued debt securitiesb) other payables from debt securities
Other liabilities
Deferred income and accrued expenses
Provisionsof which:a) for pensions and similar liabilitiesb) for taxesc) other
Subordinated liabilities
Share capitalof which:a) share capital paid up
Share premium
Reserve funds and other funds created from profitof which:a) statutory reserve funds and risk fundsb) other reserve fundsc) other funds from profit
Revaluation fund
Capital funds
Gains or losses from revaluationof which:a) assets and liabilitiesb) hedging derivativesc) translation of ownership interests
Retained earnings or accumulated losses
Profit / (loss) for the period
Total equity

Total equity and liabilities

10
10

0
0
0
0
0
0
0
0
0
41 096
0
0
0
0
0
0
0
0
0
0
0
0
0
0
24 235
-263
-263
0
0
0
-20 558
3 414
44 511

OFF-BALANCE SHEET ITEMS as at 31 December:Off-balance sheet assets:
Assets provided for management

2023
3 414

Signature of the statutory bodyIng. Ivo Němejc
Board of Directors Vice-chair

Ing. Viktor Miškovský
Member of the Board of Directors
3Company: Inven Capital - Podfond D
Registered office: Pod křížkem 1773/2, Prague 4, CZ
Alternative ID No. (NIČ): 751 63 861
Scope of business: autonomous investment fund
INCOME STATEMENT
for 2023(in CZK thousands)
1
2
3

4
5
6
7
8
9

10
11
12
13
14
15

16
17
18

Note

Interest income and similar incomeof which: Interest on debt securities
Interest expense and similar expenseof which: interest expense from debt securities
Income from shares and ownership interestsof which: a) income from ownership interests constituting a significant influenceb) income from ownership interests constituting a dominant influencec) other income from shares and ownership interests
Fee and commission income
Fee and commission expense
Profit or loss on financial operations
Other operating income
Other operating expenses
Administrative expenses
of which: a) staff costsof which: aa) wages and salariesab) social security and health insuranceb) other administrative expenses
Release of provisions and allowances for tangible andintangible fixed assets
Depreciation/amortization, charge for and use of provisions andallowances for tangible and intangible fixed assets
Release of allowances and provisions for receivables and guarantees, recoveriesof receivables previously written off
Write-offs, charge for and use of allowances and provisions forreceivables and guarantees
Release of allowances against ownership interests constituting dominant or significant influence
Loss on the transfer of ownership interests constituting dominant orsignificant influence, charge for and use of allowances against ownership interests constituting
dominant or significant influence
Release of other provisions
Charge for and use of other provisions
Share in profit/(losses) of ownership interests constituting dominant or significant influence12
13-21 640
11

Signature of the statutory bodyIng. Ivo Němejc
Board of Directors Vice-chair

Ing. Viktor Miškovský
Member of the Board of Directors
4

0
0
0
0
0
0
0
0
0
-20 976
-664
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

19 Profit/(loss) for the period from ordinary activities before taxes
23 Income tax
24 Profit/(loss) for the period after taxation

2023

1 082
-20 558

Company: Inven Capital - Podfond D
Registered office: Pod křížkem 1773/2, Prague 4, CZ
Alternative ID No. (NIČ): 751 63 861
Scope of business: autonomous investment fund
CASH FLOW STATEMENT
for 2023(in CZK thousands)
P.
Cash and cash equivalents at the beginning of the year
Cash flows from operating activities
Z.
Net profit on ordinary activities before tax
A.1.
Adjustments for non-cash movements
A.1.1.
Amortization of fixed assets and write-off of receivables
A.1.2.
Change in allowances and provisions
A.1.3.
Revaluation of assets
A.1.4.
Gain/loss on disposal of fixed assets
A.1.5.
A.1.6.
A.*
A.2.
A.2.1.
A.2.2.
A.2.3.
A.**
A.3.
A.4.
A.5.
A.6.
A.***
B.1.
B.2.
B.***
C.1.
C.2.
C.3.
C.3.1.

Accounting period20230Interest expense and interest income
Other non-cash movements
Net cash from operating activities before taxation, changes in working capital
andextraordinary
Changein non-cashitems
components of working capital
Change in other assets, prepayments and accrued income
Change in other liabilities, accruals and deferred income
Change in inventory
Net cash from operating activities before taxation and extraordinary items
Interest paid
Interest received
Tax paid
Gains and losses on extraordinary items
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of fixed assets
Proceeds from sale of fixed assets
Net cash provided by (used in) investing activities
Cash flows from financing activities
Change in long-term liabilities and short-term loans
Change in receivables/payables related to group cashpooling
Effect of changes in equity on cash
Effect of changes in share capital on cash

C.3.2.
C.***F.

Dividends or profit shares paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Net increase (decrease) in cash and cash equivalents due to merger

R.

Cash and cash equivalents at end of year

Ing. Viktor Miškovský
Member of the Board of Directors

5

0-21 640
38 396-2 70041 09616 75716 757-40 455-40 455

24 23524 235537
537

Signature of the statutory bodyIng. Ivo Němejc
Board of Directors Vice-chair-21 6400Company: Inven Capital - Podfond D
Registered office: Pod křížkem 1773/2, Prague 4, CZ
Alternative ID No. (NIČ): 751 63 861
Scope of business: autonomous investment fund
STATEMENT OF CHANGES IN EQUITY(in CZK thousands)
Balance as at 1 January 2023
Issue/repurchase of investment shares
Revaluation of investments
Distribution of profit (loss) brought
forwardProfit (loss) for the year
Balance as at 31 December 2023

Other
capitalfunds

Gains orlosses fromrevaluation

Profit (loss)
brought
forwardProfit(loss) for
the year

Total equity

0
24 23524 235-263

0
24 235
-263

-263

0
-20 558
3 414-20 558-20 558

Signature of the statutory bodyIng. Ivo Němejc
Board of Directors Vice-chair

Ing. Viktor Miškovský
Member of the Board of Directors

6

1.

DECSRIPTION OF THE SUB-FUND

Inven Capital – Subfund D (hereinafter “Subfund D”) is a sub-fund of Inven Capital, SICAV, a.s.
Inven Capital, SICAV, a.s., (hereinafter the “Company” or the “Fund”), formerly Inven Capital, investiční fond,a.s., and prior to that ČEZ Nová energetika, a.s., is a joint-stock company established on 1 September 2013
with the registered office located at Pod křížkem 1773/2, Prague 4, the Czech Republic, Company ID No.
02059533.
The Czech National Bank’s (CNB) decision to grant a license to conduct the activities of an autonomous
investment fund came into legal force on 31 August 2016 and the company changed its business name toInven Capital, investiční fond, a.s. with effect from 1 September 2016. With effect from 1 February 2018, theFund as a joint-stock company was transformed into a variable-capital joint-stock company (SICAV) within
the meaning of Section 367 of the Act; alongside the change of legal form, the Company changed its name toInven Capital, SICAV, a.s. The Fund is an autonomous investment fond of qualified investors in the form ofa joint-stock company with variable registered capital. No significant changes were made to the public
register entry in 2023.
The sole shareholder of Subfund D is the European Investment Bank (EIB), with registered office located at
98-100 boulevard Konrad Adenauer, L-2950 Luxembourg.
Members of the Fund’s statutory and supervisory bodies as at 31 December 2023:
Board of Directors
ChairmanPetr Míkovec

Vice-Chairman

Ivo Němejc

Member:Viktor Miškovský

Supervisory Board
ChairmanTomáš Pleskač

Vice-Chairman

Martin Novák

Member:Vojtěch Kopp

The Fund has no foreign branch.
Inven Capital – Subfund D was created on 1 January 2023 by the decision of the Fund’s Board of Directors
and was registered in the register maintained by the CNB at the same date. In accordance with Section 165(1)of ICIFA, the Sub-fund is, from an accounting and property perspective, a part separated from the assets andliabilities of the Fund.
The Sub-fund’s investment shares are held by the EIB.
Subfund D has its own investment strategy and its own Statute. The investment strategy is always set out in
the Statute. The version of the Sub-fund’s Statute valid as at 31 December 2023 is dated 12 October 2023.
The Sub-fund’s investment strategy focuses on investments in growth-stage cleantech startups from the EU,with scalable business models proven by sales and a strong growth potential. The Sub-fund is interested in
sectors such as energy efficiency, distributed power generation, flexibility and energy storage, energy dataservices, clean transport, smart city, and the like. The objective of Sub-Fund D is to invest in a responsible
manner, to actively take into account environmental and social characteristics, as well as responsible
governance procedures when choosing investments and during the period of their holding.
7

2.

BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS

The accompanying financial statements were prepared in accordance with Decree No. 501/2002 Coll., which
implements certain provisions of Act No. 563/1991 Coll., on Accounting, as amended, for accounting entities
that are banks and other financial institutions, of 6 November 2002, as amended, stipulating the structure
and content of the financial statements and the scope of disclosures for banks and certain financial
institutions, and with the Czech accounting standards for financial institutions as applicable for 2023.
As of 1 January 2021, the Decree 501/2002, Coll., stipulates that for the purposes of recognition,measurement and disclosure of financial instruments, an entity shall proceed in accordance with
International Financial Reporting Standards regulated by directly applicable regulations of the European
Union governing the application of international accounting standards (individually “International AccountingStandard” or collectively “IFRS”).
These financial statements have been prepared in CZK for the period from 1 January 2023 to 31 December
2023. The previous accounting period is not shown because the Sub-Fund does not yet exist.
The financial statements have been prepared on a going concern basis.
Explanation Added for Translation into English
These financial statements are presented on the basis of accounting principles and standards generally
accepted in the Czech Republic. Certain accounting practices applied by the Company that conform withgenerally accepted accounting principles and standards in the Czech Republic may not conform with generally
accepted accounting principles in other countries.
3.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accounting policies applied by Subfund D in preparing the 2023 financial statements were as follows:a)Transaction Recognition Date

Accounting transactions that involve the purchase and sale of financial assets with normal delivery date (spottransactions) and fixed-term transactions (forwards, futures and swaps) and options are recorded in offbalance sheet accounts between the contract date and the settlement date.
A financial asset or a part thereof is derecognized from the balance sheet if Subfund D loses control over thecontractual rights to the financial asset or part thereof. Subfund D will lose control if the rights to the benefits
defined in the contract are exercised or waived or if they expire.
b) Foreign Currency
Transactions denominated in foreign currencies are recognized in local currency translated at the exchange
rate published by the Czech National Bank (“CNB”) as at the transaction date. Financial assets and liabilities
denominated in foreign currencies, together with forex spot transactions prior to maturity are translated to
local currency at the rate published by the CNB as at the financial statements date. Any gain or loss resulting
from the translation of assets and liabilities denominated in foreign currencies is recognized in the ‘Profit orloss on financial operations’ caption of the income statement with the exception of items revalued to fairvalue through equity.
c)Financial Instruments

Financial instruments include financial assets and liabilities. A financial asset is mainly cash, an equity
instrument of another entity (eg shares) or a contractual right to receive cash or another financial asset.
8

A financial liability is mainly a contractual obligation to deliver cash or another financial asset. Financial assets
are presented as current when the Fund expects to realize them within 12 months of the balance sheet dateor if there is no reasonable certainty that the Fund will hold the financial assets for more than 12 months ofthe balance sheet date. Financial liabilities are presented as current when they are due within 12 months ofthe balance sheet date.
i.

Financial assets

Financial assets are classified into two main categories (a) at amortized cost and (b) at fair value dependingon whether the financial asset is held for trading or is held within a business model whose objective is to holdassets to collect contractual cash flows.
The Fund defines financial assets to the following categories:a) financial assets at amortized costThis category includes the financial assets held with strategy to collect contractual cash flows, which consistof both principal and interest payments. Examples for such financial assets are trade receivables. Expected
foreign exchange rate differences and interest income are recognized in the income statement.
b) financial assets measured at fair value through other comprehensive income (FVOCI)In the case of debt securities, this category includes the financial assets held with strategy to collectcontractual cash flows or to sell financial assets.
The Fund also invests in the Fund’s portfolio companies. These equity instruments do not containa commitment to transfer economic resources. The Fund owns shares that are redeemable by the issuer only
at its own decision. The Fund uses the option to account for changes in the fair value of these assets using
the FVOCI method. The change in fair value on revaluation, or any gain/loss on the sale of these assets will
not be reclassified to profit or loss, and therefore never affects profit or loss. Allowances are not significant
and are therefore not recorded. Changes in the fair value are recognized in equity through the ‘Gain or loss
on revaluation’ caption. In case that equity instrument was sold, an accumulated revaluation reserve isreclassified to retained earnings. Foreign exchange rate differences are recognized in equity (part ofrevaluation reserve).
c) financial assets measured at fair value through profit or loss (FVTPL)This category includes financial assets which, on initial recognition, were classified as financial assets at fairvalue through profit or loss and which cannot be classified as equity instruments because they containa counterparty’s commitment to transfer economic resources to the Fund.
Convertible loans fall into this category as well. Convertible loans include an obligation to convert the
principal and accrued interest in the shares of a portfolio company and, at the same time, an obligation to
pay the Sub-fund’s principal with interest if no conversion occurs. In measuring convertible loans, the fairvalue is measured separately for the principal and the derivative representing the discount on the converted
shares. Convertible loans are recognized in other assets in the balance sheet.
Allowances are not significant therefore they are not recorded. Changes in the fair value and foreignexchange rate differences are recognized in the income statement.
ii.

Fair value of financial instruments

9Fair value is defined as the amount at which the instrument could be exchanged in a current transaction
between knowledgeable willing parties in an arm’s length transaction, other than in a forced or liquidation
sale.
The fair value is the market value as published by local or foreign stock exchange or the value determined bya qualified estimate or expert opinion, if the market value is unavailable.
Based on the method of measuring the fair value, the Fund records financial instruments in the following
structure:
Level 1:

Fair value is determined based on unadjusted market prices of identical assets and liabilities
that are quoted in active markets;

Level 2:

Fair value is determined using techniques for which all inputs which have a significant effecton the recorded fair value are observable, either directly or indirectly;

Level 3:

Fair value is determined based on techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable market data and thus use
unobservable inputs.

The following methods and assumptions are used to estimate the fair value of each class of financial
instruments:iii.

Cash and cash equivalents

Cash and other current financial assets are valued by the Fund at their nominal value due to their relatively
short maturity. This is reduced by the allowance for potential failure. Allowances are made according to therating of the counterparty (the so-called probability of default) multiplied by the LGD (Loss Given Default)
coefficient of 45%, unless specified otherwise in a specific case. The up-to-date rating of the counterparty ischecked at least once a year. In 2023, the allowance percentage was set at 0.045%.
iv.

Non-current debt and equity financial assets

The fair values of non-current debt and equity financial assets, which are publicly traded on active markets,
are determined based on quoted market prices. The fair values of non-current debt and equity financial
assets, which are not publicly traded on active markets, are determined using appropriate valuation models.
v.

Short-term receivables and Payables

The carrying amount of receivables and payables approximates fair value due to the short-term maturity ofthese financial instruments.
d) Other liabilities
Other liabilities are initially measured at their nominal value, including transaction costs; they wererecognized at fair value as at the financial statements date.
Other liabilities represent mainly liabilities to investors who have sent funds to the Sub-fund’s bank accountand to whom investment shares have not been issued for these funds by the end of the accounting period.
e) Other assets
Receivables originated by the Sub-fund are initially measured at their nominal value including transaction
costs; they were recognized at fair value as at the financial statements date.
10

f)Amounts due from banks

Receivables from banks include current accounts held with banks and short-term financial deposits withmaturity not exceeding 3 months. Receivables from banks denominated in foreign currencies are translated
to Czech crowns at the exchange rate prevailing as at the balance sheet date as published by the Czech
National Bank. The Fund evaluates receivables from banks at nominal value.
g)

Provisions

Provisions represent probable performance of uncertain timing and amount. Provisions are recognized if thefollowing criteria are met:-

there is a present obligation (legal or substantial) to perform, which results from past events,
the performance is probable and will require an outflow of resources embodying economic benefits,a reasonably reliable estimate can be made of the performance.

Additions to provisions are recognized in the relevant income statement caption, their use is recognized
together with the costs or losses for which the provisions were created in the relevant income statement
caption. The release of provisions that are no longer needed is recognized in Creation and release of otherprovisions. Provisions are created in the currency in which the related performance is expected to be made.
h) Equity
For each sub-fund, the Fund issues investment shares that represent equal shares in the fund capital of thegiven sub-fund. The investment shares issued for a sub-fund have the following rights attached: the right toa share in profit ensuing only from the performance of the given sub-fund and the right to a share of theliquidation surplus ensuing only upon the dissolution of the sub-fund with liquidation. The shares are issued
as no-par value (NPV) shares, i.e. shares with no nominal value listed on the share.
The currency of the investment shares of Subfund D is in EUR. The Company’s shares have been issued as
securities and have not been admitted to trading on a regulated market, i.e. they are not listed on any
regulated (or other European) market or admitted to trading in any multilateral trading facility.
In accordance with the Articles of Association, Subfund D does not create a reserve fund.
i)

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities at the balance sheet date and the reported amounts ofrevenues and expenses during the reporting period. The Company management prepared these estimatesand predictions based on all available relevant information. These estimates and assumptions are based on
information available as at the date of the financial statements and may differ from actual results.
j)Recognition of Revenues and Expenses

Revenues and expenses are recognized on an accrual basis, that is, they are recognized in the periods in which
the actual flow of the related goods or services occurs, regardless of when the related monetary flow arises.
Operating expenses and other fees related to the management and administration of the Sub-fund arerecognized in the ‘Fee and Commission Expense’ caption in the period in which they were incurred.
On the income and expense interest line, expense and/or income interest are reported as part of cash poolingaccording to the current balance. Another part of the interest income is from convertible loans, if they were
granted.
11k)Income tax

The corporate income tax expense is calculated based on the statutory tax rate on the book income increased
or decreased by the appropriate permanent or temporary non-deductible expenses and non-taxable income(e.g. creation and recognition of other provisions and allowances, entertainment expenses, differences
between book and tax depreciation, etc.)
The deferred tax position reflects the net tax effects of temporary differences between the carrying amountsof assets and liabilities for financial reporting purposes and the amounts used for corporate income tax
purposes, taking into consideration the period of realization.
l)

Subsequent events

The impact of events that occurred between the balance sheet date and the date of the financial statements
preparation is recognized in the financial statements provided these events provide additional evidence
about conditions that existed at the date of the balance sheet.
If material events reflecting the facts occurring after the balance sheet date happened between the balance
sheet date and the date of the financial statements preparation the consequences of these events aredisclosed in the notes to the financial statements but not recognized in the financial statements.
m) Equity instruments
The Sub-fund has one shareholder and one type of redeemable shares issued; in accordance with IAS 32 16A– 16D there are no subordinate, preference, or other types of shares, all shares carry the same rights.
Investment shares meet the definition of a puttable instrument and the exceptions stipulated in IAS32.16AB. For this reason, the Fund classifies and recognizes investment shares in equity.
4.

SHARES, UNIT CERTIFICATES AND OTHER INTERESTS

The item Shares, unit certificates and other interests includes Ownership interests in portfolio companies.
The Sub-fund’s interests are not listed on active markets. The fair value measurement was carried out as at
31 December 2023.
Summary of changes in shares, unit certificates and other interests (in CZK thousands):
Shares, unit certificates andother participations

Balance as at 01/ 01/ 2023

Additions

Revaluation

Balance as at 31/ 12/ 2023

FVOCI

0

40,455-277

40,178Total

040,455-277

40,178For all investments in the form of shares, the Fund used the method of measuring a financial asset at fairvalue through other comprehensive income (FVOCI) in accordance with IFRS 9.5.7.5.
The additions of CZK 40,455 thousand represent investments into Hydrogrid.
The fair values of purchased interests in portfolio companies are determined on the basis of Level 3, i.e. using
techniques which use inputs which have a significant effect on the recorded fair value that are not based on
observable market data. For assets and liabilities that are recognized in the financial statements on
a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorization (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period, i.e. to Level 1 (fair value measurement using
12

quoted (unadjusted) prices in active markets for identical assets or liabilities) or to Level 2 (fair value
measurement using other techniques for which all inputs which have a significant effect on the recorded fairvalue are observable, either directly or indirectly).
The following information was used from reliable sources available as at the measurement date:a) The International Private Equity and Venture Capital Valuation (IPEV) Guidelines (2023);b) CapitalIQ financial database; andc) Exchange rates published by the Czech National Bank and European Investment Bank.
The fair value of the Sub-fund’s investment has been determined in EUR as at the measurement date. These
values were translated into CZK at the rate published by the Czech National Bank as at 31 December 2023.
As at 31 December 2023, interests in portfolio company Hydrgorid GmbH was measured as follows:
The determination of the value of Hyrogrid GmbH’s investment is based on the valuation received by several
independent parties during the last round of financing in November/December 2023 and this is because there
have been no significant changes since then.
The valuation of the stake in Hydrogrid GmbH is based on the holding of 4,828.64 series A shares and isestimated at CZK 40,178 thousand.
Sensitivity
The fair values of portfolio companies are mainly impacted by sales (sales volume, share of recurring andnon-recurring engagements, volume of services provided) and the EV/sales multiples of comparable listedcompanies used. The multiples may fluctuate depending on the market development and the overall
economic situation, especially as regards new market segments, where the multiples may reflect current
perception of market participants. Positive expectations of the development of a given market segment leadto higher multiples and higher fair value of companies, while negative expectations have the opposite effectand result in a decrease in the fair value.
The table below shows the change in the value of the Subfund D portfolio in the event of a 10% change in theabove unobservable inputs.

Investment

Fair value as at
31 December 2023
(in CZK thousands)

Hydrogrid

40,178Significant
unobservable
inputsChange inunobservable inputs

Growth ofunobservable
inputs by 10%

Decrease ofunobservable
inputs by 10%

Valuation of thecompany from the last
financing round (EUR
30 million)

Change in valuation
due to change inmarket participants’
expectations

4,018

4,018

If the value of unobservable inputs increases by 10%, the value of Subfund D’s portfolio will increase by CZK
4,018 thousand; if the value of unobservable inputs decreases by 10%, the value of Subfund D’s portfolio will
decrease by CZK 4,018 thousand.
The table below summarizes equity shares in the Sub-fund portfolio companies:(in CZK thousands)
HydrogridMethodEquity interest as at 31/ 12/ 2023

Fair value as at 31/ 12/ 2023

6.04%

40,178

FVOCI

Total

40,17813

Their fair value as of 31 December 2023 was set at CZK 40,178 thousand. The FVOCI value of the investment
is CZK 40,178 thousand. The revaluation of investments as at 31 December 2023 was included directly inequity.
5.

AMOUNTS DUE FROM BANKS

Amounts due from banks consist of:(in CZK thousands)

31/ 12/ 2023

Current account balances

537

Total

537

The book value of receivables from banks and credit unions as of 12/31/2023 is equal to their fair value.
Changes in fair value are charged to the income statement (FVTPL) according to IFRS 9.
The amount of allowances is not significant due to low materiality and minimal risk of bank failure, therefore
they are not reported.
Maturity of receivables from banking entities is on request. Receivables are not sensitive to the interest rateor any other factor.
6.

OTHER ASSETS

Other assets include:(in CZK thousands)

31/ 12/ 2023
1,096

Deferred tax asset
Total

1,096

As of December 31, 2023, the company calculated a total deferred tax asset that is reported in other assets
in the amount of CZK 1,096,000 (of which CZK 1,082,000 is a deferred tax asset from tax losses reported
against profit and loss, CZK 14,000 is a deferred tax asset from the revaluation of investments reported
against equity accounts - line Valuation differences).
7.

EQUITY
31/ 12/ 2023

3,414

Fund capital of Sub-fund (in CZK thousands):

138

Fund capital of Sub-fund (in EUR thousands):
Number of investment shares of the Sub-fund issued andoutstanding at the end of the accounting period (numberof items):
Number of investment shares of the Sub-fund issued in theaccounting period (number of items):
Number of investment shares of the Sub-fund purchasedin the accounting period (number of items):

1,020
1,020
0
3,347.3221

Fund capital of Sub-fund per 1 share (CZK):

14

135.3820

Fund capital of Sub-fund per 1 share (EUR):

Balance as at:
31 December 2023 (in CZK)Fund capital: CZK 3,414 thousand (converted at the rate of 24.725 CZK for 1 EUR as of 31 December 2023)
Fund capital per share: CZK 3,347.3221
Individual equity items are disclosed in the Statement of Changes in Equity above (p. 6).
Fund capital
In 2023, other capital funds increased by CZK 24,235 thousand to CZK 24,235 thousand due to the issue ofinvestment shares in connection with investments in new companies. In December 2023, CZK 41 million waswithdrawn from the EIB shareholder, but the share issue has not yet taken place.
Gains or losses from revaluation
In 2023 gains or losses from revaluation decreased by CZK 263 thousand in connection with revaluation tofair value as at 31 December 2023.
Profit (loss) for the year
Profit (loss) for the year 2023 was CZK (20,558) thousand. The loss will be transferred to the profit (loss)
brought forward after the approval by the Fund’s General Meeting.
8.

OTHER LIABILITIES(in CZK thousands)
Uninvoiced liabilities to suppliers

31/ 12/ 2023
68

Liabilities to shareholders

41,029Total

41,096As at 31 December 2023, other liabilities include estimated liabilities containing uninvoiced liabilities tosuppliers in the amount of CZK 68 thousand, which materially and temporally related to the year 2023 andfurther liabilities to shareholders in the amount of CZK 41,029 thousand.
9.

INCOME TAX(in CZK thousands)
Profit (loss) before taxes

31/ 12/ 2023
(21,640)

Other non-deductible expenses (particularly investments carrying costs,
creation of provisions)Non-taxable revenues
Tax base
Current income tax rate

5%

Current income tax
1,082

Deferred tax
Total tax in the Income Statement(20,558)

15

The Subfund D quantified deferred taxes as follows:(in CZK thousands)

31/ 12/ 2023

Deferred tax items

Deferred tax asset

Revaluation of investments inequity14

Deferred tax from tax losses(1,082)

Deferred tax from provisions

0

Total

1,096

Total for the year

1,096

As of December 31, 2023, the company calculated a total deferred tax asset that is reported in other assets
in the amount of 1,096,000. CZK (of which CZK 1,082,000 is a deferred tax asset from tax losses reported
against profit and loss, CZK 14,000 is a deferred tax asset from the revaluation of investments reported
against equity accounts - line Valuation differences).
10. FEE AND COMMISSION EXPENSE
Subfund D had no employees in the Accounting Period. The fee expenses reported below relate to fees
determined on the basis of the Sub-fund’s Statute and paid to Inven Capital SICAV, a.s.
(in CZK thousands)

31/ 12/ 2022

Management and other services

19,872Administration

573

Audit

169

Depositary

363

Total

20,976

11. OTHER SIGNIFICANT INCOME AND EXPENSE ITEMS
As at 31 December 2023, the Sub-fund recorded a gain from financial operations of CZK 664 thousand, which
is made up of foreign exchange gains and losses.
12. RELATED PARTY INFORMATION
The members of management, supervisory and administrative bodies of the Fund were granted no advances,earnest money, loans, borrowings or guarantees in 2023 and they do not hold any shares/interests of theCompany. Other benefits consist of the use of company cars and phones for private purposes.
Short-term liabilities or receivables from related parties are not recorded as of December 31, 2023.
13. ASSETS PROVIDED FOR MANAGEMENT
Off-balance sheet assets at:

31/ 12/ 2023

Assets provided for management

3,414

16

Total3,414

Assets provided for management equal to equity and amounted to CZK 3,414 thousand as at 31 December
2023.
14. CLASSIFICATION OF ASSETS AND LIABILITIES AS PER MEASUREMENT CATEGORIESThe following table provides a reconciliation between balance sheet items and measurement categories offinancial instruments and other assets and liabilities as at 31 December 2023. Financial instruments for which
the fair value has been determined by measurement are classified as FVTPL and FVOCI. Other balance sheet
items, the carrying amount of which is equal to the fair value, are presented in Other Mandatory FVTPL.
Financial Instruments

Other
Mandatory
FVTPL

Total

537

537

FVTPL

FVOCI
equityinstruments

Due from banks and cooperative savings associations--

Shares, unit certificates and other participations-

40,178-40,178Other assets

-

-

1,096

1,096

Costs of future periods

-

-

2,700

2,700

Total assets-

40,1784,333

44,511(In CZK thousands)

15. FAIR VALUE
As at 31 December 2023, the fair value hierarchy of financial instruments was as follows (in CZK thousands):
As at 31 December 2023
Shares, unit certificates and otherparticipations

Level 1

Level 2

Level 3

Total fair value--

40,17840,178

Receivables from banks and credit unions

-

537

-

537

Other assets

-

1,096

-

1,096

Deferred expenses and income

-

2,700

-

2,700

Total financial assets

-

4,333

40,17844,511Other liabilities-

41,096-

41,096

Total financial liabilities-

41.096-

41,096As at 31 December 2023, the Fund does not disclose the fair value classification for financial instruments forwhich the carrying amount is a reasonable approximation of their fair value (IFRS 7, par. 29).
Reconciliation of opening and closing balances for level 3(in CZK thousands)
Balance as at 1 January 2023
Profits and losses for the period reported in the income statement

Shares, unit certificates and otherparticipations

Total

0

0

0

0

-277

-277

Buying40,45540,455

Sales

0

0

40,17840,178

Profits and losses for the period reported in equity

Balance as at 31 December 2023

17

16. RISK MANAGEMENT
The primary objective of risk management is to protect and enhance the value of shareholders’ investmentin the Sub-fund while maintaining risk exposure acceptable to shareholders.
The Sub-fund is exposed to risk factors, all of which are detailed in the Sub-fund’s Statute and in the internal
rules on Risk Management, Compliance with Limits and Liquidity Management. Risk Management is
independent of the portfolio management and informs the Board of Directors immediately of all facts
increasing the risk taken. The function evaluates, measures, reduces and reports individual risks. The mainrisks that the Fund may be exposed to include:(a)market risk,(b)concentration risk,(c)liquidity risk,(d)operational risk,(e)credit risk,(f)risk connected with investments in ownership interests in business companies,(g)risk associated with Sub-fund’s investment strategy,(h)risk of counterparty default,(i)outsourcing risk,(j)risk associated with the sustainability factors.

The Fund identifies and evaluates the risks associated with each new and additional investment; thetransaction must be approved by the Board of Directors, the Risk management officer, the Administrator’srisk manager and the Compliance officer (recorded on the transaction card). In addition, risks are managed
when an investment is held in the form of quarterly risk reports on the limit compliance; annual Risk
Management Reports are submitted to the Fund’s Board of Directors and Supervisory Board summarizing
significant events, proposals for adjustments to the investment strategy and the liquidity plan; Stress Tests
and Investment Limit Reports from the Fund’s Administrator form a part thereof.
Market risk
The risk that the value of an asset invested in by the Subfund D may rise or fall depending on changes inoverall market developments, macroeconomic conditions, interest rates, exchange rates and the asset’s
perception by the market. The limits stipulated by the current full version of the Statute and by the applicablelegal regulations apply to all components of the market risk. Market risk is thoroughly assessed by the Fundprior to the approval of any transaction. The Sub-fund is a fund of qualified investors focused on specificinvestments in accordance with its investment objective, as stated in the Sub-fund’s Statute, and therefore
there is an increased risk of concentration and it is not possible to reduce the risk through greater
diversification. Market risk involves:
Currency risk
With respect to the fact that the Sub-fund’s investment shares are subscribed in EUR, the Sub-fund is exposed
to currency risk when making investments in currencies other than EUR. This may result in fluctuations in thevalue of a security determined by the Administrator due to exchange rate differences arising upon thevaluation of the Sub-fund’s assets.
The range of investments in different currencies is limited by the Statute; pursuant to the Statute, the Subfund’s investments shall be made in EUR and other currencies of the EU Member States. Sub-fund’s existing
investments have so far only been made in EUR. As the current value of the investment shares issued by Subfund is determined in EUR as well, the Sub-fund is not currently exposed to currency risk.
18

Interest rate risk
The Sub-fund is not exposed to significant interest rate risk; it does not hold funds in bank accounts except
for minimal liquidity. Cash is drawn on each investment individually from the shareholder. The Sub-fund has
no convertible loan.
If the interest rate were to change by 1% as of 31/12/2023, the value of interest-bearing assets would notchange:Not
specified
-

Total

-

More
than
5 years
-

-

-

-

537

0-3 months

3 months- 1 year

1 year 5 years

Amounts due from banks

537-

Total assets

537-(in CZK thousands)

537

Concentration risk
The market risk is related to the concentration risk that is the risk of loss arising from a significant
concentration of exposures, particularly to a single person or a single group of related parties, or to a groupof persons where the probability of their failure depends on a common risk factor, i.e. the same economic
sector or part thereof, geographical area, financial market section, type of assets or the issuer of theinvestment instrument. The Sub-fund is exposed to the concentration risk due to its investment strategy
focusing on investments in new energy and related sectors and its focus on the European Union market.
The table below shows the distribution of investments in the Sub-fund’s portfolio as per investment industries
as at 31 December 2023:
Portfolio percentage
Water management/Clean energy

100%

Total

100%

The table below shows the distribution of investments in the Sub-fund’s portfolio as per investment
geographical area as at 31 December 2023:
Portfolio percentage
Austria

100%

Total

100%

The Sub-fund has limited this risk through the limits applicable to individual securities and equal shares in agroup of related persons, see the limits in the Statute.
Liquidity risk
Liquidity risk is the risk that certain asset of the Sub-fund will not be converted to cash quickly enough at
a reasonable price and that, as a result, the Sub-fund will be unable to meet its financial obligations as theyfall due, including the risk that the assets held by the Sub-fund cannot be sold or offset with limited costs andwithin a reasonable time.
As at 31 December 2023, the Sub-fund has cash at bank totaling EUR 22 thousand; it records no current
liabilities from supplier business transactions.
The liquidity risk exposure is considered to be low as the Sub-fund draws its investment funds individuallyfrom the shareholder, i.e. the European Investment Bank. Only minimum liquidity is held in the bank accountpursuant to the Sub-fund’s Statute. The Sub-fund has no trade payables and no convertible loans.

19

The share of each financial asset and liability in the Sub-fund’s total assets and liabilities by maturity is shown
below as at 31 December 2023:
Financial assets(in CZK thousands)
Amounts due from banks
Shares and participations
Other assets
Total assets

Total
assets/liabilities% of fin. assets/
liabilities in total
assets and liabilities

3 months 1 year

1-5 years

Nomaturity

537
537

-

-

40,17840,178537
40,17840,715

3,796
3,796

537
40,1783 ,96
44,511

1.21 %
90.27 %
8.53 %
100 %

-

3,414
3,414

-

41,096
41,096

41,0963,414
44,511-

41,0963,414
44,51192.33 %
7.67 %
100 %

537
537

-3,414-2,877-2,877-919-3,796-3,796-3,796

3,796
0

Total liabilities

Cumulative gap

Other
items
without
maturity

0-3
monthsOther liabilities
Provisions
Equity*Gap

Total
financialassets* The equity maturity is indicated in 3 months - 1 year as according to Article 9.6 of the Sub-fund’s Statute:“The Fund is obliged to redeem investment shares from the shareholder within one (1) year from the date ofreceipt of the request for redemption of investment shares by the Fund Administrator”.
Operational risk
The risk of a loss of assets resulting from inadequate or erroneous internal processes, failures of operating
systems or human factor, or external events.
The Fund has divided operational risk to four categories according to the source of risk:a) process risks (incorrect execution of a transaction, exceeded limits, bookkeeping errors);b) risk of human error (internal fraud, manual processing errors, errors in entries to information
systems);c) information system risks (HW, SW or telecommunications failure, unavailability of data, security
failure, missing valuation data);d) external risks (external service provider default, including External suppliers, forces of nature).
The operational risk assessment takes into account the functioning of the Fund’s internal and external control
system, which is evaluated by the Fund and by the internal auditor, who is responsible for assessing individual
operational risk manifestations and is involved in identifying potential new operational risk manifestations.
Operational risk is eliminated by strict adherence to the four eyes rule, including random checks, employee
training regarding limits, internal guidelines and legal regulations, strict adherence to the archiving rules by
the information system administrator, thereby minimizing losses due to information system failure (part ofthe contract with the IS supplier), control mechanisms preventing the use of client funds for proprietary
trading. Reconciliation and control of the movements of funds and investment instruments and compliancewith the limits are carried out in accordance with the applicable Internal Policy, thereby ensuring timely
detection and correction of errors. Concerning external control, operational risk is also eliminated by theactivities of the Fund’s depositary. The scope of control by the depositary is governed by the Depositary
Agreement.
Credit risk
The risk associated with possible failure by the Sub-fund’s counterparty to meet its obligations, i.e. the riskthat the issuer of an investment instrument held by Subfund D or a party to a contract (relating to a particular
20

investment) fails to meet its obligation, or that a debtor fails to repay, timely and fully, the Sub-fund’s claim.
See more at point 5.
(in CZK thousands)

Fixed interest

Variable interest

No interest

Amounts due from banks

-

-

537

Total assets

-

-

537

The Sub-funds may accept and provide loans or borrowings under the terms laid down in the Statute. As at
31 December 2023, the Sub-fund recorded no loans.
Risk connected with investments in ownership interests in business companies
According to the investment strategy set out in the Statute, Subfund D may acquire shares, ownershipinterests, equity certificates, or any other legally permissible forms of participation in corporations with sharecapital or similar types of companies in foreign jurisdictions (whether regulated or unregulated) that meetthe conditions set out in the Statute. Target companies may as well be temporary special purpose vehicles
established to acquire the above assets, and/or obtain bank or non-bank financing and risk diversification,
including the possibility for Subfund D to carry out a transformation process in which Subfund D and/or theTarget Company will be participating companies, in accordance with the relevant specific legislation.
According to the Statute, the minimum amount of a single investment from the Sub-fund’s own resources is
EUR 1,000,000 at the time of its acquisition; the maximum investment from the Sub-fund’s own resources at
the time of its acquisition is EUR 10,000,000 per Target Company in the sum of all investment rounds. The
Sub-fund’s Statute sets out other investment limits as well.
Business companies in which the Sub-fund has a stake may be exposed to business risks.
As a result, the market price of ownership interests in a business company may decrease or completely lose
value (the company may go bankrupt), or the interest may become unsaleable. This risk is managed by carefulselection of the target companies; each company is subject to a thorough examination prior to anytransaction (Term sheet, Deal Alert, ABAC report, financial, legal and/or technical due diligence reports).
In addition, liquidation preference is agreed in direct investments; liquidation preference means that Subfund
D will receive a preferred return in case the company is liquidated (sold). Investments in target companies
are made as co-investments of both Subfund C / Subfund D in the companies in the EU, and with strong
partners. In addition, the investors have their members in supervisory bodies with direct access to company
information on a monthly basis or any time upon request. The Sub-fund also regularly monitors the portfolio
companies.
Inherent risk associated with Sub-fund’s investment strategy
In view of the Sub-fund’s very specific investment strategy, there will always be a risk associated with thevery nature of the investment strategy aiming at investments in new industries and progressive technologies
through investments in Target Companies. Such risks include, but are not limited to, e.g.:a) the risk associated with the promoter of the investment being considered or with the management
team in the Target Company arising from e.g. possible lack of experience, honesty, businessinstinct, or contacts, etc.
b) the risk associated with the product resulting from e.g. insufficient commercialization of the
product, different requirements for prototype production and mass production, possible reverse
engineering of the new product, wrong estimate of the product’s benefits, product price, etc.
c) technological risks arising from e.g. the possible existence of a better or more efficient technology
now or in the future, unpredictability of the development time and direction, non-connectivity toexisting systems, lack of material resources, etc.
d) market risks related to the market environment, such as the market size, market potential,
competition, alternative products, unforeseen marketing costs, etc.

21e) financial risks, such as the absence of adequate capital resources/market at the moment of futuredivestment, inappropriate level or structure of external financing, currency risks, disagreement
between co-financing investors, etc.
f) operational risks associated with e.g. lack of qualified personnel, etc.
g) environmental risksh) the above-mentioned political, regional, legal, regulatory and tax risks pertaining to individual
investments.
Through diversification, which is part of the risk management strategy exercised by the Fund, possible impactof these risks on total assets of the Sub-fund can be reduced to a certain extent, but the probability, form andfrequency of occurrence of risks cannot be affected.
Settlement risk (Counterparty risk)
Settlement risk is the risk of a loss arising from a counterparty’s failure to meet its obligations before the final
settlement of the underlying transaction. Transactions with the Sub-fund’s assets may be frustrated due tothe counterparty’s inability to satisfy its liabilities and deliver the required asset or make the required
payment by the agreed deadline.
Settlement risk is assessed when a transaction is approved (ABAC report, Due diligence reports). The risk thata counterparty may default in the settlement of transactions is mitigated by the use of appropriate
contractual instruments (e.g. escrow accounts).
Counterparty risk is assessed as low. The Sub-fund has only a minimum balance in bank accounts resulting
from the requirement for minimum liquidity under the Sub-fund’s Statute. The account is maintained at
Komerční banka a.s., which is a regulated entity under the supervision of CNB.
Outsourcing risk
Certain activities related to the management of the Fund are outsourced from a third party on the basis ofan outsourcing agreement pursuant to Clause 4 of the Fund’s Statute. The delegation of certain tasks toanother entity involves the risk that the Fund will not meet some of its obligations. The Fund minimizes thisrisk by carefully selecting external service providers.
Accounting and tax services - WTS Alfery s.r.o. is a long-term provider of services to the CEZ Group.
Administrator – AMISTA investiční společnost, a.s., is an entity subject to CNB regulation.
Risks associated with sustainability factors
The Fund analyses sustainability risks throughout the investment process, from pre-investment due diligencethrough the holding period to exit. A sustainability policy, which is stipulated in detail in the Inven ESG policy
document (published on the Fund’s website under “Info for investors”). The policy contains a detailed
description of the investment analysis along with a list of criteria that are analysed during the investment
process. In addition to environmental and social indicators, the emphasis is on the quality of corporate
governance (composition and functioning of the Board of Directors), GDPR and cybersecurity initiatives. With
respect to investments in smaller, fast-growing businesses, the company’s commitments and targets forsustainability goals are considered and then prioritized and monitored on a regular basis.
17. GOING CONCERNThe Fund’s management will continue to monitor developments in the international economic and security
situation in the context of the conflict in Ukraine and Israel. One of the impacts of the conflict has been theacceleration of certain trends such as the transition to sustainable energy sources, self-sufficiency anddiversification. These areas experience increased demand for new solutions, and for many Target Companies,
they represent an opportunity for faster growth and increasing their value.

22

The management of the Fund considered the potential impacts of the conflict on its activities and businessand concluded it did not have a significant effect on the going concern assumption. Accordingly, the financial
statements for the year ended 31 December 2023 were prepared on the assumption that the Company would
be able to continue as a going concern.
18. SUBSEQUENT EVENTS
No significant events occurred after the balance sheet date.

Prepared on: 9 April 2024
Signature of entity’s statutory body:--------------------------------------------------------------------------------------

Inven Capital, SICAV, a.s.

Inven Capital, SICAV, a.s.

Ing. Ivo Němejc

Ing. Viktor Miškovský

Vice-Chairman of the Board of Directors

Member of the Board of Directors

23