ANNUAL REPORT - HSE

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(7) Short-term investments € 116,375,273 The largest share of the Group’s short-term investments relates to deposits with Slovenia’s major banks, hence the exposure to risks is minimum. Deposits with banks are not secured, but the loans given are. One of the group companies impaired a loan by € 18,600,000 based on an estimated repayable value of the principal arising from a loan secured with a mortgage. The impaired value of the loan thus amounts to € 2,400,000. in € TYPES OF SHORT-TERM INVESTMENTS 31/12/08 31/12/07 Deposits with banks 113,231,694 81,741,383 Short-term loans to associates 0 50,075 Short-term loans to others 3,142,025 21,714,293 Other short-term investments 1,554 0 Total 116,375,273 103,505,751 (8) Cash € 13,453,168 At the balance sheet date, group companies had in place automatic borrowing facilities in the form of overdrafts on transaction accounts with banks, which amounted to € 13,101,030 but were not used as at 31/12/2008. (9) Short-term accrued revenue and deferred costs € 5,958,343 The bulk of the Group’s accrued revenue and deferred cost items relates to short-term deferred costs (accrued contingent costs of electricity, concessions paid in advance, insurance premiums, maintenance costs, etc.). The amount of short-term accrued revenue and deferred costs eliminated in consolidation totalled € 10,565,336. (10) Off-balance sheet records € 372,404,610 The Group’s off-balance sheet items comprise given and received instruments for the collateralisation of payments (bank guarantees, insurance policies), granted guarantees and the value of futures. ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP Off-balance sheet records TYPE OF OFF-BALANCE SHEET RECORD 31/12/08 31/12/07 Bank guarantees received and other collaterals 139,222,794 122,764,966 Bank guarantees issued and other collaterals 153,721,991 82,901,089 Futures used for hedging - purchase 76,998,736 104,261,505 Other 2,461,089 2,435,216 Total off-balance sheet records 372,404,610 312,362,776 in € 158
(11) Equity € 1,127,608,615 The value of nominal capital and capital surplus remained unchanged in 2008. Other revenue reserves total € 169,502,829 and were increased as follows in 2008: • by a portion of accumulated profit for 2007 amounting to € 4,305,599, in accordance with a resolution adopted by the controlling company’s General Meeting, • by a portion of net profit for 2008 amounting to € 26,878,107, in accordance with a decision taken by the controlling company’s Supervisory Board on the management’s proposal. Retained earnings of € 250,720,796 represent the controlling company’s share of retained earnings of subsidiaries and the differences in consolidation from previous years. Net profit for the financial year totals € 46,923,175 and comprises the accumulated profit of the controlling company in the amount of € 26,878,108, the 2008 profits or losses of subsidiaries attributable to the controlling company in the amount of € 47,484,324, and a decrease by € 27,439,257 arising from consolidation, which represents the elimination of the controlling company’s finance income from shares of profit of subsidiaries and other effects on the consolidated income statement. Revaluation surplus, which totals € 10,561,050, stood at € 11,634,567 at the controlling company (hedging derivatives) but was reduced during consolidation by € 1,073,517, which represents the controlling company’s share in the creation of revaluation surpluses in subsidiaries and its share of profit of associates. Consolidation equity adjustment of € -903,981 represents foreign exchange differences that occurred in the translation of balance sheet items and income statement items of subsidiaries abroad and foreign exchange difference determined during consolidation. Minority interest increased by € 29,801,308 in 2008, mainly due to incorporation of HESS in the consolidated financial statements, and totals € 60,002,772. The amount of subsidiaries’ equity eliminated during consolidation totalled € 935,554,785. The Group’s equity TOTAL EQUITY 31/12/08 31/12/07 Nominal capital 29,558,789 29,558,789 Capital surplus 561,243,185 561,243,185 Other revenue reserves 169,502,829 138,319,123 Revaluation surplus 10,561,050 22,670,400 Retained net profit or loss 250,720,796 178,559,130 Net profit or loss for the period 46,923,175 77,255,420 Consolidation equity adjustment -903,981 -433,309 Equity of minority owners 60,002,772 30,201,464 Total 1,127,608,615 1,037,374,202 in € PROFIT OR LOSS OF THE GROUP AFTER EQUITY RESTATEMENT 31/12/08 Net profit or loss 73,801,282 Equity restatement result -21,159,727 Profit or loss after restatement based on consumer prices (2.1% growth) 52,641,555 in € ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP 159
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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
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holding an investment, investments
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Revenue is recognised when it can b
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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 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: Changes in deferred tax assets in
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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