ANNUAL REPORT 2021

Annual report 2021 Železiarne Podbrezová a.s. 28 REPORT ON THE ACTIVITIES OF CONSOLIDATED ENTITIES The amount of investments in subsidiaries and affiliates as at 31 December 2021 recognised in line with IFRS amounted to EUR 79 891 thousand (24.6% of the Company’s total assets). In March 2021 our subsidiary, PIPEX ITALIA S.p.A., and its partners established a joint venture, Pipex Energy S.r.l., which provides services to assist reduction of carbon dioxide emissions by the steel industry. In July 2021, the Company purchased 20% of shares in FK Železiarne Podbrezová a.s., increasing its share to 55%. In August 2021, UHL Holding, a.s., merged with the parent company, as a result of which its subsidiary, UHL, s.r.o., became a subsidiary of Železiarne Podbrezová a.s. In December 2021, the Company sold its shares in STABILITA supplementary pension management company.