ANNUAL REPORT - HSE

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• investments of controlling companies in subsidiaries and interests of controlling companies in the equity of subsidiaries, • loans extended by subsidiaries and, consequently, loans received from subsidiaries, • intangible assets of the controlling company and short-term accrued cost and deferred revenue items of subsidiaries, • intra-group receivables and liabilities, • intra-group revenue and expenses. Foreign exchange rate and method of conversion to the national currency In separate income statements, items in the financial statements of individual group companies denominated in foreign currencies are translated into local currencies at the exchange rate of the Bank of Slovenia on the day of accrual or at the national exchange rate of the country in which the company is registered and where it operates. The consolidated income statement shows a minority owners’ share of the Group’s profit or loss, while the consolidated balance sheet and the consolidated statement of changes in equity present minority interests in the Group’s equity. Associates Associates are the companies in which the Group exercises significant but not dominant control over business decisions. Associates in the Group are as follows: • Plinsko parna elektrarna d.o.o. Kidričevo, • Hidro Moćnost Makedonija d.o.o., • ERICo d.o.o., • PLP d.o.o., • PUP PV d.o.o., • Robinoks d.o.o., • Sipoteh d.o.o. The balances of assets and liabilities in the balance sheets of individual group companies denominated in foreign currencies are translated at the exchange rate of the Bank of Slovenia on 31/12/2008 or at the national exchange rate of the country in which the company is registered and where it operates. The foreign exchange gains and losses resulting from conversions are recorded as finance income or finance expenses, respectively. The foreign exchange differences resulting from consolidation are recorded as a consolidation equity adjustment. In translating the financial statements of foreign subsidiaries for the purpose of their incorporation into the consolidated financial statements: • assets and liabilities are translated at the exchange rate of the Bank of Slovenia as at 31/12/2008, • revenue and expenses are translated at the average exchange rate of the Bank of Slovenia for 2008. ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP Accounting policies All accounting policies and rules regarding the valuation of material items were harmonised between companies for the purpose of preparing the consolidated financial statements. Exchange rates used in conversion Audit The companies included in the consolidated financial statements have been audited or reviewed for audit purposes. All group companies were audited by Deloitte firms. COUNTRY Currency Closing rate in EUR for 2008 Average rate in EUR in 2008 Slovenia, Italy EUR - - Bulgaria BGN 1.9558 1.9558 Croatia HRK 7.3555 7.3459 Hungary HUF 266.7000 259.9600 Serbia RSD 89.3718 84.4845 138
Intangible assets and long-term accrued revenue and deferred costs Intangible assets represent a part of fixed assets enabling the performance of the companies’ registered activities, while physically they do not exist. Intangible assets are initially recognised at cost, which is also comprised of duties and all costs incurred while preparing an asset for its intended use. Interest on loans for the acquisition of intangible assets is not considered as part of the cost. After initial recognition, intangible assets are measured using the cost model. An item of intangible assets with finite useful life is amortised using the straight-line amortisation method. Amortisation begins when the intangible asset is available for use. The residual value of intangible assets has not been determined. In the bookkeeping records the cost and accumulated amortisation of intangible assets are recorded separately, whereas in the consolidated balance sheet they are recorded at carrying amount, i.e. as a difference between the cost and accumulated amortisation. An item of property, plant and equipment is initially recognised at cost. The cost comprises its purchase price, import duties and non-refundable purchase taxes, and any directly attributable costs of bringing the asset to working condition for its intended use, especially the costs of transportation and installation. The cost does not include the costs incurred upon the dismantling or refurbishment of property, plant and equipment. At one of the subsidiaries the cost is also increased by the amount of interest on loans taken out to acquire an item of property, plant and equipment until the item is ready for use. The cost of an item of property, plant and equipment constructed or manufactured within the Group consists of the costs incurred as a result of its construction or manufacturing and of indirect construction or manufacturing costs that can be attributed to the item. The cost of items of property, plant and equipment of greater value is divided into individual items with different useful lives. The spare parts of higher value are recorded as property, plant and equipment and depreciated over the useful life of the related asset. On disposal, intangible assets are eliminated from the books of account, and the difference between the net sales value and the carrying amount of a disposed of intangible asset is transferred to revaluation revenue or expenses. Goodwill occurs in consolidation as a result of the cost of an acquired interest in a company that is higher than the value of this interest in the equity of such a company. Goodwill is not amortised. It is impaired if necessary. Long-term accrued revenue and deferred cost items relate to long-term deferred costs that are initially recognised at cost but are later written down as part of costs to which they belong. Property, plant and equipment Property, plant and equipment are part of long-term assets owned by group companies and used for the performance of their registered activities. The anticipated costs of regular inspections and repairs of property, plant and equipment are considered as parts of property, plant and equipment. After initial recognition, the items of property, plant and equipment are measured using the cost model. Grants and state aid provided for the acquisition of property, plant and equipment are not deducted from their cost but are instead carried as long-term accrued costs and deferred revenue and used in accordance with the accounted for depreciation. Subsequent expenditure on an item of property, plant and equipment increases its cost when it increases its future economic benefits in excess of the originally assessed future economic benefits. The subsequent expenditure enabling the extension of the useful life of the asset initially reduces the accumulated depreciation. Repairs or maintenance of property, plant and equipment carried out to restore or maintain future eco- ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP 139
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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
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• to ensure minimum deviations of
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2.13 External communication In 2008
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potential development projects, inc
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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 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: The consolidated financial statemen
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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