ANNUAL REPORT - HSE
ANNUAL REPORT - HSE
ANNUAL REPORT - HSE
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Exposure to risks associated with individual types<br />
of assets and liabilities and their management have<br />
been disclosed in the business report.<br />
Assets and liabilities are carried at fair value unless<br />
the fair value of an asset or liability cannot be determined.<br />
In this case, they are carried at historical cost.<br />
Software is amortised at rates ranging from 4.56 to<br />
33.33%, depending on the envisaged useful life.<br />
In 2008 the company reviewed the useful lives of important<br />
software items, determining that the useful<br />
lives were appropriate given the current expectations<br />
regarding the usability of these assets.<br />
Below we provide the disclosures of individual balance<br />
sheet items as at 31/12/2008.<br />
(1) Intangible assets<br />
€ 8,178,427<br />
Long-term property rights include the following intangible<br />
assets:<br />
• software under development or in use,<br />
• CO 2<br />
emission coupons (for trading) and<br />
• investments in other entities’ fixed assets.<br />
The software in use comprises various computer applications<br />
(ENDUR – for electricity trading, UPIS –<br />
management information system, etc.).<br />
In 2008 the company transferred, for a consideration,<br />
a concession right associated with HPP Boštanj and<br />
HPP Blanca to HESS.<br />
At the beginning of 2008, the company had 729,560<br />
CO 2<br />
emission coupons. In 2008 it purchased 489,338<br />
and sold 843,898 CO 2<br />
emission coupons. On the balance<br />
sheet date, the company’s stock of CO 2<br />
emission<br />
coupons (valid for the period 2008-2012) amounted to<br />
375,000 coupons. During the year, the company used<br />
the moving average price method to reduce value of<br />
the stock, which was impaired by € 509,780 at the end<br />
of 2008 based on an agreement for the sale of the entire<br />
stock of coupons.<br />
Cost and accumulated amortisation of intangible assets as at 31/12/2007<br />
in €<br />
AS AT 31/12/2007 PROPERTY RIGHTS CO 2<br />
EMISSION COUPONS TOTAL<br />
Cost 6,179,572 3,538,366 9,717,938<br />
Accumulated amortisation 1,287,480 0 1,287,480<br />
Carrying amount 4,892,092 3,538,366 8,430,458<br />
Cost and accumulated amortisation of intangible assets as at 31/12/2008<br />
<strong>ANNUAL</strong> <strong>REPORT</strong> <strong>HSE</strong> | FINANCIAL <strong>REPORT</strong> OF THE COMPANY <strong>HSE</strong><br />
in €<br />
AS AT 31/12/2008 PROPERTY RIGHTS CO 2<br />
EMISSION COUPONS TOTAL<br />
Cost 4,081,609 6,457,280 10,538,889<br />
Accumulated amortisation 1,850,682 509,780 2,360,462<br />
Carrying amount 2,230,927 5,947,500 8,178,427<br />
114
Change language