ANNUAL REPORT - HSE

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ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP For the year 2007 in € ITEMS Called-up Capital Revenue Revaluation Retained Net profit Consolidation Equity of capital surplus reserves surplus net or loss equity minority profit for the adjustment owners TOTAL Nominal Other or loss period capital revenue reserves As at 01/01/2007 4,824,807 692,999,922 123,162,670 8,507,732 226,597,387 0 5,591 85,631,243 1,141,729,352 Spin-off on 01/01/2007 0 (131,756,737) 0 (19,352) (29,434,985) 0 0 (30,357,828) (191,568,902) A. As at 01/01/2007 after the spin-off 4,824,807 561,243,185 123,162,670 8,488,380 197,162,402 0 5,591 55,273,415 950,160,450 B. Movements to equity 24,733,982 0 0 27,335,860 (969,690) 83,461,018 (438,900) 6,334,746 140,457,016 a) Subscription of called-up nominal capital 24,733,982 5,984,297 30,718,279 e) Net profit or loss for the period 83,461,018 (314,952) 610,723 83,756,789 f) Equity revaluation adjustments (119,800) 19,548 (100,252) g) Other increases in components of equity 27,335,860 (969,690) (4,148) (279,822) 26,082,200 C. Movements within equity 0 0 15,156,453 (268,127) (8,682,728) (6,205,598) 0 0 0 a) Allocation of net profit as a component of equity in accordance with a management 6,205,598 (6,205,598) 0 and supervisory board decision b) Allocation of net profit to additional reserves in accordance with a general 8,950,855 (8,950,855) 0 meeting resolution c) Settlement of loss as a deduction component of equity (268,127) 268,127 0 D. Movements from equity 0 0 0 (12,885,713) (8,950,854) 0 0 (31,406,697) (53,243,264) a) Payment of dividends (8,950,854) (8,950,854) b) Repayment of capital (31,406,697) (31,406,697) d) Transfer of revaluation surplus (to operating revenue or finance income) 13,278,034 13,278,034 e) Other decreases in components of equity (26,163,747) (26,163,747) E. Closing balance for the period 29,558,789 561,243,185 138,319,123 22,670,400 178,559,130 77,255,420 (433,309) 30,201,464 1,037,374,202 * The accompanying notes are an integral part of the consolidated financial statements and should be read in conjunction with them. 152
5.7 Notes to the consolidated financial statements 5.7.1 Consolidated balance sheet General Information on the basis for the preparation of the consolidated balance sheet and on specific accounting policies selected and applied to the Group’s significant transactions and other business events are presented in the disclosures pertaining to individual significant assets and liabilities. The Group has no additional information that does not have to be disclosed in the consolidated balance sheet but is deemed significant for a true and fair presentation of the Group’s operations. The exposure to risks associated with individual types of assets and liabilities and their management has been disclosed in the business report. Assets and liabilities are carried at fair value unless the fair value of an asset or liability cannot be determined. In this case, they are carried at historical cost. (1) Intangible assets and long-term accrued revenue and deferred costs € 48,274,010 Long-term property rights mainly relate to software, transfer of a lower Sava River concession for a consideration, and CO 2 emission coupons. Under the Environment Protection Act and the Ordinance on the National Plan for the Allocation of CO 2 Emission Coupons for the period 2008-2012, two subsidiaries received 24,911,220 CO 2 emission coupons in 2008. In accordance with Interpretation 1 of SAS 2 (2006) issued by the Slovene Institute of Auditors, these coupons are carried at € 1 per coupon. The value of the coupons received from the state represents the bulk of the increase in long-term property rights in 2008. The controlling company also has CO 2 emission coupons that are held for trading purposes. The Group’s opening balance of CO 2 emission coupons amounted to 4,865,792. In 2008, 1,287,403 CO 2 emission coupons were purchased (of which 823,572 within the Group), 24,911,220 coupons were received from the state, while 6,454,274 coupons were sold or used. The Group thus had 24,610,141 CO 2 emission coupons at the end of 2008. During consolidation, CO 2 emission coupons worth € 5,572,500 were eliminated on account of intra-Group sales. Additional goodwill of € 82,342 was created due to the elimination of surplus arising from the revaluation of long-term investments in 2008 by a subsidiary in which the controlling company’s ownership interest was changed after the creation of the revaluation surplus. Amortisation rates for intangible assets with finite useful lives range from 2 to 50% p.a. In 2008 CO 2 emission coupons were impaired within the Group, but no reasons for impairment were determined in connection with other intangible assets. ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP 153
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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
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03 Social responsibility report 3,8
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Voluntary pension insurance HSE has
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3.1.2 Employees in the HSE Group At
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ANNUAL REPORT HSE | SOCIAL RESPONSI
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Observation Inspiration Implementat
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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
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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: 5.6 Consolidated statement of chang
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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