ANNUAL REPORT - HSE

Changes in deferred tax assets
DEFERRED DEPRECIATION AND INTEREST
TAX ASSETS PROVISIONS IMPAIRMENT AMORTISATION RATE SWAPS TOTAL
Value as at 31/12/2007 1,400,026 2,936,783 23,645 0 4,360,454
Creation, increase 3,634 0 67,692 31,326 102,652
Use, decrease (273,494) 0 (420) 0 (273,914)
Value as at 31/12/2008 1,130,166 2,936,783 90,917 31,326 4,189,192
in €
(6) Short-term investments
€ 68,242,000
At the end of 2008, the company’s short-term investments
included short-term deposits with Slovene
banks and with maturity in January 2009. The deposits
have not been secured. In accordance with its internal
rules, the company observes the principle of deposit
diversification between individual banks and monitors
their credit ratings.
As part of transferring the joint venture for the construction
of HPPs on the lower Sava River in the form
of an in-kind contribution, the company also transferred
the deposits of € 8,250,000, which had been recorded
as short-term investments at the end of 2007.
The company estimates that the investments are not
exposed to risk.
in €
TYPE OF SHORT-TERM INVESTMENT 31/12/08 31/12/07
Short-term loans to group companies 0 3,246,850
Short-term loans to others 0 200,000
Short-term deposits 68,242,000 13,463,000
Total short-term investments 68,242,000 16,909,850
ANNUAL REPORT HSE | FINANCIAL REPORT OF THE COMPANY HSE
(7) Short-term operating
receivables
€ 127,497,862
Short-term operating receivables from group companies
mainly relate to receivables arising from electricity
sales and receivables arising from services of performing
certain functions on behalf of subsidiaries.
Short-term trade receivables mainly comprise receivables
from the sale of electricity in Slovenia and
abroad.
Short-term operating receivables from others include:
• short-term advances made mainly in connection
with electricity auctions,
• short-term receivables from operations for third
party account relating to a receivable from the company
TDR–Metalurgija d.d. - v stečaju,
• short-term operating receivables associated with finance
income from interest on deposits, and receivables
from default interest payable by customers,
• short-term receivables from the state, which mainly
relate to an input VAT receivable,
• short-term operating receivables from others, which
mainly relate to cash given over a short term in respect
of a guarantee received abroad.
As part of transferring the joint venture for the construction
of HPPs on the lower Sava River in the form
of an in-kind contribution, the company also transferred
the receivables of € 2,263,067, which had been
recorded as short-term receivables from others at the
end of 2007.
Trade receivables are mainly settled within deadlines
or with minor delays. In the case of delays, the customers
in Slovenia and abroad are charged default interest
at the contractual rate. All overdue receivables (except
the disputed ones), which stood at € 16,963,317, were
collected up to the date of this report.
The disputed receivables include a receivable of €
14,683,915 for which a court collection was initiated
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