ANNUAL REPORT - HSE

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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 120
in March 2008 and which was recorded as disputed in 2007. The receivable in question relates to the provision system services. The company had no receivables due from management and Supervisory Board members at the end of 2008. Electricity-related trade receivables arising from annual contracts are mostly secured with bills of exchange or bank guarantees. Such are the receivables that exceed customer limits. Receivables from certain customers are regulated in detail using the EFET Agreements, whereas in other cases collateralisation is not required due to customers’ strategic position and/or financial stability. For each customer, the decision whether a security is required is taken on the basis of System Credit Risk Management Instructions and System Credit Risk Identification and Monitoring Instructions, which, among other things, lay down the setting of limits and monitoring of their utilisation. Short-term electricity trading is carried out through exchanges (in this case receivables are already secured by the obligatory membership system), through trading portals and bilateral agreements. In the latter case, the EFET Agreements are concluded with most of the customers, except in the case of receivables for which collateralisation is not required due to customers’ specifics circumstances, as is the case with trading under annual contracts, or when receivables are secured with counter guarantees because a limit for a certain customer has been exceeded. The collateralisation of other receivables is not required due to their specific nature. In our opinion, the trade receivables risk is well managed thanks to the above-mentioned measures. Short-term operating receivables in € TYPE OF RECEIVABLE 31/12/08 31/12/07 Short-term trade receivables in Slovenia 66,625,301 92,913,776 Short-term foreign trade receivables 32,565,626 30,304,798 Short-term advances for services in Slovenia not yet provided 2,743,872 690,557 Short-term advances for services abroad not yet provided 7,500 0 Short-term receivables from operations for third party account 614,709 41,473 Short-term receivables associated with finance income 181,706 181,762 Short-term receivables from the state 24,046,748 28,110,024 Short-term receivables from others 712,400 2,841,524 Total short-term operating receivables 127,497,862 155,083,914 Short-term operating receivables from group companies in € GROUP COMPANIES 31/12/08 31/12/07 Dravske elektrarne Maribor d.o.o. 8,592 75,670 Soške elektrarne Nova Gorica d.o.o. 8,592 2,701 Premogovnik Velenje d.d. 852,737 481,319 HESS d.o.o. 59,956 0 HSE Balkan Energy d.o.o. 22,396 88,945 HSE Hungary Kft. 613,687 2,260,121 HSE Adria d.o.o. 27,993 17,917 HSE Bulgaria EOOD 19,785 6,000 HSE Italia S.r.l. 1,451 1,451 Total short-term operating receivables from group companies 1,615,189 2,934,124 ANNUAL REPORT HSE | FINANCIAL REPORT OF THE COMPANY HSE 121
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ANNUAL REPORT The endless circle of
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Energy circulates. Within us and be
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00 Table of contents 1 INTRODUCTION
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01 Introduction 18 is the number of
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ANNUAL REPORT HSE | INTRODUCTION HS
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Electricity production and trading
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COMPANY HSE D.O.O. 2008 2007 IND 08
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Equity in € thousand 1,200,000 1,
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1.2 Letter from the management We m
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ANNUAL REPORT HSE | INTRODUCTION 22
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Wisdom needs to be shared We teach
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COMPANY PROFILE OF HOLDING SLOVENSK
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2.1.3 Management of the controlling
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the Articles of Incorporation, the
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Companies excluded from the consoli
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for competitively priced TEŠ elect
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2.2.1 Management of the HSE Group M
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TOPLOFIKATSIA-RUSE AD Managing dire
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2.4 Strategic orientations of the H
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prepared, as were the methods for t
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Annual inflation in % price movemen
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Slovene electricity market in 2008
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2.7 Sales and customers 2.7.1 Elect
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2.8 Purchasing and suppliers 2.8.1
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Primary raw materials In 2008 prima
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trial operation, during which the e
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TEŠ's Unit 6, 600 MW Considering t
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ous waste disposal site - to the no
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European Investment Bank (EIB) sign
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HSE Group’s equity-to-debt ratio
Page 69 and 70: The value of assets and total equit
Page 71 and 72: EQUITY TO FIXED ASSETS RATIO 31/12/
Page 73 and 74: EBITDA / FINANCE EXPENSES FOR LOANS
Page 75 and 76: QUICK RATIO 31/12/2008 31/12/2007 1
Page 77 and 78: 3,700 was the volume of PV's lignit
Page 79 and 80: • to ensure minimum deviations of
Page 81 and 82: 2.13 External communication In 2008
Page 83 and 84: potential development projects, inc
Page 85 and 86: 2.16 Important events after the end
Page 88 and 89: 03 Social responsibility report 3,8
Page 90 and 91: Voluntary pension insurance HSE has
Page 92 and 93: 3.1.2 Employees in the HSE Group At
Page 94 and 95: ANNUAL REPORT HSE | SOCIAL RESPONSI
Page 96: Observation Inspiration Implementat
Page 99 and 100: and required qualitative characteri
Page 101 and 102: holding an investment, investments
Page 103 and 104: Revenue is recognised when it can b
Page 105 and 106: 4.3 Auditor’s report ANNUAL REPOR
Page 107 and 108: 4.4 Balance sheet ITEM NOTE 31/12/0
Page 109 and 110: 4.5 Income statement ITEM 2008 2007
Page 111 and 112: 4.7 Statement of changes in equity
Page 113 and 114: 4.8 Notes to the financial statemen
Page 115 and 116: Changes in intangible assets LONG-T
Page 117 and 118: Other shares and interests include
Page 119: • total equity: 187,751,171 €
Page 123 and 124: Retained net profit or loss for the
Page 125 and 126: fair value of the interest rate swa
Page 127 and 128: Short-term accrued costs and deferr
Page 129 and 130: Geographical segments GEOGRAPHICAL
Page 131 and 132: 4.8.3 Cash flow statement General T
Page 133 and 134: 4.8.5 Other notes Remuneration of m
Page 135 and 136: 135
Page 137 and 138: The consolidated financial statemen
Page 139 and 140: Intangible assets and long-term acc
Page 141 and 142: A Group-level reconciliation has no
Page 143 and 144: Short-term accrued costs and deferr
Page 145 and 146: 5.2 Auditor’s report ANNUAL REPOR
Page 147 and 148: 5.3 Consolidated balance sheet in
Page 149 and 150: 5.4 Consolidated income statement i
Page 151 and 152: 5.6 Consolidated statement of chang
Page 153 and 154: 5.7 Notes to the consolidated finan
Page 155 and 156: (2) Property, plant and equipment
Page 157 and 158: Changes in deferred tax assets in
Page 159 and 160: (11) Equity € 1,127,608,615 The v
Page 161 and 162: Maturity dates of long-term liabili
Page 163 and 164: Segments in € NET SALES REVENUE B
Page 165 and 166: Corporate income tax € 14,022,776
Page 167 and 168: Movements from equity Movements fro
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06 Contact information Holding Slov
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Branch office HSE Prague Address My
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PPE OTE RES BU DOBP GoO PPEK PXE PV
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ANNUAL REPORT - HSE

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