ANNUAL REPORT - HSE

Breakdown of receivables by maturity date
MATURITY PERIOD 31/12/08 31/12/07
Receivables not yet due 110,534,545 139,916,028
Receivables overdue up to 3 months 16,963,317 24,499,490
Receivables overdue from 3 to 6 months 0 2,281,843
Receivables overdue for more than 6 months 14,683,915 3,070,988
in €
(8) Cash
€ 6,374,755
Cash includes the cash in the company’s accounts in
Slovenia and abroad and deposits redeemable at notice
in Slovenia and abroad.
At the end of 2008, the company had in place an automatic
borrowing facility in the form of overdrafts on
its transaction accounts with banks amounting to €
12,000,000, but did not use them.
As part of transferring the joint venture for the con-
struction of HPPs on the lower Sava River in the form
of an in-kind contribution, the company also transferred
€ 2,257 in cash.
(9) Short-term accrued revenue
and deferred costs
€ 5,146,178
The majority of short-term accrued revenue and deferred
costs relates to transactions associated with
electricity trading (auction costs, electricity deviations).
Short-term accrued revenue and deferred costs of the company
TYPE OF SHORT-TERM ACCRUED REVENUE AND DEFERRED COSTS 31/12/08 31/12/07
Short-term deferred costs 1,947,320 5,495,431
Short-term accrued revenues 3,198,858 586,596
Total accrued revenue and deferred costs 5,146,178 6,082,027
in €
(10) Equity
€ 798,817,478
The value of nominal capital and capital surplus remained
unchanged in 2008.
Electricity futures are concerned with the closing of
deals on the purchase of electricity in foreign exchanges
in the future, thus securing the already concluded
deals for the sale of electricity in the same period.
ANNUAL REPORT HSE | FINANCIAL REPORT OF THE COMPANY HSE
Other revenue reserves increased by € 31,183,706
as follows:
• by a portion of accumulated profit for 2007 amounting
to € 4,305,599 in accordance with a General
Meeting resolution,
• by a portion of net profit for 2008 amounting to €
26,878,107 in accordance with a Supervisory Board
decision taken on the management’s proposal.
The company’s revaluation surplus includes gains or
losses on futures used for hedging and the fair value of
interest rate swaps. Revaluation surplus decreased by
€ 10,205,223 as a result of completed futures and interest
rate swap transactions as well as lower electricity
prices and interest rates as compared with 2007.
Revaluation surplus and the cost of goods sold were
decreased in the income statement by the amounts of
electricity purchases in 2008 that were hedged using
futures, i.e. by € 4,379,971.
In 2008 the company also entered into futures on CO 2
emission coupons for the year 2008, thereby increasing
the cost of coupons, which were recorded as intangible
assets, by € 1,226,900.
The fair value of interest rate swaps totalled € 117,851
(including accounted for deferred taxes) at the end of
2008. Due to a drop in interest rates, the company sold
the majority of interest rate swaps in December 2008.
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