ANNUAL REPORT - HSE

More documents

Recommendations

Info

(11) Provisions € 19,175,683 At the end of 2008, the company’s provisions included: • provisions for termination and jubilee benefits, • provisions arising from the sales of electricity produced from renewable sources in 2006 and set aside due to the non-recognition by Italy of guarantees of origin; the company initiated an arbitration procedure with the European Commission and expects to receive a decision shortly, • provisions for the payment of the fee for limited area use for 2007, • provisions for lawsuits filed by the company TDR- Metalurgija d.d.- v stečaju and its related companies and employees. Long-term accrued cost and deferred revenue items totalling € 1,471,334 include a liability arising from indirect electricity costs for 2002, which was transferred from short-term accrued cost and deferred revenue items in 2008. Changes in provisions and long-term accrued costs and deferred revenue in € PROVISIONS AND PROVISIONS FOR LONG-TERM LONG-TERM ACCRUED TERMINATION ACCRUED COSTS COSTS AND AND JUBILEE OTHER AND DEFERRED DEFERRED REVENUE BENEFITS PROVISIONS REVENUE TOTAL Value as at 31/12/2007 410,915 7,532,716 0 7,943,631 Creation, increases 36,328 10,740,021 0 10,776,349 *Transfers 0 0 1,471,334 1,471,334 Use (15,631) (12,176) 0 (27,807) Reversal 0 (987,824) 0 (987,824) Value as at 31/12/2008 431,612 17,272,737 1,471,334 19,175,683 Creation planned 521,838 6,356,062 0 6,877,900 Use planned 26,838 0 0 26,838 *Transfer from short-term accrued costs and deferred revenue. ANNUAL REPORT HSE | FINANCIAL REPORT OF THE COMPANY HSE (12) Long-term liabilities € 161,302,465 The company’s long-term liabilities include the following long-term financial loans: • long-term financial loan taken out with a syndicate of Slovene banks in 2003 for the period of 12 years, • long-term financial loan taken out with a Slovene bank in 2006 for the period of 5 years, • long-term financial loan taken out with a Slovene bank in 2007 for the period of 10 years, • long-term financial loan taken out with a Slovene bank in 2007 for the period of three years, and • long-term financial loan taken out with the EIB in 2008 for the period of 20 years. The values of loan principals due in 2009 are recorded as short-term liabilities to banks. Interest on the loans received is paid on a quarterly or annual basis, while the not yet due and accounted for portion payable in 2008 is recorded as a short-term operating liability. The long-term loan taken out in 2003 will be fully repaid in October 2015. The principal is being repaid on a quarterly basis. The agreed-upon interest rate is a 3-month EURIBOR plus a minimum mark-up. The loan is secured with ten blank bills of exchange. Due to changes in the money market brought about by the global financial crisis, two contracts for the interest rate hedging of this loan were cancelled in 2008. Only the interest cap operation, which closes on 4 January 2010, remained active. The long-term loan taken out in 2006 will be fully repaid in December 2011. The principal is being repaid on a quarterly basis. The agreed-upon interest rate is a 3-month EURIBOR plus a minimum mark-up. The loan is secured with six blank bills of exchange. The company entered into a 5-year interest rate swap contract effective 01/12/2006 to hedge against increasing interest rates in the future. The estimated 124
fair value of the interest rate swap, which totalled € -149,178 as at 31/12/2008, is recorded under other long-term liabilities and revaluation surplus. The long-term loan taken out in 2007 will be fully repaid in January 2017. The principal will be repaid on a semi-annual basis (the first repayment in January 2009). The agreed-upon interest rate is a 6-month EU- RIBOR plus a minimum mark-up. The loan is secured with six blank bills of exchange. Due to changes in the money market brought about by the global financial crisis, two contracts for the interest rate hedging were cancelled in 2008 also for this loan. The long-term loan taken out in 2007 will be fully repaid in December 2010. The principal will be repaid in a single amount when due. The agreed-upon interest rate is a 6-month EURIBOR plus a minimum mark-up. The loan is secured with five blank bills of exchange. The long-term loan taken out in 2008 will be fully repaid in September 2028. The principal will be repaid on a semi-annual basis (the first repayment in September 2012). The agreed-upon interest rate is a 6-month EURIBOR plus a minimum mark-up. The loan is fully secured with a guarantee issued by a foreign bank for a seven-year period. Long-term operating trade liabilities include a withheld payment to an equipment supplier. 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 long-term operating liabilities of € 59,545,423, which had been recorded at the end of 2007 as: • long-term operating liabilities to group companies (€ 39,960,823), • long-term operating trade liabilities (€ 1,269,223), and • other long-term operating liabilities (€ 18,315,377). The carrying amount of long-term liabilities is estimated to equal their fair value. Maturity dates of long-term liabilities in € Maturity date LONG-TERM before between 01/01/2011 LIABILITIES 31/12/2010 and 31/12/2012 after 01/01/2013 TOTAL Long-term financial liabilities to banks 44,686,957 18,920,188 97,510,862 161,118,007 Long-term financial liabilities to others 149,179 0 0 149,179 Long-term operating trade liabilities 35,279 0 0 35,279 Total 44,871,415 18,920,188 97,510,862 161,302,465 (13) Short-term liabilities € 173,979,273 The value of short-term financial liabilities to banks relates to a portion of long-term loan principals falling due in 2009. The company’s short-term operating liabilities to group companies mainly relate to liabilities associated with the electricity purchased from subsidiaries. The company’s short-term operating trade liabilities mainly relate to liabilities associated with the electricity purchased in Slovenia and abroad. The company’s other short-term operating liabilities include: • short-term liabilities to employees, which relate to a liability for December salaries and other employment-related income, • short-term liabilities to the state, which mainly relate to an additional payment of corporate income tax for the year 2008, • short-term interest liabilities associated with interest charged on long-term loans, • other short-term operating liabilities, the majority of which relates to a liability arising from the last day of trading in futures. ANNUAL REPORT HSE | FINANCIAL REPORT OF THE COMPANY HSE 125
Page 1:
ANNUAL REPORT The endless circle of
Page 5:
Energy circulates. Within us and be
Page 8 and 9:
00 Table of contents 1 INTRODUCTION
Page 10 and 11:
01 Introduction 18 is the number of
Page 12 and 13:
ANNUAL REPORT HSE | INTRODUCTION HS
Page 14 and 15:
Electricity production and trading
Page 16 and 17:
COMPANY HSE D.O.O. 2008 2007 IND 08
Page 18 and 19:
Equity in € thousand 1,200,000 1,
Page 20 and 21:
1.2 Letter from the management We m
Page 22 and 23:
ANNUAL REPORT HSE | INTRODUCTION 22
Page 24 and 25:
Page 26 and 27:
Page 28:
Wisdom needs to be shared We teach
Page 31 and 32:
COMPANY PROFILE OF HOLDING SLOVENSK
Page 33 and 34:
2.1.3 Management of the controlling
Page 35 and 36:
the Articles of Incorporation, the
Page 37 and 38:
Companies excluded from the consoli
Page 39 and 40:
for competitively priced TEŠ elect
Page 41 and 42:
2.2.1 Management of the HSE Group M
Page 43 and 44:
TOPLOFIKATSIA-RUSE AD Managing dire
Page 45 and 46:
2.4 Strategic orientations of the H
Page 47 and 48:
prepared, as were the methods for t
Page 49 and 50:
Annual inflation in % price movemen
Page 51 and 52:
Slovene electricity market in 2008
Page 53 and 54:
2.7 Sales and customers 2.7.1 Elect
Page 55 and 56:
2.8 Purchasing and suppliers 2.8.1
Page 57 and 58:
Primary raw materials In 2008 prima
Page 59 and 60:
trial operation, during which the e
Page 61 and 62:
TEŠ's Unit 6, 600 MW Considering t
Page 63 and 64:
ous waste disposal site - to the no
Page 65 and 66:
European Investment Bank (EIB) sign
Page 67 and 68:
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 and 120: • total equity: 187,751,171 €
Page 121 and 122: in March 2008 and which was recorde
Page 123: Retained net profit or loss for the
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
Page 170 and 171: 06 Contact information Holding Slov
Page 172 and 173: Branch office HSE Prague Address My
Page 174:
PPE OTE RES BU DOBP GoO PPEK PXE PV
show all

ANNUAL REPORT - HSE

Create successful ePaper yourself

Delete template?

Save as template?