ANNUAL REPORT - HSE

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