EFT Group Annual Review 2011/2012 RE GEN ER ATION

EFT Group Annual Review 2011/2012

REGENERATION

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www.eft-group.net [email protected] St Gallen +41 71 226 1030 Belgrade +381 11 30 11 021

Athens EFT Hellas S.A. Kifisias Avenue 171 Marousi 151-24 Athens Greece

Belgrade Energy Financing Team d.o.o. Španskih boraca 3 11070 Belgrade Republic of Serbia

Bratislava EFT Slovakia s.r.o. Karadzicova 8/A (CBC I) 821 08 Bratislava Slovakia

Bucharest Energy Financing Team Romania S.R.L. European Business Center B-dul. Mircea Voda Nr.24, Etaj 2, 030667 Bucharest, Sector 3 Romania

Budapest EFT Budapest Zrt. Sas utca 10-12 HU1051 Budapest Hungary

Copenhagen EFT (Holdings) ApS Harbour House Sundkrogsgade 21 2100 Copenhagen Denmark

Herceg Novi Energy Financing Team d.o.o. Herceg Novi Sitnica b.b. 85340 Herceg Novi Montenegro

Istanbul EFT (Turkey) A.S. 19 Mayis Mah. 19 Mayis Cad. UBM Plaza No:37 K:5 D:15 Sisli, Istanbul 34360 Turkey

Kalinovik EFT HE Ulog d.o.o. Karadjordjeva 19 71230 Kalinovik Bosnia & Herzegovina

Kiev EFT Ukraine LLC Office 54 9/2 Velyka Vasylkivska Street 01004 Kyiv Ukraine

Ljubljana Elektricni Financni Tim d.o.o. Business Center SMELT Dunajska 160 1000 Ljubljana Slovenia

London EFT International Investments Holdings Ltd 111 Buckingham Palace Road London SW1W 0SR UK

Maribor Elektricni Financni Tim d.o.o. Titova cesta 2 (IV) 2000 Maribor Slovenia

Nicosia EFT Investments Ltd Jacovides Tower 81-83 Griva Digeni Avenue Office 130 1090 Nicosia Cyprus

Prague EFT Cesko a.s. Ovocny trh 572/11 110 00 Prague 1 Czech Republic

Skopje EFT Makedonija DOOEL Majakovski 3/M2 1000 Skopje Macedonia

Sofia EFT Bulgaria E.A.D. 2 Knyaginya Maria Louiza Blvd. Sofia 1000 Bulgaria

St Gallen Energy Financing Team (Switzerland) AG Pestalozzistrasse 2 CH-9000 St Gallen Switzerland

Stanari EFT Rudnik i Termoelektrana Stanari d.o.o. Stanari bb 74208 Stanari Bosnia & Herzegovina

Tirana EFT Albania Sh.p.k. Gjergji Centre Murat Toptani Street Tirana Albania

Trebinje Energy Financing Team d.o.o. Trebinje Obala Luke Vukalovica b.b. 89 101 Trebinje Bosnia & Herzegovina

Vilnius UAB ‘EFT Lithuania’ 207 Office Vilniaus str. 31/Islandijos str. 1 LT-01402 Vilnius Lithuania

Zagreb EFT Hrvatska d.o.o. Trnjanska 37 10000 Zagreb Croatia

EFT Group Annual Review 2011/2012 1

CoNTENTS

REGENERATIoN – our Theme this Year 02

2011 Results at a Glance 04

The Regional Energy Market in 2011 06

Group Structure 10

The Trading Floor 12

Products and Services 14

Energy Exchanges 16

2011 NEWS 18

News from the Trading Floor 20

Record Production at the Stanari Mine 21

TPP Stanari Progress Report 22

EPC Contract Negotiations for Ulog HPP 22

Works Underway in Ulog 23

EFT Donates Funds to the National Library of Serbia 24

Chevening – EFT Scholarship Comes to Bosnia 25

Group Activities 26 – 45

EFT Investments 46

Stanari Mine 48

TPP Stanari 50

Ulog HPP 52

Fatnicko Polje Tunnel 54

ENTSo – E Transmission Network 56


EFT GROup

2011/2012

The Energy Financing Team Group is the leading energy trading and investment firm operating in south-east, central and western Europe, as well as Turkey and the Baltics.

The Energy Financing Team Group is the leading energy trading and investment firm operating in south-east, central and western Europe, as well as Turkey and the Baltics.

EFT is striving to become the first privately owned, integrated power company in south-east Europe developed through greenfield investment in new power generation capacities.

EFT Group AnnuAl rEviEw2011/2012

EFT Group Annual Review 2011/2012 3EFT Group Annual Review 2011/20122

Regeneration

The market backdrop against which EFT operates saw a dramatic transformation in 2011. For any observers who imagined that the financial crisis was confined to the years 2007–2009, the events of 2011 will have come as a shock. But despite the seriousness of the problems for the Eurozone, what could not be predicted was an event that shocked the world’s energy industry to its core – and that event was the tragic accident at the Fukushima nuclear plant in Japan in March.

Dramatic consequences followed worldwide, beyond the immediate local risks posed to health. Protests against nuclear energy emerged in many locations, and found establishment expression in Chancellor Angela Merkel’s announcement of a heavily politically charged program of change for the German nuclear industry. The eight oldest German nuclear plants were taken offline within days of the Fukushima incident, leaving nine reactors in operation. The (possibly unintended) consequence was the overnight loss occasioned in the P & L accounts of almost all European energy majors. The forward books of the constituent members of the European energy sector were constructed around a given amount of future German nuclear energy production, supported by an overall view of the future of European nuclear energy policy.

EFT, like its market peers of all sizes, could not anticipate the catastrophic accident in Japan in March 2011 that would lead to decisions being taken at the highest level to alter the architecture of the European energy market. In response to these changes and the significant short-term losses they engendered, EFT took radical action to preserve its balance sheet and capital position, to ensure its liquidity and strong cash reserves, to cut its exposure to market risk, to lock in profits for 2012–13 where possible, and to ensure the success of its major infrastructural projects which will become operational within five years and will generate very significant income streams.

Coming at the end of a more than ten-year run of year-on-year expansion of EFT’s operation, the events of 2011 prevented the Group from reporting anything more than minimal profits. But a period of reflection and analysis has been strongly beneficial in other ways. A close analysis of the structure of the Group and its expense base revealed a variety of efficiency measures that were possible and which are now being implemented. The second half of the year saw a reduction in the number of offices, as it became apparent that harmonisation of market design allowed certain EFT units to cover larger territories than in earlier times. A renewed emphasis was placed on traditional markets and counterparties for EFT, and the Group enters 2012 with a strong financial position, a sensibly structured pattern of forward contracts with its clients, and a tighter risk policy.

Looking to the longer term, the financing package for the EUR 550MM Stanari thermal power plant will close in 2012. The Group is likely to partner with a major multilateral institution to develop the Ulog hydroelectric unit in Bosnia. Thus long-term sources of supply and significant financial strength underpin the future of the Group. The temporary reversal of 2011, and the much-reduced profits associated, will be seen as an anomaly, and indeed in years to come it will be possible to see the benefits of a period of reflection and refocusing. The Group is still young and dynamic, yet constantly developing in maturity. The energy market may have suffered a winter of limited growth, but the regeneration of spring follows on – and EFT has positioned itself well within its target market to take full advantage, emerging stronger and fitter than ever.

– OUR THEME THIS yEAR

A renewed emphasis was placed on traditional markets and counterparties for EFT, and the Group enters 2012 with a strong financial position, a sensibly structured pattern of forward contracts with its clients, and a tighter risk policy.


Energy Delivered 2002–2011 (MWh)

Turnover 2002–2011 (EuR)

0

0

30

45

2.5

40

35

25

2

Million

Billion

20

1.5

15

1

10

5

0.5

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11

41. 2002.17ENERGy DELIVERED: GIGAWATT HOURS

FINANCIAL TURNOVER: BILLION EUROS

2011 RESULTS AT A GLANCE


AuSTRIA 4.0ALBANIA 0.3BuLGARIA 5.3BOSNIA & 5.6 HERZEGOVINAMONTENEGRO 0.6CZECH REpuBLIC 4.6GERMANY 43.8ESTONIA 0.2GREECE 0.6CROATIA 0.0HuNGARY 14.5ITALY 3.2LITHuANIA 0.0MACEDONIA 0.4ROMANIA 8.3SERBIA 2.4SLOVAKIA 0.7SLOVENIA 3.3TuRKEY 0.0KOSOVO 1.7uKRAINE 0.4

1.5 AuSTRIA4.6 ALBANIA0.2 BuLGARIA3.3 BOSNIA & HERZEGOVINA0.4 MONTENEGRO2.1 CZECH REpuBLIC42.7 GERMANY0.0 ESTONIA2.4 GREECE6.2 CROATIA14.2 HuNGARY4.8 ITALY0.2 LITHuANIA4.7 MACEDONIA6.6 ROMANIA1.4 SERBIA1.0 SLOVAKIA2.8 SLOVENIA0.3 TuRKEY0.6 KOSOVO

EFT purchases in 2011 (%) EFT Sales in 2011 (%)


The immediate future

of large power utilities will be determined

by their ability to innovate and find new sources

of value.

Two huge consequences emerged: first, the immediate sharp spike in spot prices caused vast immediate losses on the books of most market participants. Secondly, market participants had to unwind long-term forward positions which depended on German nuclear production. The knock-on effect of these two direct market shocks was a fundamental realignment of European energy markets, and in the wake of this we have seen successive announcements of large losses and corporate restructurings from many large European energy firms.

“The first half of 2011 has been the worst period in the history of our company” EON CEO Johannes Thyssen said at a press conference presenting the German giant's results for the year. In only the second quarter of 2011 EON posted a EUR 395 million loss, recording a staggering 71% drop in year-on-year net income for the first half of 2011. The other German giant, RWE, recorded a EUR 598 million loss in the first half of the year. ENbW, the third German electricity producer fared similarly – it recorded EUR 552 million in losses in the period January – September 2011.

The market in 2011

Two significant factors impacted the energy market in a dramatic manner: the tragic accident at the Fukushima nuclear power plant in Japan in March, and one of the driest periods on record during the last three quarters of the year.

The Fukushima accident had dramatic consequences worldwide, beyond the immediate local risks posed to health. Acting as a catalyst for anti-nuclear sentiment and a populist drive towards renewable energy sources, protests against nuclear energy emerged in many locations. For Europe, the most significant was the protest in Germany by more than 200,000 people in March. This was the month in which key local elections in Germany took place, and Chancellor Angela Merkel fronted the announcement of a heavily politically charged programme of change for the German nuclear industry. The eight oldest German nuclear plants were taken offline within days of the Fukushima incident, leaving nine reactors in operation. By June, the German Parliament had approved legislation to phase these out of operation on an accelerated timetable, commencing in 2015.

The situation is the same across the board in Europe. The Norwegian power utility Statkraft has posted a EUR 204 million loss in Q3, while the Czech power utility CEZ announced a year-on-year net income slump of 34%. ALPIQ, the Swiss utility also posted unexpectedly poor results, as did a number of other utilities in Austria, Greece and across south-east Europe.

Just about the time the first financial results for the year started coming though (Q3) the south-east and central Europe region entered one of the driest periods on record. The region is highly dependent on hydrology, with circa 30% of all energy produced in SEE coming from hydro units. Serbia, Romania, Montenergo, Bosnia and Herzegovina and especially Albania are dependent on production from their large hydro power plants.

continued over

The architecture of the European energy market has been fundamentally transformed in 2011.

Monthly electricity production from hydro units in SEE

2500

4000

3500

3000

5000

4500

Jan Feb Mar Apr May Jun Jul Aug Sep oct Nov Dec

5500

7000

6500

6000

8000

7500

8500

9000

2011 FIGuRES

2007 FIGuRES (pOOR HYDROLOGY)

2010 FIGuRES (RECORD HYDROLOGY)

MEAN pRODuCTION DuRING 15 YEAR pERIOD

GWh

price movement in March 2011 following the Fukushima accident

49

52

51

50

54

53

7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

55

58

57

56

60

59

61

63

62

ApRIL 2011

Q2 2011

CAL 12

March

EUR/MWh


Hidroelectrica, Romania’s operator of hydro power plants called a force-majeure in the fourth quarter, which severely impacted Romania’s exports of energy. This triggered a major change in the regional electricity market, as Romania is the region’s leading exporter of energy. Bosnia and Herzegovina, also one of the region’s major exporters of energy followed suit – in the fourth quarter its utilities were importing energy. By the fourth quarter Albania also became a net importer of energy, as more than 90% of its energy comes from hydro units. Croatia, Serbia and Montenegro were also affected.

These developments were reflected by the market prices both of energy and Cross Border Capacities (CBCs). The cost of transferring energy from Germany to the region reached the EUR 50/MWh mark, while energy easily surpassed the EUR 100/MWh mark. This came against a backdrop in which the price of energy was sold for most of the year in the region of EUR 55-60/MWh.

But the unexpected U-turn of the German political elite in respect of nuclear energy does not fully explain the poorer results of European energy companies in 2011. After all, losses were recorded by companies which are in no way reliant on nuclear energy in the energy mix. By the third quarter of 2011 it became clear that the main cause of concern in the energy community is the acknowledgement that investment banks and hedge funds may have hijacked the market.

The Fukushima accident had dramatic consequences worldwide, beyond the immediate local risks posed to health.


Since these banks and hedge funds’ full-scale entry into the electricity market, the volume of electricity traded has grown exponentially. The size of trading positions taken up by banks and hedge funds, the size of funds at their disposal, their propensity to take higher risks, their skill and aggression have lead to a major shift in the energy markets. The traditional power brokers in the markets, the large utilities, are no longer able to exert the same level of influence on price and market developments simply by tweaking their production portfolios. And this is making them very nervous. It seems that for all the cost cutting and restructuring efforts, the immediate future of large power utilities will be determined by their ability to innovate and find new sources of value.

Electricity consumption in SEE (2005 – 2011)

270

285

280

275

2005 2006 2007 2008 2009 2010 2011

TWh

290

Annual energy balance of SEE countries (2005 – 2011)

11

10

9

8

7

6

5

4

3

2

1

0

-1

-2

-3

-4

-5

-6

-7

-8

TWh

2005 20072006 2008 2009 20112010

AlbaniaBosnia &

Herzegovina Bulgaria Croatia Greece Hungary Macedonia Montenegro Romania Serbia Slovenia


EFT Investments Ltd (Cyprus) EFT Lithuania UAB

EFT Albania Sh.p.k.

EFT International Investments Holdings Ltd (UK) *

EFT Trade d.o.o. (Serbia)

EFT (Turkey) A.S. J.V. **

EFT (Holdings) ApS (Denmark)

EFT Rudnik i Termoelektrana Stanari d.o.o. (BiH)

Energy Financing Team d.o.o. Trebinje (BiH)

EFT Bulgaria E.A.D.

EFT Hrvatska d.o.o. (Croatia)

EFT Cesko a.s. (Czech Republic)

EFT Hellas S.A. (Greece)

EFT Budapest Zrt. (Hungary) Trading Licence Poland

EFT Makedonija DOOEL (Macedonia)

Energy Financing Team d.o.o. Herceg Novi (Montenegro)

Energy Financing Team Romania S.R.L.

Energy Financing Team d.o.o. Belgrade (Serbia)

EFT Slovakia s.r.o.

Elekricni Financni Tim d.o.o. Ljubljana & Maribor (Slovenia) Trading Licence Bulgaria

Energy Financing Team (Switzerland) AG EFT Ulog d.o.o. Kalinovik (BiH)

Energy Financing Team Limited (UK) Mineral Investments d.o.o. Belgrade (Serbia)

EFT Ukraine LLC Trading Licence Czech Republic

Trading Licence Hungary

Trading Licence Kosovo

Trading Licence Romania

Trading Licence Slovakia

GROUPSTRUCTURE

Notes:i) Energy Financing Team (Switzerland) AG is the Group’s principal energy trading company. ii) The main activity of all companies within EFT Group is energy trading, with the exception of:

EFT Investments Ltd – holding company. EFT International Investments Holdings Ltd – holding company. EFT (Holdings) ApS – holding company. EFT Rudnik i Termoelektrana Stanari d.o.o. – mine and thermal power plant. EFT Ulog d.o.o. Kalinovik (BiH) – hydro power plant. EFT Mineral Investments d.o.o. Belgrade (Serbia) – mine under development.

iii) * Following a 2010/11 cost review conducted by PwC, EFT has moved some of its administrative functions from EFT (Holdings) ApS to a new UK company, EFT International Investments Holdings Ltd.

iv) All companies are 100% owned with the exception of EFT (Turkey) A.S. v) ** EFT Turkey A.S. is a Joint Venture. EFT International Investments Holdings Ltd owns 51%.vi) The Group structure is currently under revision.



The Trading Floor We led in 2000 by creating the first electricity

trading floor in south east Europe. We continue to lead with a cutting-edge trading platform – an inspirational environment for the highly qualified, gifted and motivated young men and women of EFT.

EFT Group Trading FloorEFT’s Trading Floor is located in Belgrade, Serbia. Its main task is to optimise the Group’s portfolio of energy products, ensuring that clients’ demands are met, whatever the circumstances. The trading floor also enables EFT to respond to the ever-changing state of the region’s transmission grid and production capacities.

24/7 state-of-the-art trading EFT runs an innovative 24-hour Scheduling Centre. This unique centre enables EFT to meet the needs of a huge array of clients at any time day or night, with intra-day trading.

Scheduling and Portfolio ManagementThe Scheduling and Portfolio Management departments make schedulers and long-term plans to optimize the Group’s trading positions. They also manage purchase and sales contracts, as well as Cross Border Capacity rights and various analysis.

Analytics TeamThe Analytics Team makes medium- and long-term forecasts of the consumption, production and energy balances of the countries in south east and central Europe, as well as in Germany. The team also analyses global macroeconomic trends and the influence of other energy commodities on the forward price of electricity in the region.

Settlements The Settlements department deals with invoicing, and prepares the deal confirmations and statistics required by all local companies within the Group.

Customized IT platformsThe EFT Group’s Trading Floor operation relies on two custom made applications - EPOX and InBalance.

EPOX is used internally. Its purpose is to facilitate all activities connected with electricity trading, scheduling, and settlement. It also provides reports used in planning activities.

InBalance is used externally, by EFT’s clients in Romania and Macedonia. The platform facilitates the exchange of electricity consumption data between the Group's clients and the Trading Floor.



Fixed for floating, with or without cap or floor These structures permit the customer to conclude a contract now at a price slightly away from the real market price, in return for securing the ability to earn a better price in the future. To earn this price improvement, the contract specifies that on the day it is signed, an observation be made of the prevailing price in Germany. This first observation date is then compared with a second observation date, which must be before the commencement of the deliveries. The difference between the two observation dates is measured and then applied to the originally agreed contract price.

In the event the customer wishes to protect himself/herself against an adverse change between the two observation dates, EFT can provide a cap or floor, subject to the inclusion of a co-efficient that limits any positive benefit in the event of a favourable move between the two observation periods (eg. EUR 1 real move might only alter the unit price by EUR 0.50).

The flexibility of EFT’s portfolio allows the Group to offer a number of tailor-made derivative products. These include:

Extendable delivery purchase and sales contractsThese contracts typically have an above- or below-market unit price, but with an imbedded option permitting the holder the right but not the obligation to extend the contract term quantity and price for a pre-agreed period.

Interruptible delivery purchase and sales contracts The buyer has the right to interrupt, stop or postpone the delivery of energy.

Emergency delivery of energy on short- and long-term noticeThe flexible nature of EFT’s portfolio allows the Group the opportunity to market reserve energy services to several transmission system operators. Unlike a stand-alone power plant, EFT is able to optimise its entire portfolio to provide the most efficient and most competitively priced reserve energy service.

Upward reserve power Delivery of reserve power – on a tertiary reserve basis with activation on minute and hourly notice.

Downward reserve powerEFT is able to guarantee energy off-take for its partners at times of unexpected surpluses in their portfolios.

Physical location and time swaps These swaps aim to circumvent congested borders by swapping like-for-like quantities of physical energy in different countries according to a fixed or floating formula agreed by the parties.

In addition to standard base and peak energy, the Group

can offer weekly base or peak, workday base, peak

or off-peak, or weekend energy. This is scheduled for

full delivery across hourly, daily, monthly, quarterly, yearly and longer term

periods.

products and


Services


EFT Group companies now trade daily on thirteen international energy exchanges.Participation on international energy exchanges allows EFT to balance out its portfolio and achieve greater level of flexibility on the day-ahead markets. In combination with greater access to Cross Border Capacity rights, it allows the Group to provide a wider range of tailor-made products to its clients.

Energy Exchanges

EEX Leipzig, Germany www.eex.de

EXAA Vienna, Austria www.exaa.at

GME Rome, Italy www.mercatoelettrico.org

PXE Prague, Czech Republic www.pxe.cz

BSP SouthPool Ljubljana, Slovenia www.bsp-southpool.com

oPCoM Bucharest, Romania www.opcom.ro

PooL Athens, Greece www.desmie.gr

oTE Prague, Czech Republic www.ote-cr.cz

oKTE Bratislava, Slovakia www.okte.sk

HUPX Budapest, Hungary www.hupx.hu

PMUM Ankara, Turkey http://dgpys.teias.gov.tr/dgpys

BALTPooL Vilnius, Lithuaniawww.baltpool.lt

NoRDPooL Lysaker, Norwaywww.nordpoolspot.com



EFTNews

News from the Trading FloorRecord Production at the Stanari MineTPP Stanari Progress ReportEFT Commences EPC Contract Negotiations for Ulog HPPWorks Underway in UlogEFT Donates Funds to the National Library of SerbiaChevening – EFT Scholarship Awarded in Bosnia and Herzegovina



01. News from the Trading Floor 02. Record production at the Stanari Mine

Trading Floor ReorganisedIn 2011 the Group moved to its new premises in Belgrade, and the move brought with it substantial changes in the organisation of the Trading Floor. From a standard, linear structure, the Trading Floor is now a more compact structure in a single, open space. The change has enabled the development of more effective communication channels between various parts of the trading operation – Scheduling, Portfolio and Settlement. This has resulted in a better flow of ideas and closer co-operation between the different parts of the Trading Floor.

Trading Team ExpandedThe Group’s team of traders has been expanded in 2011, also signalling a shift in the Trading Floor re-organisation. Over 3500 applications were submitted for the two positions the Group advertised. The new arrivals have undergone EFT’s structured trader training course.

New Focus on Intra-Day Trading The Group’s trading team has responded to ever-changing market circumstances by developing a more comprehensive involvement in intra-day markets. The market in 2011 was characterised by one of the driest periods on record and some uncharacteristic weather conditions. Both factors drastically impacted both the demand and supply sides, which lead to unexpected market opportunities on intra-day markets.

Customised Software Platforms EnhancedBoth of the Group’s customised software applications

– EPOX and InBalance – were enhanced in 2011.

EPOX, the Group's principal trading platform, has among other developments seen the introduction of the Trade Interface. This allows the Group traders to input deal information directly into a database through a flexible, graphic user interface. Apart from the basic deal information, the Trade Interface enables the traders to pool together deals into hedge, spread or other types of groups. This greatly assists portfolio analysis, both from an energy and a financial point of view. The interface also allows for specification of the CBCs needed to transport the electricity between the trading parties. In this way the interface converges input of critical information, reduces the potential for human error and enables greater automation in the system.

The other EFT Group application, InBalance, has also evolved and is now used for specialized communication with end clients in Macedonia and Romania. Apart from its main purpose as a forecast information exchange portal, InBalance now also serves as a basic Content Management platform for various Group websites. Romanian, Macedonian and Turkish Group web presentations are now served by InBalance, and allow for visitor tracking and statistics through integration with Google Analytics tools. They also provide basic options for interaction with site visitors, and in the case of Turkey, for correspondence with prospective new clients.

The excavation at the Stanari mine continued its impressive growth in 2011 with yet another set of record-breaking results. 926,938 tons of coal was excavated, surpassing start-of-year plans by 13%. 7,980,695m3 of overburden was removed, 60% more than was expected at the beginning of the year. All this was achieved in tandem with a reduction of specific production costs.

At the end of 2011 there were 2,000,000 tons of uncovered coal at the Stanari mine.

In addition, several key activities have been completed during the year. These include:

– Successful land acquisition in the mine area, enabling unhindered development of the mine

– Relationships with the three key clients in Bosnia and Herzegovina - NATRON-HAyAT, SISECAM SODA and Elektroprivreda Bosne i Hercegovine – have been strengthened and expanded

– The mine has been re-certified to adhere with the international ISO standards, including ISO 9001 (Quality Management System) and ISO 14001 (Environmental Management System); it has also acquired OHSAS 18001 (Safety Management Certification). The mine's laboratory has been certified to adhere to ISO 1725 standards.

0 0

1000 10

900 9

800 8

700 7

Ton (Thousands) m3 (Millions)

600 6

500 5

400 4

300 3

200 2

100 1

600,

000

4,39

8,00

0

600,

000

4,31

0,00

0

712,

000

5,20

0,00

0

720,

000

5,00

0,00

0

600,

803

3,45

3,33

2

713,

949

5,14

9,96

2

794,

363

5,42

3,05

6

927,7

55

7,98

0,69

5

'08 '09 '10 '11 '08 '09 '10 '11

Coal Excavation Stanari Mine (Tons) Overburden Excavation Stanari Mine (m3)■ planned ■ Realised ■ planned ■ Realised


In 2011 EFT commenced the process of choosing the EPC (engineering, procurement and construction) contractor for the Ulog HPP. Following an international invitation seven companies submitted offers to build. Of these, four are being considered – two from Chinese contractors, Hydrochina and Sinohydro, and two from regional companies, Croatia’s “Konstruktor” and “Primorje” from Slovenia. The Chinese offers include financing for the required works, while the offers from regional companies are for the construction works only.

The Chinese contractors, Sinohydro and Hydrochina are real giants. Sinohydro has so far realized hundreds of large- and medium-scale hydropower projects around the world, with total installed capacity currently over 130,000MW. Hydrochina Corporation also has a considerable track record, with over 16,000MW of installed capacity completed in overseas projects alone.

The EFT Group will finalise all EPC contract negotiations for the Ulog HPP in 2012.

04. EFT Commences EpC Contract Negotiations for ulog Hpp

03. Tpp Stanari progress Report

– All the relevant studies and documents have been updated and verified. Basic design for TPP Stanari was completed and approved (in conjunction with a Consortium made up of AF-Consult and Steinmüller Engineering)

– The contract for the coal supply system connecting the mine and TPP Stanari has been signed with German-based company FAM Förderanlagen Magdeburg

– The project documentation for buildings and structures which do not constitute part of the EPC contract has been completed, including the system of access roads, plant administration buildings, workshops, and the housing of Chinese engineers during construction

– The contract for construction of the new 400/110 substation has been signed

– The TPP Stanari construction site has been levelled and prepared for the commencement of full-scale EPC activities

– The technical consultant acting as owner's engineer for the EPC activities has been chosen

– The water supply for the construction site has been secured

– Additional geomechanical assessment has been conducted at the construction site

– Construction of the accommodation camp for the EPC contractor's workforce has begun

– The final construction permit for TPP Stanari has been issued by the Ministry of Spatial Planning, Construction and Ecology of Republika Srpska

– Contract negotiations for the operation and maintenance of TPP Stanari have been conducted with Dongfang Electric Corporation

2011 saw the continuation of activities related to the development of TPP Stanari

05. Works underway in ulog

EFT commenced full-scale construction activities on the Ulog HPP project, with the building of a system of access roads at the locality. 5 kilometres of access roads had been built on both banks of the river Neretva by the end of 2011. The whole system of access roads, totalling 8 kilometres, is scheduled to be completed by the end of 2012. The job has been contracted to Prijedorputevi, the member of Fortis Group in Bosnia and Herzegovina.

Apart from access roads, 2011 also saw commencement of work on transmission infrastructure for the future Ulog HPP. A 35kV transmission line, totalling 16 kilometres in length, has been built by Eling, a local, Teslic-based company. The line will be used to supply electricity to the construction site.

The year also saw the continuation of land acquisition needed for the functioning of the Ulog HPP. So far the Group has acquired 42 acres of land from local owners.

The whole system

of access roads, totalling 8 kilometres, is scheduled

to be completed by the end of 2012.


The EFT Group has donated EUR 250,000 to the National Library of Serbia, enabling the completion of the long-running refurbishment of Serbia’s oldest and most important cultural institution.

The funds have been used for the procurement of the entire IT infrastructure used at the Library – servers, clients, laptops, software, printers and other multimedia equipment. Virtual desktop infrastructure has also been installed at the Library, enabling efficient and economic use of a modern IT system.

EFT’s funds have been used to equip the central, electronic, multimedia and scientific reading rooms, reference and periodicals reading rooms, as well as the reading room for the blind. As a result, for the first time in Serbia, those with impaired vision will have access to all the current publications in electronic form.

“Thanks to this equipment, the new, modernized National Library of Serbia will be able to serve 1,000 physical users daily and 20,000 users who access its records online. In total, the Library will be able to serve 8 million users annually”, said Sreten Ugricic, director of the National Library of Serbia.

To mark the occasion, the British Ambassador to Serbia, H.E. Michael Davenport hosted a reception at the National Library of Serbia on 31 August 2011. The event was attended by several hundred guests from the worlds of culture, science and academia, politics, media and business. Speaking at the event, Ambassador Davenport expressed his satisfaction that “such a generous donation from a British company will help put the resources of the National Library at the disposal of the widest possible audience in Serbia”.

The British Embassy in Sarajevo, the British Council in Bosnia and Herzegovina and the EFT Group hosted a reception in Sarajevo on 26 January to launch the Chevening – EFT scholarship for 2012/ 2013. The scheme is intended to support one year postgraduate study programmes in the United Kingdom. The Chevening – EFT scholarship is a joint project between the British Foreign and Commonwealth Office (FCO) and the EFT Group and has been administered in southeast Europe since 2010.

At the reception, attended by numerous young and talented citizens of Bosnia and Herzegovina, former Chevening scholars, representatives of BiH and UK businesses, government officials and media, British Ambassador to Bosnia and Herzegovina H.E. Nigel Casey and co-founder and Vice-Chairman of EFT, James Nye, signed a Memorandum of Understanding on the Chevening – EFT scholarship for 2012/2013.

“We are delighted to be celebrating this evening the agreement with EFT to sponsor an additional Chevening scholarship from this year onwards. EFT is one of the leading British-based investors in Bosnia and Herzegovina,” said Ambassador Nigel Casey. “We are delighted with the commitment they have shown through supporting the education of some of the brightest and best in this country. The Chevening scheme has been running in Bosnia and Herzegovina since 1996 and we have already sponsored 130 students to study in the United Kingdom. Many of them have now returned to important positions in the public life of Bosnia and Herzegovina and are making a significant contribution to this country’s development. We are very pleased that EFT has become our partner,” said Ambassador Casey.

EFT’s Vice-Chairman, Svetislav Bulatovic, explained the reasons for the Group’s support of the project. “Our strategic goal is to make EFT the first modern, privately owned power utility in the region. We feel that only if society is modernised as a whole will the energy sector be modernised as well. The two processes go hand in hand.”

Following a four year period, the National Library of Serbia reopened its doors to visitors on 12 September 2011. To learn more about the National Library of Serbia please visit www.nb.rs

EFT's Vice-Chairman, James Nye said the Group's support of the Chevening programme is a continuation of its long-term dedication to supporting projects essential to the progress of our society – education, culture and healthcare. “Through its work at the Stanari lignite mine near Doboj and its extensive commitment to helping education in Bosnia and Herzegovina, EFT has over the years proven its credentials as a socially responsible company in the truest sense of the word. EFT’s strategic goal is to become the first modern, private owned power utility in the region. In order to modernise the energy sector it is necessary to modernise the whole of society. And vice-versa. Our strategic business goals and the goals of BiH society are therefore closely connected,” said James Nye.

Larisa Halilovic of the British Council in Bosnia and Herzegovina emphasised the importance of the Chevening scholarship scheme. “Being able to provide the opportunity for talented young people to make the next step towards their immediate professional goal by studying in the UK is hugely rewarding and helps bring a better future for Bosnia and Herzegovina. We take great pride in the role the Chevening alumni network is playing in our society”.

To learn more about the Chevening – EFT scholarship scheme in Bosnia and Herzegovina, please visit www.eft-chevening.net

06. EFT Donates Funds to the National Library of Serbia

07. Chevening – EFT Scholarship Awarded in Bosnia and Herzegovina

In 2012 the British Embassy in Sarajevo and EFT will be awarding a Chevening – EFT scholarship in Bosnia and Herzegovina. The expansion of the programme to Bosnia and Herzegovina follows the successful awarding of the scholarship in Serbia in 2010.

Thanks to this equipment, the new, modernized National Library of Serbia will be able to serve 1,000 physical users daily.

Cheveninguk government scholarships


GROupSwitzerland & UK p.28

Austria & Germany p.29

Italy p.30

Czech Republic p.31

Slovakia p.32

Hungary p.33

Slovenia p.34

Croatia p.35

Romania p.36

Bulgaria p.37

Serbia p.38

Kosovo p.39

Bosnia & Herzegovina p.40

Montenegro p.41

Macedonia p.42

Greece p.43

Albania p.44

Turkey & Lithuania p.45


ACTIVITIES


Aus− triA & Ger− mAny

Swit− zer− land & UK

The London office provides the Group companies with a wide range of support services, including financial modelling, legal and treasury advice, documentation control and public relations.

These EFT professionals have decades of experience in the management of all kinds of financial risks, built through careers in commercial and investment banking, the capital markets, the trade finance and forfeit markets, as well as accountancy and law.

In terms of documentation support, EFT London has a strong in-house legal capacity and a team with extensive experience in structured finance and commodity trading. Alongside the Swiss office, London looks after the documentary standards and risk control through adequate contractual protection for the Group and all its businesses. The London office is also in charge of legal aspects related to company formation within the Group.

The financial experience of the London team supports the treasury work carried out in the Swiss unit. EFT London also undertakes the task of financial modelling for various Group investment projects.

SOLD ENERGY puRCHASED ENERGY

0

15

10

5

20

25

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Austria and Germany 2002 – 2011TWh

Turnover

0

5

10

15

25

20

30

40

50

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

35

%

45

Energy Financing Team AG (Switzerland) is the principal operating company within the EFT Group.

The Swiss company has the strongest balance sheet of all the Group trading companies and generates most of the Group income. It is responsible for a large percentage of EFT’s client business and also covers tasks related to Group risk management, treasury, controlling and marketing.

The Swiss office is managed and supported by professional staff with extensive experience in energy trading, risk management, financing, accounting and law.

Energy

0

20

10

30

50

40

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Austrian and German markets in EFT portfolio 2002 - 2011

60

AustriaPopulation: 8,210,281GDP (PPP*): $331.2 billion GDP per capita (PPP*): $40,400Area: 83,871 sq kmMarket: Completely liquid Power exchanges: EXAA

GermanyPopulation: 82,329,758GDP (PPP*): $2,925 billion GDP per capita (PPP*): $35,500Area: 357,022 sq kmMarket: Completely liquidPower exchanges: EEXOTC platforms: SPECTRON

As the largest and most liquid energy market in Europe, Germany sets the pace of the electricity market for most of the continent. It is the single biggest market for the EFT Group, accounting for 43% of all Group sales, and 44% of EFT Group purchases in 2011. It continues to be the single most important balancing and hedging hub for the EFT Group portfolio, but also provides numerous opportunities on long-term, spot and intra-day markets.

UKEFT International Investments Holdings Ltd 111 Buckingham Palace Road London SW1W 0SR UK Tel: +44 207 518 9250

SwitzerlandEnergy Financing Team (Switzerland) AG Pestalozzistrasse 2 CH-9000 St Gallen Switzerland Tel: +41 71 226 1030

EFT London has a strong in-house legal capacity and a team with extensive experience in structured finance and commodity trading.

EFT AG has the strongest balance sheet of all the Group trading companies and generates most of the Group income.

*purchasing power parity


CzeCh Re−pub− liC

ItalyAlthough EFT’s results in Italy declined in 2011, against the backdrop of severe post-Fukushima market circumstances they reflect the soundness of the Group’s business model. The nuclear accident in Japan impacted the Italian market more than most others in Europe. It resulted in an immediate price rise, which was followed by a severe fall in liquidity in the market. While the Fukushima accident did not have a major impact on prices in the long run, the severity of the immediate shock led to enormous losses for many energy companies and generally a sharp decrease in market appetite for risk throughout the year.

EFT uses the Italian market as a primary hedging hub due to its high liquidity and strong correlation to the other markets. A small portion of EFT’s portfolio in Italy is dedicated to speculative trading. In 2012 the Group will focus more on the intra-day market. With the addition of new traders and some structural changes on the trading floor, EFT is looking into possibilities of developing this highly volatile market segment.


0

1.5

1

0.5

2.5

2004 2005 2006 2007 2008 2009 2010 2011

EFT in Italy 2004 – 2011TWh

2

Turnover

0

2

4

6

12

2004 2005 2006 2007 2008 2009 2010 2011

8

%

10

ItalyPopulation: 58,126,212GDP (PPP*): $1,827 billion GDP per capita (PPP*): $31,400Area: 301,340 sq kmMarket: Semi-liquidPower exchanges: GMEOTC platforms: SPECTRON

The Czech RepublicPopulation: 10,211,904GDP (PPP*): $264.8 billion GDP per capita (PPP*): $25,900Area: 78,867 sq kmMarket: Semi-liquidPower exchanges: OTE, PXE


0

2

1

0.5

3.5

2005 2006 2007 2008 2009 2010 2011

EFT in Czech Republic 2005 – 2011TWh

3

2.5

1.5

Turnover

0

0.5

1

1.5

3.5

2006 2007 2008 2009 2010 2011

2.5

%

3

2

Energy

0

2

1

4

7

5

%

2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Italian market in EFT portfolio 2004 – 2011

10

9

8

6

3

Energy

0

10

5

20

%

2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Czech market in EFT portfolio 2006 – 2011

25

15

The nuclear accident in Japan impacted the Italian market more than most others in Europe.

The Czech Republic remains an important source market for the EFT Group. The country is an important route into the Hungarian market for the Group, while the high liquidity of its market provides much-needed flexibility for the optimisation of the Group portfolio.



EFT delivered MWh 429,682 and purchased MWh 280,584 of electricity in Slovakia in 2011. This result reflects a shift in the strategy employed by the Group, in which Slovakia became primarily a transit market enabling better optimization for the rest of the Group portfolio.

The year also saw EFT transferring all trading activities from the local subsidiary to EFT AG Switzerland. The Group's most important partners in Slovakia include Slovenske elektrarne a.s., all three local distribution companies (ZSE Energia a.s. - Eon, Stredoslovenska energetika a.s. - EdF, Vychodoslovenska energetika a.s. - RWE), and all significant international and regional traders. EFT is also present on local energy platforms, such as the SPX power exchange and the ISOT platform of the OKTE market operator.

The Slovak energy market in 2011 has been largely defined by the introduction of a significant number of solar power units, stimulated by the country’s positive regulatory framework and policies. New units in the range of 100kW to 4MW now account for a more than 200MW total installed capacity. In 2012 it is expected that the extension of the NPP Mochovce (owned and operated by Slovenske elektrarne a.s. / Enel) will be partially completed and that the third block of the unit will become operational. This will significantly alter the Slovakian energy market, with NPP Mochovce delivering approximately 45% of the country’s total production.

HungaryPopulation: 9,905,596GDP (PPP*): $196.7 billion GDP per capita (PPP*): $19,800Area: 93,028 sq kmMarket: Semi-liquidOTC platforms: GFI, TFS


HUN− GARYSlovakia

Population: 5,463,046GDP (PPP*): $79.77 billion GDP per capita (PPP*): $22,000Area: 49,035 sq kmMarket: Semi-liquidOTC platforms: OKTE – MA


SLO− VAKIA

The Slovak energy market in 2011 has been largely defined by the introduction of a significant number of solar power units.

In Hungary EFT demonstrated considerable creativity and mobility once again in 2011.

The deregulated electricity market in Hungary allows for opportunities in product development, and EFT once again demonstrated considerable creativity and mobility in 2011 in this respect. The Group developed new trading relationships with counterparties primarily in the generation segment, including those without considerable credit and compliance progress (AES, Vértes, Mátra, Gyor city cogeneration plant CHP, Budapest city waste-to-energy plant). The Group also regained its position as the supplier of tertiary reserve power to MAVIR, the Hungarian transmission system operator. In relying on the Gyor power plant to develop the product for MAVIR, EFT has also given a valuable boost to domestic energy production at a time of considerable market difficulty. Prices in Hungary followed the European trend throughout the year – a post-Fukushima spike was evened out by a period of deep recession, while poor hydrology in the second half of the year once again resulted in price hikes.


0

3

2

1

6

7

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Hungary 2002 – 2011TWh

5

4

Energy

0

10

5

15

30

20

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Hungarian market in EFT portfolio 2002 – 2011

35

25

Turnover

0

2

4

6

16

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

10

%

8

12

14


0

0.8

0.4

0.2

1.4

2005 2006 2007 2008 2009 2010 2011

EFT in Slovakia 2005 – 2011TWh

0.6

1

1.2

Energy

0

2

1

3

6

4

%

2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Slovakian market in EFT portfolio 2005 – 2011

10

9

7

5

8

Turnover

0

0.5

1

2

5

2005 2006 2007 2008 2009 2010 2011

3.5

%

4

3

2.5

4.5

1.5



Slo−venia

Cro −atia

For the first time, in 2011 EFT managed to acquire a substantial portfolio of energy products on the Slovenian market. Market oversupply and an excess of power in certain periods allowed the Group the rare opportunity to buy electricity in Slovenia. EFT purchased over 1.3TWh of electricity from various suppliers during the year, including from HTPP Ljubljana at its annual tender.

The Slovenian electricity market in 2011 was characterised by major organisational changes among the Group’s main clients, the five electricity distribution companies. They have unbundled their trading and sales activities into newly formed daughter companies. The unbundling process has been a part of transposition and enforcement of the European Union third energy package. Another important development was the consolidation process between GEN-I and Petrol, following Petrol’s acquisition of a 50% share in GEN-I. The two companies are major suppliers of electricity to the Slovenian market.

2011 was also a year in which the Slovenian economy struggled to neutralize the knock-on effects of the debt crisis. Industry was squeezed between stand-still markets and tight money lending. Vast numbers of Slovenian companies are facing insolvency, while the governmental reforms have as yet failed to improve market conditions.

Energy consumption in all segments other than steel and aluminium production hovered at around the same level as in 2010. On the other hand, steel smelters' capacities were fully utilized and energy demand increased by around 30%. This resulted in an overall energy demand increase of 6%.

Turnover

0

2

4

6

16

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

12

%

10

14

8

Energy

0

4

2

6

12

8

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Slovenian market in EFT portfolio 2002 – 2011

14

10

SloveniaPopulation: 2,005,692GDP (PPP*): $55.49 billion GDP per capita (PPP*): $29,600Area: 20,273 sq kmMarket: Semi-liquidOTC platforms: TFS, BSP

EFT maintained its position as one of the leading trading partners of Croatia’s Power Utility (HEP) in 2011. The Group recorded a 35% increase in year-on-year deliveries to HEP. The market was characterised by higher than normal prices of electricity, resulting from the effects of the Fukushima accident and subsequent closure of nuclear plants in Germany. The balance of the Croatian power utility was also negatively impacted by the poor hydrology. With Croatia’s ascension to the EU and the resulting market deregulation, in the coming period the Group will look to opportunities in the retail market.

CroatiaPopulation: 4,489,409GDP (PPP*): $82.58 billion GDP per capita (PPP*): $18,400Area: 56,594 sq kmMarket: Non-liquid


0

2

1

0.5

3

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Croatia 2002 – 2011TWh

2.5

1.5

Energy

0

4

2

6

8

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Croatian market in EFT portfolio 2002 – 2011

14

10

12

Turnover

0

2

4

6

12

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

10

%

8

18

16

14

The Slovenian electricity market in 2011 was characterised by the major organisational changes of the Group’s main clients, the five electricity distribution companies.

EFT maintained its position as one of the leading trading partners of Croatia’s Power Utility (HEP) in 2011.

*purchasing power parity*purchasing power parity


0

2

1

0.5

2.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Slovenia 2002 – 2011TWh

1.5


Ro− mania

2011 was another good year for EFT Romania. It was also the year when the Group’s Swiss subsidiary, EFT AG, started to trade in Romania. Both Group companies achieved a higher turnover compared to 2010 results.

The year was characterised by higher than usual market prices in the country. Prices began to increase at the start of the year, particularly on the DAM, then soared steeply following the Fukushima incident. This pattern continued due to poor hydrology later on in the year.

EFT Romania implemented the strategy of diversifying its purchase portfolio and expanding its client portfolio. The Group counts Lafarge Romania among its new clients.

Turnover

0

2

4

6

14

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

10

%

12

8

RomaniaPopulation: 22,215,42GDP (PPP*): $272 billion GDP per capita (PPP*): $12,200Area: 238,391 sq kmMarket: Semi-liquidPower exchanges: OPCOMOTC platforms: SPECTRON

Energy

0

10

5

15

20

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Romanian market in EFT portfolio 2002 – 2011

30

25

2011 was also the year when the group’s Swiss subsidiary, EFT AG, started to trade in Romania.



0

2

1

0.5

4

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Romania 2002 – 2011TWh

3.5

1.5

2.5

3

Bul−garia

EFT increased its offtake in Bulgaria during 2011, as a result of the total increase of Bulgarian export potential during the year. At 10.73 TWh, 2011 was a record year for exports of Bulgarian energy. The average annual export in the previous 6 years (from 2005 to 2010) was 6.5 TWh. The Fukushima disaster did not make an impact on the current Bulgarian energy market, but questions of reliability and safety were raised with regards to NPP Kozloduy current blocks, as well as planned future NPP blocks (NPP Belene and a possible new block at NPP Kozloduy). Unfavourable hydrology and an increase in domestic consumption caused a drastic decrease of export CBC in the final quarter, severely impacting the yearly trading positions.


0

3

2

1

5

6

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Bulgaria 2002 – 2011TWh

4

Turnover

0

1

2

3

5

4

6

8

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

7

%

BulgariaPopulation: 7,024,687GDP (PPP*): $93.98 billion GDP per capita (PPP*): $12,900Area: 110,879 sq kmMarket: Non-liquid

At 10.73 TWh, 2011 was a record year for export of Bulgarian energy. The average annual export in the previous 6 years was 6.5 TWh


Energy

0

10

5

15

30

20

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Bulgarian market in EFT portfolio 2002 – 2011

45

40

35

25


Ser−bia

Serbia’s energy sector remained stagnant in 2011. Although a new energy law has been passed, in practice there have been no major developments towards deregulating the electricity market and enabling new investment. The electricity sector is still dominated by the monopoly of the state power utility EPS, prices are fully regulated and there is no functioning internal electricity market. The country continued its slide towards a balance energy deficit and increasing dependence on energy imports. The situation was worsened by a period of extremely unfavourable hydrology and drought in the second half of 2011. From an energy trading perspective, Serbia maintains its importance as a key transit hub for the regional market.


0

2

1

0.5

3

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Serbia 2002 – 2011TWh

2.5

1.5

Turnover

0

5

10

15

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

25

%

20

45

40

35

Energy

0

10

5

15

20

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Serbian market in EFT portfolio 2002 – 2011

35

25

30

40

SerbiaPopulation: 7,379,339GDP (PPP*): $79.77 billion GDP per capita (PPP*): $10,800Area: 88,361 sq kmMarket: Semi-liquidOTC platforms: TFS, BSP

From an energy trading perspective, Serbia maintains its importance as a key transit hub for the regional market.


Kos−ovo

Like most of the region, Kosovo’s energy market remains stagnant, primarily as a result of a lack of investment. EFT maintained its position as one of Kosovo Power Utility’s (KEK) leading trading partners. The flexibility of the Group's portfolio and its ability to adapt to Kosovo’s constantly changing needs meant that the Group covered nearly 60% of all purchases by KEK – be this band energy, modulated products or emergency services.

KosovoPopulation: 1,804,838GDP (PPP*): $5.3 billion GDP per capita (PPP*): $2,500Area: 10,887 sq kmMarket: Non-liquid

Turnover

0

1

2

3

6

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

5

%

4


0

0.2

0.1

0.05

0.3

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Kosovo 2002 – 2011TWh

0.25

0.15

0.35

0.4

EFT maintained its position as one of Kosovo Power Utility’s (KEK) leading trading partners.


Energy

0

1

0.5

1.5

2

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Kosovan market in EFT portfolio 2002 – 2011

3.5

2.5

3

4.5

4


BOS− NIA &HERZ− EGO− VENIA

Mon− te−negro

In terms of hydrology, 2011 was a poor year for the Montenegrin state power utility EPCG. This resulted in higher imports, organised through monthly tenders. EPCG remains the Group’s sole client in Montenegro, as there is still no functioning electricity market in the country. The regulatory framework and the relevant by-laws needed to set up a market are still pending, despite the new energy law being passed in 2010. A positive development though has been the opening of a new transmission line towards Albania. The project was financed by the German development bank KWF and increases the relevance of Montenegro to both the Albanian and Greek electricity markets.

In 2011 the EFT Group recorded a year-on-year increase in both sales and purchases in Bosnia and Herzegovina. This result reflects the impact of hydrology on the balances of Bosnia and Herzegovina’s three power utilities. The first half of the year was favourable, resulting in high balance exports from the country. The second half of the year was characterised by a prolonged drought and in turn considerable imports of energy by all three utilities.


0

2

1

0.5

3

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Bosnia & Herzegovina 2002 – 2011TWh

2.5

1.5

Turnover

0

2

4

6

12

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

10

%

8

MontenegroPopulation: 672,180GDP (PPP*): $6.83 billion GDP per capita (PPP*): $10,100Area: 13,812 sq kmMarket: Non-liquid

Energy

0

10

5

15

20

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Montenegrin market in EFT portfolio 2002 – 2011

25

Turnover

0

5

10

15

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

25%

20

Bosnia and HerzegovinaPopulation: 4,613,414GDP (PPP*): $29.77 billion GDP per capita (PPP*): $6,500Area: 51,197 sq kmMarket: Non-liquid

In 2011 the EFT Group recorded a year-on-year increase in both sales and purchases in Bosnia and Herzegovina.

EPCG remains the Group’s sole client in Montenegro, as there is still no functioning electricity market in the country.


Energy

0

10

5

15

20

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Bosnia & Herzegovina markets in EFT portfolio 2002 – 2011

40

35

25

30


0

0.8

0.4

0.2

1.2

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Montenegro 2002 – 2011TWh

1.0

0.6

1.6

1.4


Ma−cedo− nia EFT was the leading energy supplier to the Macedonian

market in 2011. During the year the Group delivered 1,929,183MWh to its clients in Macedonia, with total revenue reaching the EUR 105 million mark. The result represented a 35% increase in delivered quantities and comes as a result of increased consumption of electricity by the large industrial consumers. Another factor which affected the increase in imports of electric energy by the state power utility ELEM was poor hydrology during the year.

EFT’s strategy in 2011 was to maintain the Group’s market share and to purchase as much electricity as possible on the domestic market. For this purpose the Group commenced a trading relationship with the electricity producer TE-TO AD Skopje. Other EFT Group clients in Macedonia include Feni, Bucim, Jugohrom, Skopski Leguri, Makstil, Arcelor Mittal, Titan, Power plant TE-TO, Distribution Company EVN, as well as the Macedonian Transmission Operator MEPSO and the State Power Utility ELEM.

With new market regulations expected in 2012, EFT will aim to form a balance group for its consumers. This will decrease balancing costs for the Group's clients and will in turn make EFT more competitive on the domestic market. In accordance with Law on Energy, from March 2011 all companies having more than 50 employees and more than EUR 10 Million in assets, became eligible consumers, liberalizing the Macedonian market to the tune of an additional 1000GWh.


0

1.5

1

0.5

2.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Macedonia 2002 – 2011TWh

2

Turnover

0

2

4

6

18

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

12

%

16

14

10

8

Gre−ece

EFT Hellas achieved a positive financial result in 2011 by capitalizing on its forecasts and price differences between the Greek pool and the markets of south-east Europe. In the same period EFT Hellas achieved 100% higher exports of electricity from Greece compared to the year before. The company has maintained the same level of imports of electricity as in previous years, which it delivered to the Greek pool and to the PPC. In line with the Group strategy, EFT Hellas wound down its retail activity in 2011 and solely focused on the wholesale market.


0

1.5

1

0.5

2.5

3

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Greece 2002 – 2011TWh

2

Turnover

0

5

10

15

25

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

20

%

MacedoniaPopulation: 2,066,718GDP (PPP*): $18.83 billion GDP per capita (PPP): $9,100Area: 25,713 sq kmMarket: Semi-liquid

GreecePopulation: 10,737,428GDP (PPP*): $343.8 billion GDP per capita (PPP*): $32,100Area: 131,957 sq kmMarket: Non-liquidPower exchanges: POOL

Energy

0

10

5

15

20

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Greek market in EFT portfolio 2002 – 2011

25

During the year the Group delivered 1,929,183MWh to its clients in Macedonia, with total revenue reaching the EUR 105 million mark.

EFT Hellas has also achieved 100% higher exports compared to previous years.


Energy

0

4

2

6

12

8

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Macedonian market in EFT portfolio 2002 – 2011

16

14

10


Tur− key

Lith−uania

Al−BAniA

Extremely dry periods and poor hydrology in 2011 provided a very different market backdrop in Albania to that seen in 2010. Albania is extremely dependent on hydrology, more than 90% of electricity it produces comes from hydro units. In 2010 Albania had favourable hydrology, and as a result the county was a net electricity exporter. In 2011 however, prolonged dry periods meant that Albania became a net energy importer.

EFT has two important clients in Albania – the distribution company CEZ-Shperndarje and the state power utility KESH. In 2011 CEZ-Shperndarje imported electricity from 11 different companies. EFT covered 55% of all deliveries. Similarly, EFT was the main supplier of energy to KESH, covering circa 70% of the company’s purchases on the international market.

The changes in energy law in 2011 have brought numerous changes to the market, with the qualified consumer market segment likely to become the main focus for market participants in the near future.


0

1.5

1

0.5

2

2.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EFT in Albania 2002 – 2011

TWh

AlbaniaPopulation: 3,639,453GDP (PPP*): $21.86 billion GDP per capita (PPP*): $6,000Area: 28,748 sq kmMarket: Non-liquid

TurkeyPopulation: 72,561,312GDP (PPP*): $880.061 billionGDP per capita (PPP*): $12,476Area: 783,562 sq kmMarket: Semi-liquidPower exchanges: PMUM

EFT was the main supplier of energy to KESH, covering circa 70% of the company’s purchases on the international market.

In 2011 EFT Turkey delivered 35,000MWh of energy on the local market. The Group imported 108,000MWh of energy, and exported 5,000MWh in the period between June and December 2011, following the beginning of the ENTSO-E parallel operation.

EFT began the year focused mainly on developing its industrial client portfolio, but following the change in energy legislation, the Group shifted its customer portfolio towards shopping malls, restaurants, hotels, and various other retail clients. The Group will however move away from the retail market in 2012 and will focus on cross-border trading activities.


Turnover

0

2

4

6

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

12

%16

14

10

8

Energy

0

4

2

6

12

8

%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

SALES puRCHASES

Share of Albanian market in EFT portfolio 2002 – 2011

16

14

10

EFT Lithuania commenced its trading operations in November 2010. In 2011 the company traded successfully on the two regional power exchanges, Nordpoolspot and Baltpool. EFT Lithuania has also initiated co-operation with the Belarusian State Enterprise, Belenergo, and successfully imported energy from Belarus, which was subsequently sold in Lithuania and Estonia on the day-ahead markets.

Due to the isolation of the Baltic region's power industry in relation to that of the CEE region, the market developments triggered by the Fukushima accident have not had a significant impact on market prices in Estonia and Lithuania. In fact, in comparison to the previous year, 2011 was characterized by lower prices, mostly due to milder winter and summer weather conditions, and extremely good hydrology in the second half of the year in the Nordic countries.

EFT’s strategy in the Baltic region in 2011 was to enhance trading on the two power exchanges, establish necessary contacts with local producers and traders, and initiate bilateral trades with counterparties. In 2011, EFT Lithuania’s strategy was to increase its presence in terms of MWh turnover on the regional wholesale electricity market.

EFT’s main objectives in the Baltics are to increase bilateral trades in Lithuania and Estonia, to establish and increase co-operation with local producers and to enter the Latvian market in the coming period.

LithuaniaPopulation: 3,244,000GDP (PPP*): $35.152 billionGDP per capita (PPP*): $10,605Area: 65,200 sq kmMarket: Semi-liquidPower exchanges: BALTPOOL, NORDPOOL

In 2011 EFT Lithuania traded successfully on the two regional power exchanges.


EFTINVEST− MENTS

EFT’s strategic goal is to become the first privately owned, modern power generation company in south-east Europe. To this end, the Group is pursuing an ambitious plan of developing its own asset base, which will form the basis of its trading activities in the future.

To date the EFT Group is the leading foreign investor in the energy sector of Bosnia and Herzegovina. All of the Group's investment projects are developed using the best available technology (BAT) and fully in line with the relevant European Union directives on the protection of the environment.

So far, EFT has successfully realised the building of the Fatnicko Polje – Bileca accumulation tunnel and since 2005 has successfully been operating the Stanari mine in Bosnia and Herzegovina. The Group is currently developing two major investment projects in Bosnia and Herzegovina – the Stanari thermal power plant and the Ulog hydro power plant project on the river Neretva.

EFT always aims to fully employ locally available workforce, expertise and technology, thereby creating the best effects for the local economy. The Group’s ability to utilise the local human and technological resources to achieve internationally recognised standards has already yielded impressive results.

Stanari Mine p.48

Stanari Thermal Power Plant p.50

Ulog Hydro Power Plant p.52

Fatnicko Polje – Bileca Accumulation Tunnel p.54

EFT Group Annual Review 2011/201246 EFT Group Annual Review 2011/2012 47


The Stanari mine is located approximately 70km to the east of Banja Luka in Republika Srpska, Bosnia and Herzegovina. Total proven lignite coal reserves at the Stanari basin are 108 million tons. The coal quality is measured at LHV 9100 kJ/kg, moisture at 49%, with ash at 7.5% and sulphur at 0.13%.

Excavation at the mine started in 1948 and the destiny of the surrounding area has been closely linked to that of the mine ever since. The Stanari mine achieved annual coal sales of 600,000 tons in 1989. During the 1990s, production figures and overall conditions at the mine deteriorated sharply, due to lack of investment and hostilities in Bosnia and Herzegovina.

In 2004, the Government of Republika Srpska commissioned an international public tender to find a strategic partner for rehabilitation and development of the Stanari mine. EFT Holdings submitted the strongest bid and became the majority shareholder of the Stanari Mine Company with 72% of shares. The company was awarded a 30 year concession for exploitation of the mine, which is extendable by an additional 15 years.

In November 2006, as the successful bidder in the public international tender, EFT (Holdings) ApS bought the remaining 28% of shares and became the 100% owner of the Stanari mine.

Since taking over the mine in May 2005, the EFT Group has invested over EUR 45 million in its rehabilitation and modernization. The number of employees has risen from 250 (2005) to 460 (2011). The Stanari Mine will increase its annual production to 2.5 million tons by 2015, of which 2.3 million will be supplied to TPP Stanari.

The Company has achieved an international standard of operation, and has been awarded ISO 9001 (Quality Management System), ISO 14001 (Environmental Management System) and OHSAS 18001 (Safety Management System) certification. In 2011, coal sales reached 927,000 tons and nearly 8 million m3 of overburden was excavated.

To learn more about the Stanari mine and TPP Stanari project, please visit www.eft-stanari.net 0.13

49Stanari Mine

1089100

7.5

Million Tons

LHV kj/kg

% Moisture

% Ash

% Sulphur

Since taking over the mine

in May 2005, the EFT Group has invested over

EUR 45 million in its rehabilitation and

modernization.


Environmental aspectTPP Stanari will fully abide by EU emission directives. The plant will set new standards in south-east Europe in relation to maximising energy efficiency and minimizing harmful impacts on the environment.

Dongfang Electric Corporation With over 30,000MW of annual production capacity Dongfang Electric Corporation (DEC) is a leading Chinese company specialized in power equipment manufacturing and power projects across the globe. DEC was founded back in 1958. Today the company employs 20,000 employees in 11 subsidiaries and produces equipment for thermal, nuclear, wind, gas and hydro power plants.

The EPC contract for TPP Stanari is the first DEC contract for a coal-fired power plant on European soil. The company has designed, constructed and installed units in numerous countries, including India, Vietnam, Indonesia, Pakistan, Saudi Arabia, Iran, Iraq, Turkey, Belarus, Brazil, Chile and of course China.

DEC’s CFB technology 300MW units have a proven track record. To date, DEC has successfully designed, constructed and installed more than 250 such units. These use very advanced green coal technology which adheres with the strictest EU environmental standards.

To learn more about the TPP Stanari project, please visit www.eft-stanari.net

Tpp StanariKey parameters of the TPP Stanari EPC contract

– Single unit design

– Gross/net power capacity 300/262.5 MW

– Planned annual energy production 2,000,000 MWh

– Gross unit efficiency 38.5%

– Circulating fluidised bed boiler with subcritical steam parameters

– Dry cooling system with air-cooled condenser

– EPC time schedule: 45 months from NTP

Financing of the TPP Stanari project

The overall Stanari project investment cost is estimated at EUR 550 million. Financing of the project with be provided as follows:

– China Development Bank loan – EUR 350 million (85% of EPC + IDC + political insurance) with 4 year grace period and 10 year repayment period.

– Loans from local/regional commercial banks – to finance coal supply system from mine to TPP, 400/110 kV substation, discontinuous mining machinery.

– EFT Group equity

In May 2010, EFT and Dongfang Electric Corporation of China signed an EPC (Engineering, Procurement and Construction) contract to build the 300MW thermal power plant unit in the vicinity of the Stanari mine.


ulog HppProject development

The following project development activities have been completed:

– Preliminary Feasibility Study with Conceptual Design

– Preliminary EIA Study

– HPP Ulog Zone Regulation Plan adopted by the Municipality of Kalinovik in February 2010

– Report on Zone Planning Conditions of the HPP Ulog

– Report on protection measures of cultural and natural heritage in the HPP Ulog zone

– Feasibility Study with Basic Design

– Geological Study

– Seismological Study

– Ichthyology Study

– Environmental Impact Assessment Study

– Connection to the 110kV Transmission Network Study

– Initial environmental monitoring of water quality, air quality and noise pollution

– Land expropriation report

– Main design of access roads

– Tender documents

Project completion schedule

The HPP Ulog Project time schedule is divided in following phases:

Phase 1 – Project Development

– Technical and environmental documentation, exploration works, construction of access roads. Completion of this phase expected in the second half of 2012

Phase 2 – Tender procedure for the construction of the HPP Ulog

– Contract finalization planned by the end of 2012

Phase 3 – Civil works, including detailed design, equipment manufacturing, commissioning, performance testing and trial run

– Completion expected by 2016

Phase 4 – Commissioning

– Completion expected by 2016

In November 2009, the Government of Republika Srpska awarded the concession for the construction and operation of the Ulog HPP on the river Neretva to the EFT Group. The concession includes a 3.5 year preparatory, and a 30 year construction and operation period. The concession is extendable by an additional period of 15 years.

Total dam height (m) 53

Headrace tunnel - length/diameter (m) 2,500/4.0

Penstock- length/diameter (m) 163/2x2.1

Installed flow (m3) 35 +0.52 SHPP

Total head (m) 120

Net head (m) 109

Installed power capacity (MW) 35

Average annual energy production (MWh) 85,000

Type and number of turbines 2 Francis +1 SHPP

Water storage volume (million m3) 6.5

Main characteristics of the Ulog HPP

The concession

includes a 3.5 year preparatory, and a

30 year construction and operation period.


The Fatnicko Polje – Bileca accumulation tunnel is an integral part of the ‘Upper Horizons’ hydro – system in eastern Herzegovina. The basic concept of the system is to accumulate waters in the fields of eastern Herzegovina during rainy periods and later move it through a system of tunnels, thereby producing energy and creating arable land.

Construction of the Upper Horizons hydro-system began in 1969 but was not completed due to construction issues, followed by conflicts in the region. Among the unfinished parts of the system was the Fatnicko Polje - Bileca accumulation tunnel.

In 2001 the authorities in Bosnia and Herzegovina called an international tender for the completion of the tunnel. EFT’s bid, in consortium with Bosnia's Hidrogradnja, was by far the strongest. The company committed to invest EUR 26 million in digging of the tunnel, completion of its concrete lining and installation of control mechanisms and infrastructure.

In August 2007, the Fatnicko Polje – Bileca accumulation tunnel was officially put into use, signalling successful completion of the biggest civil engineering project in Herzegovina. The tunnel now produces some 150GWh of energy per year by supplying additional flood waters to existing hydroelectric power plants in eastern Herzegovina.

The project directly employed some 400 people during construction, and several hundred more indirectly. It is environmentally sound and sustainable, and has no adverse effects on the surroundings.

Financing through energy offtakeBecause of the inability of the local power utility to directly finance the project, the completion of the tunnel was paid through offtake of the energy produced from additional flood waters supplied by the tunnel, over a 7-year period. Ownership of the tunnel and accompanying infrastructure remained with Republika Srpska power utility EPRS. Upon expiry of the 7-year period, in November 2008, the surplus energy produced by the tunnel has become a part of EPRS' portfolio.

Fatnicko poljeBileca Accumulation Tunnel

In August 2007, the Fatnicko Polje

– Bileca accumulation tunnel was officially put into use, signalling

successful completion of the biggest civil engineering project

in Herzegovina.

Legend

Lines:Plants and stations:

Hydro Power Plant

Thermal Power Plant

Substation

Substation + power plant

Converter station

Under construction

Wind Farm

750kV transmission line


380-400kV transmission line




DC line

Interconnection for voltage<220kV

One circuit (diff. colours)

>=3 circuit (diff. colours)

Under construction (diff. colours)

Double circuit (diff. colours)

Double circuit with 1 circuit mounted

Tirana 1

Vau iDejes

KomanKoplik

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CERS Moldova

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-Oberstufe

Kaprun-Hauptstufe

Reißeck

AußerfragrantRoßhag

Langenegg

WerbenMeiningen

Walgau

WesttirolImst

Kaunertal

Achensee

Thaur

Silz

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LünerseeInnerfragrant

AmlachLienz

Rosegg

Schwabeck

Schwarzach

OberrsielachFerlach

St. Andrā

Weißenbach

Großramming

Theiß

Greifenstein

Altenwörth

Sőlk

JochensteinAschach Abwinden-Asten

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Ernsthofen

H.Linz

SchärdingEgglfing

St. Peter

Salzach Timelkam

Hausruck

Klaus

Sattledt

Korneuburg

Bisamberg

Donaustadt

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BürsKühtai

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Tauern

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Ybbsfeld

SimmeringEtzersdorf

Pottenbrunn

Ternitz

Pernegg

Pyhrn

Hieflau

KoralpeKainachtal

MellachWerndorf

M. OtokVuhred Ozbalt

Neusiedl

SarasdorfFreudenau

Mukachevo

Khust

Volovets

GPP-1

Bogorodchanyi

Ivano Frankivsk

Kalushska CHPP

Bursthtyn TPP

Chernivtsy

Nelypivtsy

ShahtaK. Podilsk

Dnistrovska HPPDnistrovska HPSPP

Bar

Poroghi

KotovskPrimorska-750

Kr. Okny

PobuzhzyaKalush

Stryi

Boryslav

Lviv 2

Javoriv

Drogobych

RosdilZakhidnoukrainska

Ternopil

Khmelnitski Vinnitsa 330

Vinnitsa 750

Taine

Ladyzhinska TPP Pivdennoukrainska NPP

Ukrainka

Quarzit

Gomaya

Pivdenna

Rudna

Kirova

Nikopol

FerosplavnaKryvorizka TPP

Kakhovska GPP

Kakhovska HPP

Kakhovska-750

Kherson

Ostrivska

Chervonoperekopska

Zakhidnokrymska

Donuzlav

Simferopolska CHPP

Elevatorna

Maryanivka

Titan

Soda

Pershotravneva Dnipro HPP

DDZPromet

Dniprovska

KremenchugWDGMK

DniprodzergynskaDnipropetrovska

ZaporizkaLviv Pivd

Dobrotvirska

Radziviliv

Shepetivka

Kozyatyn

Bilotserkivska PolyanaZhitomir

Khmelnitskaya AES

LvivZakhidna

Isaccea

Reni

Budzhak

Kosa

Bolgrad

Artsyz

Belyaevka

N. Odeska

Usatovo

Rozdilna Komintern

Centrolit

Berzan

TrihatyMikolaiv

Tashlyk HPSPP

Starokazachye

Čadca ŠirokáLiptovská Mara

K.N.Mesto

Varin

Bošáca

PovažskáBystrica Sućany

Novaky

Zohor

SenicaHolič

Stupava

P. Biskupice

Gabčikovo

Šala

Križovany

BystričanyJaslovskéBohunice Mochovce

Veliký Ďúr

Levice

H. Ždaňa

Medzibrod

Rimavska Sobota

Čierny Vah SpišskáNova Ves

Moldava

Lemešany Vol'a

VelkéKapušany

VojanyUSSK

Tvrdonice

Střelná

Náchod

Hodonin

Otrokovice

Prosenice

Dětmarovice

Liskovec

Nošovice

AlbrechticeH. Životice

Dlouhé Stráně

Krasikov

Čebin

Sokolnice

Slavětice

Dalešice

Dukovany

Lipno

Dasny

Kočin

TemelinTabor

OrlikMilin

Preštice

Chrast

Vitkov

Vyškov

MělnikBabylon

PořičiBezděčin

Turow

ChotejoviceChomutov

Tušimice Pocerady

HradecVýchod

ZápadHradec

PrunerovVřesová

Tisová ŘeporyjeChodov

Č. Střed

OpočinekChvaletice

TynecMalesice

Neznášov

Mirovka

Boguszów

WroclawCieplice

Mikulowa KlecinaBiskupice

Czarna Pasikurowice

Kędzierzyn

DobrzeńOpole

Blachownia

MnisztwoUstronTrinec

Ropice

Darkov

BujakówPogwizdow

SkawinaTarnow

Krosno-Iskrzynia

Rzeszów

Chmielów

Ostrowiec

St. Wola

Azoty Boguchwala

Polaniec

Klikowa

Wanda

Lubocza

TucznawaKoksochemia

Lośnice

Joachimów

Kielce Kielce Piaski

Ratkowice

Trębaczew

Huta CzęstochowaAniolów

SierszaKopanina

Halemba

RokitnicaKopanina

Groszowice Lagisza

Wryosowa

2

510 11

8

4 3

64

9Laziska

WielopoleRybnik

1

Porąbka Żar

Świebodzice

Ząbkowice

K. Zdroj

KrűnKűhmoos

BűhlBünzwangen

Mühlhauses

Wűrgau

Bűrstadt

Leupolz

Memmingen

Obermoo-weiler

TiengenEglisau

Wehr

VillingenEichstetten

Weier

Ober-jettingen

EngstlattTrossingen

Herbertingen

Niedestotzingen Lechhausen

Meitingen

Zolling

IrschingIngolstadt

Grundrem-mingen

Goldshöfe

Goldisthal

Etzenricht

Happurg

Raitersaich

RotensohlEndersbach

Winnenden

HoheneckNeckarwestheim

KupferzellHeilbronn

Obringheim

BeerfeldenNeurott

Weinheim

Oberhaid

EltmannGrafenrheinfeld

Schweinfurt

Dipperz

Eisenach

Bergshausen

Sandershausen

WolkramshausenGōttingen

MecklarBorken

Gießen/Nord

Großschwabhausen

Großdalzig

Dillenburg

Arpe Waldeck

Nehden

TwistetalWürgassen

SüdBürenUnna

Aßlar

Großkrotzenburg

Großgartach

Weißenthurm

Ließem

Staudinger

Kelsterbach

Dauersberg

BexbachUchtelfangen

TrennfeldBiblis

Kriftel

Urberach

Bischofsheim

Marxheim

Mainz

Röhrsdorf

Niederwiesa

Niederwartha

Strumen

SchwarzePumpe

Boxberg

Bārwalde

Nauerbau

Schmōlln

Dresden-Süd

ZwönitzMarkersbachRemptendorf

Mechlenreuth

WeidaCrossen

Vieselbach

Eula

TauchaSchkopau

LippendorfPulgar

Hohenwarte

Erfurt-Nord

Altenfeld

Redwitz

Laichingen

MatzingerWendlingen

Leitzachwerk

Marienberg

TögingFöhring

Ottenhofen Pirach

BraunauRiedersbach

Passau

Ering

PleintingIsar

Altheim

SittlingRegensburg

Schwandorf

Reisach

Vöhringen

Menzing

Oberbrunn

Walchensee- werk

Oberottmars-hausen

Oberbachern

Grűnkraut

Kuppen-heim

Ludersheim

Kriegenbrunn

Pulver-dingen

Birkenfeld

Daxlanden

Dettwiller

PhilippsburgWeiherHütte

Niederhausen

Dahlem

Paffendorf Neuwied

Sechtem

Opladen

WittenOhligs

Oberzier

SiersdorfNeurath

Urfort

Graetheide

Siegburg

F.-West

BASFGKM

Frankfurt

KerbenKoblenz

Ems

Limburg

Nieder-stedem

Gambsheim

Höpfingen

Dörnigheim

Sarrebourg

Petite-Rosselle

Saargemūnd

Iffezheim

Marlenheim

AnouldLac Noir

FessenheimVogelgrun

SierentzPusyEtupes

Argiesans

Hirsingue

MambelinPalente

Champvans

Pontarlier

Banlieue-Ouest

C.E.R.N.

Champagnole

Pymont

CornierVerboisIzernoreBois-Tollot

ChavanodSerriéres

BugeyCreys

Vallorcine

Ugine

AlbertvilleRandens

La Marnise

Mantagny-Les-Lanches

AosteGrande-lle

Crolles Le Cheylas

FrogesLancey

Longefan

VaujanySaussaz

St.GuillermeCordeau

Le Sautet

Grisolles

Serre-Poncon

Salignac

Curbans

Sisteron

St. AubanEntrancque

Le Broc-CarrosOraison

Manosque LingostiereSt.Croix

Tore-Supra

Quinson

VinsEnco

La PalunBoutre

St. Tulle

TransNeoules

Le CoudonLe Garde

MouginsBiancon

Fréjus Digue-des-FrancaisCagnes sur MerPlan de Grasse

Tour-Lascaris

PassyLa Bathie

Malgovert

Les BrevieresLa CocheVillarodinPraz

LogelbachGuebwillerLa Thur MuhlbachLutterbach

St.Nabord

JeuxeyVittel

Rolampont

VinceyHoudreville

CustinesNeuves-Maisons

MetzBezaumont

Void

Blenod

La Maxe

Vantières

MontoisMoulaine

Rele VigySt.

Avold

Etival

Suisse

Laneuveville

ViandenHeinsch

VillerouxHouffalizeMarcourt

GrammeAchêne

AubangeLatour

Saint-Mard HeisdorfTrier

Saarwellingen

Quint

BaulerFlebour

Roost

Wengerohr

EnsdorfLandres

Mt.-St.-Martin Catlenom

AwirsBressouxSeraing

Langerlo

VanEyck

Mol

Eindhoven

LixheAngleur

JupilleRomsèe

RimièreBrume

Coo

L`Escaillon

Nemiya

Scale 1 : 2 500 000

SLOVENIJAHRVATSKA

BOSNA IHERCEGOVINA

SRBIJA

CRNAGORA

HELLAS

Kerkyra

Peloponnisos

Limnos

Lesvos

Chios

Kos

Rodos

TÜRKIYE

ROMÂNIA

MOLDOVA

UKRAINA

MAGYARORSZÁG

SLOVENSKO

CESKÁREPUBLIKA

ÖSTERREICH

SAN MARINO

MONACO

ITALIACorse

Sardegna

Sicilia

SCHWEIZ

LUX.

DEUTSCHLAND

FRANCE

POLSKA

MAKEDONIJA

SHQIPERIA

BULGARIA

Documents

EFT Group Annual Review 2011/2012 RE GEN ER ATION