ANNUAL REPORT - HSE

• total equity: 187,751,171 €
• net profit or loss for 2008: 939,971 €
HSE ITALIA S.r.l.,
Via Roma 20, Gorizia, Italy
• HSE’s interest: 100%
• total equity: 46,247 €
• net profit or loss for 2008: 5,238 €
HSE HUNGARY Kft.,
Karolyi Mihaly u. 12, Budapest, Hungary
• HSE’s interest: 100%
• total equity: HUF 1,457,901,661 or 5,466,448 €
• net profit or loss for 2008: HUF 131,596,475
or 506,220 €
HSE BALKAN ENERGY d.o.o.,
Bulevar Mihaila Pupina 117, Belgrade, Serbia
•HSE’s interest: 100%
• total equity: RSD 81,166,543 or 908,190 €
• net profit or loss for 2008: RSD 138,199 or 1,637 €
HSE ADRIA d.o.o.,
Miramarska 24, Zagreb, Croatia
• HSE’s interest: 100%
• total equity: HRK 5,037,925 or 684,919 €
• net profit or loss for 2008: HRK 2,654,934 or 361,419 €
HSE BULGARIA EOOD,
37 Fridtjof Nansen Street, Sofia, Bulgaria
• HSE’s interest: 100%
• total equity: BGN 868,280 or 443,951 €
• net profit or loss for 2008: -BGN 120,256 or -61,485 €
PLINSKO PARNA ELEKTRARNA d.o.o., KIDRIČEVO,
Tovarniška 10, 2325 Kidričevo, Slovenia
• HSE’s interest: 45%
• total equity: 1,223,482 €
• net profit or loss for 2008: 14,840 €
HIDRO MOĆNOST MAKEDONIJA D.O.O.,
Ul. Orce Nikolov br. 98, Skopje, Macedonia
• HSE’s interest: 33%
• total equity: MKD 307,062 or 5,067 €
• net profit or loss for 2008: /
TOPLOFIKATSIA RUSE AD,
TEC IZTOK STR. 7009 Ruse, Bulgaria
• HSE’s interest: 51%
• total equity: BGN 47,124,646 or 24,094,819 €
• net profit or loss for 2008: BGN 2,568,583
or 1,313,316 €
(4) Long-term operating
receivables
€ 2,715,058
Long-term operating receivables from others relate to
deposits made as collaterals in connection with electricity
trading in Slovenia and on foreign exchanges. In
2008 collaterals of € 2,454,751 were transferred from
short-term receivables from others as they related to
trading in foreign exchanges, which is planned to be
of a long-term nature. The difference of € 260,307 relates
to an increase in collaterals in 2008.
(5) Deferred tax assets
€ 4,189,192
Deferred tax assets were created on the basis of expenses
which influence the company’s profit or loss
for the current year but are not deductible for tax purposes
in the current year and expenses arising from
the revaluation of derivatives.
Deferred tax assets of € 202,590 have been recognised
in the income statement, with deferred tax assets of €
31,326 being recognised in the balance sheet.
In 2008 the decrease in deferred tax assets was higher
than the amount created. The changes were as follows:
• creation of deferred tax assets at 50% of tax nondeductible
provisions for termination and jubilee
benefits in 2008,
• creation of deferred tax assets for the depreciation
of fixed assets in cases when operating depreciation
exceeds the amount of tax deductible depreciation,
• creation of deferred tax assets in the amount of the
negative fair value of interest rate swaps,
• use of deferred tax assets in connection with the use
of provisions for termination and jubilee benefits,
• use of deferred tax assets in connection with the use
of provisions relating to guarantees of origin,
• reversal of deferred tax assets to decrease provisions
relating to guarantees of origin,
• use of deferred tax assets for the depreciation of
fixed assets.
ANNUAL REPORT HSE | FINANCIAL REPORT OF THE COMPANY HSE
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