ANNUAL REPORT - HSE

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