Exhibit 8.
LIST OF SUBSIDIARIES OF CEZ, a. s.
AS OF DECEMBER 31, 2002
The following table sets forth an overview of our equity interests in other
companies as of December 31, 2002:
Country of Registered CEZ's
Company Incorporation Capital(1) CZK '000 Interest in %
- ------- ------------- ------------------- -------------
Shareholdings over 50%:
CEPS, a.s.(2) Czech Republic 17,855,733 100.00
CEZ ENERGOSERVIS spol. s r.o. Czech Republic 6,032 100.00
CEZTel, a.s. Czech Republic 1,000 100.00
CEZ FINANCE B.V. The Netherlands 574 100.00
HYDROCEZ, a. s. Czech Republic 412,798 100.00
Energeticke opravny, a. s. Czech Republic 40,000 100.00
I & C Energo s.r.o. Czech Republic 45,000 100.00
CEZnet, a.s. Czech Republic 122,000 100.00
rpg Energiehandel GmbH Germany 9,480 100.00
AB Michle s.r.o. Czech Republic 420,100 99.99
OSC, a.s. Czech Republic 13,900 66.67
KOTOUC STRAMBERK, spol. s r.o. Czech Republic 569,259 64.87
Ustav jaderneho vyzkumu Rez a.s Czech Republic 524,139 52.46
LOMY MORINA, s.r.o. Czech Republic 333,000 51.00
SIGMA - ENERGO s.r.o. Czech Republic 4,014 51.00
Shareholdings of 20% - 50%:
GAPROM, s.r.o. (3) Czech Republic 12,000 50.00
JVCD, a.s. Czech Republic 100,000 49.00
KNAUF POCERADY, spol. s.r.o. Czech Republic 452,350 40.00
Severoceske doly a.s. Czech Republic 8,997,530 37.21
ESE, s.r.o. Czech Republic 10,000 34.00
VLTAVOTYNSKA TEPLARENSKA a.s. Czech Republic 58,820 34.00
SKODA PRAHA a.s. Czech Republic 557,524 29.80
Coal Energy, a.s. Czech Republic 50,000 20.00
Other :(4)
Jihoceska energetika, a.s. Czech Republic 1,916,408 0.01
Jihomoravska energetika, a.s. Czech Republic 3,531,570 1.81
Severoceska energetika, a.s. Czech Republic 3,257,667 2.95
Severomoravska energetika, a.s. Czech Republic 3,407,265 10.43
Vychodoceska energetika, a.s. Czech Republic 2,549,544 0.45
- -------------
(1) This table sets forth the amount of the registered capital as indicated on
the share registry as of December 31, 2002.
(2) On April 1, 2002, we sold 66% of our shares in CEPS, a.s. (see "Material
Contracts" on page 57 of the Annual Report).
(3) Currently in liquidation.
(4) We have acquired minority interests in six out of eight REAS, our major
customers. These interests were purchased at the direction of the National
Property Fund, our majority shareholder. On April 1, 2003, we acquired
further shares in these and other REAS (see "Material Contracts" on page 57
of the Annual Report).