ANNUAL REPORT - HSE

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Costs by functional group TYPE OF COST 2008 2007 Cost of merchandise sold 761,805,403 906,358,345 Cost of sales 2,012,627 1,981,892 General and administrative costs 21,360,892 12,327,604 Total costs 785,178,922 920,667,841 in € Total profit or loss € 61,608,411 The company ended the year 2008 with total profit or loss of € 61,608,411. Corporate income tax € 7,649,606 In accordance with the Corporate Income Tax Act, the tax for 2008 amounted to 22% of the taxable base reported in the company’s tax assessment. Based on the 2007 tax assessment, the company paid € 6,287,101 in advance income tax payments in 2008. Its income tax liability thus amounted to € 1,362,505 at the end of 2008. Deferred taxes € 202,590 Deferred taxes are intended for covering temporary differences between the carrying amount and tax values of assets and liabilities. The values of deferred taxes created and used are presented in the table showing deferred tax assets. The company did not account for deferred tax liabilities in 2008. Net profit or loss € 53,756,215 After taking into account corporate income tax and deferred tax assets, the net profit or loss for the accounting period totals € 53,756,215. Profit or loss of the company TYPE OF PROFIT OR LOSS 2008 2007 Operating profit or loss 35,126,795 2,482,997 Profit or loss on ordinary activities 56,938,328 16,748,106 Profit or loss on extraordinary activities 4,670,083 81,553 Total profit or loss 61,608,411 16,829,659 Net profit or loss for the accounting period 53,756,215 12,411,197 in € ANNUAL REPORT HSE | FINANCIAL REPORT OF THE COMPANY HSE 130
4.8.3 Cash flow statement General The cash flow statement shows changes in the balance of cash during a financial year. Cash comprises deposit money in transaction accounts and deposits redeemable at notice. The cash flow statement has been prepared using the indirect method (Format II as laid down in SAS (2006) 26.9). The data presented in the cash flow statement has been obtained from balance sheets for the current and previous year (excluding the joint venture transfer) and the income statement for the current period. In order for the inflows to match the receipts and outflows to match the expenses as closely as possible, the following additional eliminations were made in the cash flow statement: in connection with the revaluation surplus, cash outflows from futures in the amount of € 9,616,862 have been recorded as outflows from operating activities. Cash flows TYPE OF CASH FLOW 2008 2007 Cash flows from operating activities 53,356,324 30,695,629 Cash flows from investing activities (80,386,571) (106,156,798) Cash flows from financing activities 29,565,280 75,120,465 Net cash flow for the period 2,535,033 (340,704) in € ANNUAL REPORT HSE | FINANCIAL REPORT OF THE COMPANY HSE 131
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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
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The value of assets and total equit
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EQUITY TO FIXED ASSETS RATIO 31/12/
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EBITDA / FINANCE EXPENSES FOR LOANS
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QUICK RATIO 31/12/2008 31/12/2007 1
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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 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: Geographical segments GEOGRAPHICAL
Page 133 and 134: 4.8.5 Other notes Remuneration of m
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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
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ANNUAL REPORT - HSE

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