Annual Report and Accounts 2010

On 23 April 2010, in connection with the early repayment of the Senior Facilities Agreement dated 14 February 2006, a detailed description of which may be found in the 2009 Annual Report on page 74, interest rate hedging agreements with Calyon S.A., Czech Republic Branch (a member of the Crédit Agricole group) were terminated. The total amount paid to Calyon S.A., Czech Republic Branch was approximately EUR 9.9 million.

In addition, a restructuring process was agreed with Citibank Europe plc and Barclays Bank plc with whom the remaining interest rate hedging agreements were entered into and which are linked to the new inter-company loan between NWR and OKD, a.s. (‘OKD’) (tranches 2 and 3). See the description of the ‘2010 OKD Loan Agreement’ for more details.

As part of the restructuring, new ISDA master agreements, together with credit support agreements, were signed pursuant to which OKD is required to provide collateral equal to the current market value of the interest rate hedging agreements. As of 31 December 2010, the balance of the collateral amounts to approximately EUR 11.7 million.

On 18 May 2007, NWR issued EUR 300 million in aggregate principal amount of its senior notes due 2015 (the ‘Senior Notes’). Interest on the Senior Notes accrues at a rate of 7.375 per cent per annum and is payable semi-annually in arrears on 15 May and 15 November. The Senior Notes are senior obligations of NWR, and will rank equal in right of payment to all of its future senior debt. The Senior Notes are not guaranteed by any of NWR’s subsidiaries. Therefore, the Senior Notes are effectively subordinated to any existing and future liabilities of NWR’s subsidiaries. In connection with the issuance of the Senior Secured Notes (as defined below), the Senior Notes were secured by a second priority pledge over the shares of OKD, OKK Koksovny, a.s. (‘OKK Koksovny’) and NWR KARBONIA S.A. (‘NWR KARBONIA’). The rights and obligations of the Senior Note holders in respect of such security are subject to the Intercreditor Agreement (as defined below).

On 30 September 2009, NWR closed an invitation for tenders of its Senior Notes (the ‘Invitation’). Pursuant to the Invitation, NWR accepted for purchase EUR 32,435,000 in aggregate principal amount of its Senior Notes, which reduced the outstanding principal amount of the Senior Notes to EUR 267,565,000. The Senior Notes may be redeemed, in whole or in part, at any time prior to 15 May 2011, at the option of NWR at a redemption price equal to 100 per cent of the principal amount of the Senior Notes redeemed plus the applicable premium, as defined in the indenture establishing the Senior Notes (the ‘2015 Indenture’). After 15 May 2011, NWR may, at its option, redeem all or any portion of the Senior Notes at the prices set forth in the 2015 Indenture. In addition, prior to 15 May 2010, NWR was permitted to redeem up to 35 per cent of the original aggregate principal amount of the Senior Notes with the proceeds of one or more equity offers (as defined in the 2015 Indenture), at a redemption price equal to 107.375 per cent of the principal amount thereof.

If there is a change of control (as defined in the 2015 Indenture), holders of the Senior Notes shall have the right to require NWR to repurchase all or any part of the Senior Notes at a purchase price equal to 101 per cent of their principal amount. The 2015 Indenture contains covenants that limit the ability of NWR and its restricted subsidiaries (which, generally, are subsidiaries of NWR other than those primarily engaged in the business of real estate) to, among other things: incur additional indebtedness; make restricted payments (including dividends); create liens; transfer or dispose of voting stock of any restricted subsidiary; sell assets; engage in transactions with affiliates; guarantee any debt of NWR or any of its restricted subsidiaries; and consolidate, merge or sell all or substantially all of its assets.

On 27 April 2010, NWR issued EUR 475 million in aggregate principal amount of its senior secured notes due 2018 (the ‘Senior Secured Notes’). Interest on the Senior Secured Notes accrues at a rate of 7.875 per cent per annum and is payable semi-annually in arrears on 1 May and 1 November. The Senior Secured Notes are senior secured obligations of NWR and will rank equal in right of payment to all of its existing and future senior secured debt to the extent of the collateral securing the Senior Secured Notes. The Senior Secured Notes are secured obligations of NWR and are guaranteed by NWR’s subsidiaries, including OKD, OKK Koksovny and NWR KARBONIA. Therefore, the Senior Secured Notes rank equal in right of payment to any existing and future liabilities of such NWR’s subsidiaries.

The Senior Secured Notes may be redeemed, in whole or in part, at any time prior to 1 May 2014, at the option of NWR at a redemption price equal to 100 per cent of the principal amount of the Senior Secured Notes redeemed plus the applicable premium, as defined in the indenture establishing the Senior Secured Notes (the ‘2018 Indenture’). After 1 May 2014, NWR may, at its option, redeem all or any portion of the Senior Secured Notes at the prices set forth in the 2018 Indenture. In addition, prior to 1 May 2014, NWR may redeem up to 35 per cent of the original aggregate principal amount of the Senior Secured Notes with the proceeds of one or more equity offers (as defined in the 2018 Indenture), at a redemption price equal to 107.875 per cent of the principal amount thereof.

If there is a change of control (as defined in the 2018 Indenture), holders of the Senior Secured Notes shall have the right to require NWR to repurchase all or any part of the Senior Secured Notes at a purchase price equal to 101 per cent of their principal amount. The 2018 Indenture contains covenants that limit the ability of NWR and its restricted subsidiaries to, among other things: incur additional indebtedness; make restricted payments (including dividends); create liens; issue or sell capital stock of any restricted subsidiary; sell assets; engage in transactions with affiliates; and consolidate, merge or sell all or substantially all of its assets; and guarantee any debt of NWR or any of its restricted subsidiaries.

On 18 May 2010, NWR issued EUR 25 million in principal amount of its Senior Secured Notes due 2018 (the ‘Additional Notes’). The Additional Notes issued were entitled to the same rights and privileges, including the interest payment dates and interest rate, as the EUR 475 million in aggregate principal amount of the Senior Notes that were issued on 27 April 2010. The Additional Notes have been sold at a net purchase price of 99.5 per cent of par value (reflecting a purchase price of 100 per cent of the par value, less applicable purchase fees of 0.5 per cent) plus interest since 27 April 2010.

On 7 February 2011, NWR entered into a Revolving Credit Facility with, among others, Česká spořitelna, a.s., as facility agent, Citigroup Global Markets Limited as documentation agent, and Česká spořitelna, a.s., Československá obchodní banka a.s., Citigroup Global Markets Limited, Komerční banka, a.s. and ING Bank N.V., Prague branch, as arrangers and original lenders (the ‘RCF’).

The RCF provides for a bank loan facility of EUR 100 million, which will be available for three years after the date of signing. The proceeds of the RCF will be used for general corporate purposes. At any point in time a maximum of 12 loans can be outstanding in any of the eligible funding currencies, being Euro, Polish Zloty and Czech Koruna. The RCF also provides for NWR to pay certain fees including a commitment fee, arrangement fees and agency fees.

The RCF is a secured obligation of NWR and benefits from the share pledges over the shares in OKD, OKK Koksovny and NWR KARBONIA and is guaranteed by them. The RCF contains certain negative undertakings that, subject to certain customary and other agreed exceptions (and other than as specifically provided for under the RCF), limit the ability of NWR and its subsidiaries to, among other things: create or permit to subsist any encumbrance or security interest over any of its assets; make any asset disposals; make any substantial change to the general nature of its business; enter into transactions other than on an arm’s length basis; amalgamate or merge; incur other additional debt. The RCF also contains certain affirmative undertakings, subject to certain qualifications, and including, but not limited to, undertakings related to: (i) supplying financial statements; (ii) notification of default; (iii) compliance with ‘know your customer’ or similar regulations; (iv) receipt, compliance and maintenance of necessary authorisations; (v) compliance with laws (including environmental laws); (vi) taxation; (vii) pari passu ranking of certain claims; (viii) maintenance of insurance and (ix) maintenance of books of NWR and its subsidiaries. The RCF contains financial covenants. Subject to certain exceptions, there are mandatory prepayments required to be made upon the occurrence of certain customary events such as a change of control.

NWR is a party to the Intercreditor Agreement dated 27 April 2010 entered into between, amongst others, NWR, the original obligors (being NWR and certain of its subsidiaries), the intra-Group lenders (being NWR and certain of its subsidiaries), Citibank N.A., London Branch as the security agent, Deutsche Trustee Company Limited as the first and second priority note trustee and certain hedging counterparties. The Intercreditor Agreement establishes, amongst other things, when payments can be made in respect of the debt of NWR and certain of its affiliates. The Intercreditor Agreement sets out: (i) the relative ranking of certain debt of NWR and certain of its affiliates; (ii) the relevant ranking of security granted by NWR and certain of its affiliates; (iii) when payments can be made in respect of that debt; (iv) the effects of certain insolvency events; (v) turnover provisions; and (vi) when security and guarantees will be released to permit an enforcement sale. The RCF lenders acceded to the Intercreditor Agreement by signing the RCF.

On 27 April 2010, NWR entered into a share pledge agreement in order to create a Czech law pledge over the shares it owns in OKK Koksovny in favour of Citibank N.A., London Branch (the ‘OKK Share Pledge Agreement’). The pledge was granted as security for the payment of all obligations of each of NWR, OKK Koksovny, OKD and/ or NWR KARBONIA towards Citibank N.A., London Branch in its capacity as, amongst other things, the security agent (the ‘Secured Obligations’).

The OKK Share Pledge Agreement provides that the pledged shares are being kept in the deposit of Citibank Europe plc during the tenure of the pledge in accordance with Czech law and pursuant to a separate deposit agreement. NWR provides certain customary covenants that it shall not grant any other security over, or in any other way dispose of, the pledged shares. The OKK Share Pledge Agreement also sets out: (i) restrictions on NWR’s ability to exercise its rights in respect of the pledged shares; (ii) the application of proceeds from the pledged shares before and after the occurrence of a default under certain finance documents; and (iii) the rights of Citibank N.A., London Branch to enforce the pledge. The proceeds of any such enforcement must be applied in accordance with the Intercreditor Agreement.

On 27 April 2010, NWR entered into a share pledge agreement in order to create a Czech law pledge over the shares it owns in OKD in favour of Citibank N.A., London Branch (the ‘OKD Share Pledge Agreement’) as security for the Secured Obligations. The OKD Share Pledge Agreement contains similar terms to the OKK Share Pledge Agreement, but in relation to a pledge over the shares held by NWR in OKD.

On 27 April 2010, NWR entered into a share pledge agreement in order to create a Polish law pledge over the shares it owns in NWR KARBONIA in favour of Citibank N.A., London Branch (the ‘NWR KARBONIA Share Pledge Agreement’) as security for the Secured Obligations. The NWR KARBONIA Share Pledge Agreement contains identical terms to the OKK Share Pledge Agreement and OKD Share Pledge Agreement, but in relation to a pledge over the shares held by in NWR KARBONIA.

On 29 June 2009, NWR and OKD, as a co-obligor, entered into the ECA facility with, amongst others, Natixis Zweigniederlassung Deutschland as facility agent and Natixis as documentation agent, KBC Bank Deutschland AG, as ECA Agent, and Česká spořitelna, a.s., Československá obchodní banka a.s., KBC Bank Deutschland AG, and Natixis, as arrangers and original lenders, as amended on 3 August 2009 (the ‘ECA Facility’). The ECA Facility provides for a term loan of approximately EUR 141.5 million, which, following an amendment, was available to be drawn until 30 November 2010 and which will be repayable in 17 semi-annual linear instalments, with a final maturity date falling 102 months after the Starting Point of Credit (as defined in the ECA Facility). The proceeds of the ECA Facility are used to finance up to 85 per cent of the net purchase price of five longwall sets acquired pursuant to the Productivity Optimisation Programme 2010 ('POP 2010') capital investment programme. The interest rate on each advance under the ECA Facility for each interest period is the rate per annum, that is the aggregate of (a) a margin of 1.65 per cent, (b) EURIBOR, and (c) any applicable mandatory cost of compliance with (i) the requirements of the Bank of England and/or the FSA or (ii) the requirements of the European Central Bank.

The ECA Facility also provides for NWR to pay certain fees including a commitment fee, arrangement fees and agency fees. The ECA Facility is an unsecured obligation of NWR and OKD as a co-obligor and is not guaranteed by any of NWR’s subsidiaries. The ECA Facility is covered by a guarantee issued by the Federal Republic of Germany, represented by a consortium led by Euler Hermes Kreditversicherungs-AG, for which NWR has paid a premium. The ECA Facility contains certain negative undertakings that, subject to certain customary and other agreed exceptions (and other than as specifically provided for under the ECA Facility), limit the ability of NWR, OKD and certain subsidiaries of NWR to, among other things: create or permit to subsist any encumbrance or security interest over any of its assets; make any asset disposals; make any substantial change to the general nature of its business; enter into transactions other than on an arm’s length basis; amalgamate or merge; incur other additional debt; and dispose of or create any security over the five longwall sets acquired.

The ECA Facility also contains certain affirmative undertakings, subject to certain qualifications, and including, but not limited to, undertakings related to: (i) supplying financial statements; (ii) notification of default; (iii) compliance with ‘know your customer’ or similar regulations; (iv) supplying information on the performance of the supply contract for the five longwall sets acquired; (v) compliance with material obligations under the supply contract for the five longwall sets acquired; (vi) receipt, compliance and maintenance of necessary authorisations; (vii) compliance with laws (including environmental laws); (viii) taxation; (ix) pari passu ranking of certain unsecured and unsubordinated claims; (x) maintenance of insurance, and (xi) access to the premises and records of NWR and OKD.

The ECA Facility contains financial covenants. Amounts outstanding under the ECA Facility may be prepaid at any time after 29 June 2010 (or, if earlier, the day on which the amounts available under the ECA Facility to NWR and OKD is zero) in whole or in part on 30 business days’ notice subject to payment of a minimum amount of EUR 5 million. Subject to certain exceptions, there are mandatory prepayments required to be made upon the occurrence of certain customary events such as a change of control. The ECA Facility will also be automatically cancelled if the ECA guarantee is terminated or cancelled.

On 29 April 2009, NWR and OKK Koksovny entered into the Intercompany Revolving Credit Agreement (the ‘Agreement’), as amended. Under the Agreement, NWR made available funds in the total amount of CZK 3.6 billion (CZK tranche) and EUR 8 million (EUR tranche) to OKK Koksovny for general payment purposes in connection with OKK Koksovny’s operations and activities. The CZK tranche was available for drawing in one or more advances until 30 April 2011, which was also the final maturity date for the CZK tranche. The EUR tranche was made available for drawing until 31 October 2009 and was repaid in full by 31 December 2010.

On 1 January 2011, NWR and OKK Koksovny restructured the Agreement into a 10-year term loan facility. The outstanding amount of CZK 1,712 million is repaid in equal monthly instalments up to the final instalment of CZK 514 million due on 31 December 2020. OKK Koksovny is charged a fixed interest rate of 8.9 per cent per annum on the outstanding principal amount. OKK Koksovny shall pay NWR interest with respect to the outstanding principal amount at the end of each month.

On 14 January 2011, NWR and OKK Koksovny entered into the new Intercompany Revolving Credit Agreement (the ‘New Agreement’). Under the New Agreement, NWR makes available funds in the total amount of CZK 1.14 million to OKK Koksovny for general payment purposes in connection with OKK Koksovny’s operations and activities. The funds are available for drawing in one or more advances until 31 December 2011, which is also the final maturity date. The New Agreement may be extended until 31 December 2012, subject to the agreement of both parties. The advanced funds shall be repaid within one to 12 months as selected by OKK Koksovny or as otherwise agreed between the parties. The advances may be rolled over at the option of OKK Koksovny. OKK Koksovny is charged a fixed interest rate of 4.75 per cent per annum on the outstanding principal of each advance. OKK Koksovny shall pay NWR interest with respect to the outstanding principal of each advance at the end of each month.

On 18 May 2010, NWR, in its capacity as the sole shareholder of OKD, resolved to make a distribution from the 2009 profit, retained earnings and other distributable reserves in the aggregate amount of approximately CZK 12.8 billion. As OKD did not have sufficient funds to cover the distribution, NWR agreed to lend this amount to OKD on the basis of a loan agreement dated 12 July 2010 (the ‘2010 Loan Agreement’). In connection with the decision on the distribution, NWR, in its capacity as the sole shareholder of OKD, further resolved, on 18 May 2010, to approve NWR’s contingent equity contribution in excess of the registered capital of OKD in the amount of up to EUR 700 million. This measure represents a requirement under the 2018 Indenture for the protection of the holders of the Senior Secured Notes. The contingent contribution will only be triggered upon an event of default under the 2018 Indenture, a continuing event of default under the 2015 Indenture or a continuing event of default under the documentation governing indebtedness that qualifies as material debt under the 2018 Indenture.

On 14 July 2010, OKD drew down the full amount of the 2010 Loan Agreement in the aggregate amount of approximately EUR 502.8 million. The 2010 Loan Agreement consists of three tranches: Tranche 1 consists of a EUR 226.8 million facility due on 14 February 2018. Tranche 2 consists of a CZK 1,732 million facility to be repaid in instalments by 15 February 2016. Tranche 3 consists of a EUR 208 million facility to be repaid by 15 February 2016.

NWR entered into the Share Sale and Purchase Agreement with Dalkia Česká republika, a.s. (‘Dalkia’) on 8 January 2010, which provides for the sale by NWR to Dalkia of 100 per cent of the ownership in NWR Energy, a.s. (‘NWR Energy’), CZECH-KARBON s.r.o. (‘CZECH-KARBON’) and NWR ENERGETYKA PL Sp. z o.o. (together the ‘Energy Subsidiaries’), which was successfully closed on 21 June 2010 (the ‘SPA’). The purchase price paid to date is CZK 3,584 billion in cash, and is subject to further adjustments based on the trading results of CZECH-KARBON for 2010 and 2011. Dalkia is a leading energy group in the Czech Republic as a heat producer and distributor and is a member of the ‘Veolia Environment Group’.

The SPA provides for put and call options, as well as a pre-emption right of NWR, in respect of the energy assets and businesses transferred to Dalkia or replacing such energy assets or businesses upon the occurrence of certain events. Before closing of the sale, the Energy Subsidiaries supplied the utilities (in particular the supply and distribution of electricity and the production, supply and distribution of heat, compressed air and bathroom water) to OKD, primarily through a framework agreement on supplies and services between OKD, NWR Energy and CZECH-KARBON, dated 27 November 2008 (the ‘Framework Agreement’), although certain other supplies were also made to OKD and other affiliates. The Framework Agreement was initially entered into in connection with the reorganisation of the energy business to provide a framework for the independent operation and arm’s length pricing of energy services. In addition, OKK Koksovny and Dalkia were already, prior to closing, party to an agreement pursuant to which OKK Koksovny supplied Dalkia with coking gas and Dalkia supplies OKK Koksovny with heat and OKD and NWR were parties to an agreement pursuant to which Dalkia, through NWR, supplied the ČSA mine with heat.

In connection with the consummation of the sale of the energy business to Dalkia the Framework Agreement and certain agreements implementing it were amended to reflect agreed commercial terms. The Framework Agreement, as amended, will terminate on 31 December 2029, subject to an option in favour of OKD to extend the Framework Agreement for an additional five-year period. OKD is obliged, among other things, to supply NWR Energy with certain raw materials (coal, coke and water) used in the production of the utilities and to purchase energy utilities (mainly heat and compressed air) and electricity distribution services from NWR Energy and electric power from CZECH-KARBON; NWR Energy and CZECH-KARBON are obliged, among other things, to deliver the utilities to OKD in the requested volumes (subject to technical minimum and maximum amounts) at agreed prices. The pricing mechanism for supplies under the amended Framework Agreement (in respect of raw materials, utilities, services and relevant leases) will be applicable over the entire duration of the amended Framework Agreement on arm’s length terms. Dalkia has acceded to the rights and obligations of NWR Energy and CZECH-KARBON arising under the amended Framework Agreement and under implementation agreements relating to the same.

OKD and HSBC Bank plc acting through its branch HSBC Bank plc pobočka Praha operating in the Czech Republic (‘HSBC’) entered into a non-recourse receivables sale agreement effective as of 28 December 2009 (the ‘2009 Factoring Agreement’). Pursuant to the 2009 Factoring Agreement, OKD agreed to sell and assign certain receivables arising from a delivery of certain goods by OKD to suppliers as specified in the schedule to the 2009 Factoring Agreement to HSBC for the price corresponding to 90 per cent of the principal amount of the assigned receivables. HSBC agreed to maintain and service such transferred receivables. OKD agreed to retain a maximum of 10 per cent of the risk associated with such transferred receivables. OKD is obliged to pay HSBC interest and service fees under the agreement. The maximum available balance under the agreement is CZK 1,725 million, which is approximately EUR 64 million. The 2009 Factoring Agreement is governed by the laws of the Czech Republic. However, certain mutual relationships between OKD and HSBC in connection with the transfer of the receivables are governed by English law. On 31 December 2009, CZK 1,650,132,170.29, which is approximately EUR 61 million, of eligible receivables were sold by OKD under the 2009 Factoring Agreement. The payments of assigned receivables by the sub-debtors are directed to a special account and are available for drawing by OKD (even to the debit) up to 90 per cent of the nominal value of the assigned receivables. The 2009 Factoring Agreement was terminated as of 2 March 2010 pursuant to the 2010 Factoring Agreement (described below).

OKD and HSBC entered into a further non-recourse receivables sale agreement effective as of 29 March 2010 (the ‘2010 Factoring Agreement’). The maximum available balance under the 2010 Factoring Agreement is CZK 1,725 million. The 2010 Factoring Agreement is governed by the laws of the Czech Republic. However, certain mutual relationships between OKD and HSBC in connection with the transfer of the receivables are governed by English law. On 31 March 2010, CZK 1,102,359,603.82 of eligible receivables were sold by OKD pursuant to the 2010 Factoring Agreement.

NWR entered into an equipment supply contract on 16 June 2008, as amended, whereby it agreed to purchase certain equipment for longwall coal extraction for approximately EUR 145 million. All longwall equipment has been delivered, assembled and is operational.

NWR has entered into the following interest rate hedging arrangements (outstandings as of 31 December 2010): (i) a hedge in the aggregate amount of EUR 105 million with Česká spořitelna, a.s., Československá obchodní banka, a.s. and ING Bank N.V. in relation to the ECA Facility; (ii) a hedge in the aggregate amount of EUR 200 million with Citibank N.A. in relation to the Senior Secured Notes; and (iii) a hedge in aggregate amount of EUR 59 million with Royal Bank of Scotland. In addition, OKD has entered into an interest rate hedging arrangement with Citibank N.A. and Barclays Bank plc in the aggregate amount of EUR 182 million and CZK 1,516 million in relation to the 2010 OKD Loan Agreement.

In October 2008, RPG Industries Public Limited (formerly known as RPG Industries SE; ‘RPGI’), the former majority indirect shareholder of NWR, purchased a shareholding of 25 per cent minus one share in Ferrexpo, a Ukrainian iron ore company (the ‘Ferrexpo Transaction’). In connection with the Ferrexpo Transaction, Ferrexpo’s controlling shareholder Fevamotinico Sarl, a company incorporated with limited liability in Luxembourg (‘Fevamotinico’) and RPGI entered into an agreement in which the parties agreed to pursue a strategic alliance whereby RPGI and Fevamontinico would seek to find areas in which they could work together to develop their respective businesses in the CEE. As part of such strategic alliance, RPGI and Fevamotinico agreed to ask NWR and Ferrexpo, respectively, to consider working together to explore strategic opportunities to develop business together in Ukraine, the Czech Republic, Poland and other territories. A further aspect of the strategic alliance was for each of RPGI and Fevamotinico to nominate persons to be appointed to the board of directors of the other’s affiliate, being NWR and Ferrexpo, respectively. Mike Salamon, the Executive Chairman of NWR, and Marek Jelínek, the Chief Financial Officer of NWR, were appointed as non-executive directors of Ferrexpo, and Kostyantin Zhevago, the chief executive officer of Ferrexpo, was appointed as a Non-Executive Director of NWR. Mr. Jelínek retired from the board of Ferrexpo in May 2010.

On 29 April 2010, OKD, HEWLETT-PACKARD s.r.o. and Siemens IT Solutions and Services, s.r.o. concluded the Agreement on ICT Services. Under this agreement, the suppliers will provide OKD with IT services for a total consideration of CZK 482 million. The agreement was entered into for a period of 60 months and may be extended for an additional 24 months. The agreement may be terminated by either party in case of a gross breach of the agreement or without cause after a six-month notice period at any time after the second year of the term of agreement.

On 20 October 2010, OKD, GASCONTROL, společnost s.r.o., Q-ELEKTRIK a.s. and VOKD, a.s. concluded the Contract for Works. Under this contract, the suppliers are obliged to supply OKD’s mine sites with 60 circuit-breakers in 2010. OKD has an option for supply of another 690 circuit-breakers in 2011-2013. The total consideration for the 750 circuit-breakers is CZK 927.5 million.