ANNUAL REPORT - HSE

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(15) Short-term accrued costs and deferred revenue € 15,317,815 The majority of the Group’s short-term accrued cost and deferred revenue items relate to accrued costs associated with contingent electricity costs, accrued costs of unutilised leave, loan interest and VAT on advances paid. The amount of short-term accrued cost and deferred revenue items relating to accrued costs of CO 2 emission coupons, which were eliminated during consolidation, stood at € 6,118,168. Changes in short-term accrued costs and deferred revenue Foreign As at Increase Use, exchange As at ITEM 31/12/2007 (creation) release differences 31/12/2008 Short-term accrued costs 9,749,812 97,813,202 -92,249,107 -3,651 15,310,256 Short-term deferred revenue 74,651 8,686 -75,778 0 7,559 Total 9,824,463 97,821,888 -92,324,885 -3,651 15,317,815 in € 5.7.2 Consolidated income statement The consolidated income statement has been prepared using Format I as defined in SAS 25. General Information on the basis for the preparation of the consolidated income statement and on specific accounting policies selected and applied to the Group’s significant operations and business events are presented in disclosures pertaining to individual revenue and expense items. Revenue € 920,705,280 The Groups’ revenue is comprised of operating revenue, finance income and other revenue. TYPES OF REVENUE YEAR 2008 YEAR 2007 Operating revenue 903,420,050 1,011,617,008 Finance income 11,469,110 32,301,850 Other revenue 5,816,120 804,588 Total 920,705,280 1,044,723,446 in € ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP Operating revenue € 903,420,050 The majority of net sales revenue relates to the revenue generated through the sale of electricity. The amount of net sales revenue and other operating revenue eliminated during consolidation totals € 579,767,094 and € 37,440, respectively. The value of capitalised own products and services increased by € 3,471,785 during consolidation, specifically due to the sale of property, plant and equipment within the Group. Finance income € 11,469,110 Finance income mainly relates to interest on deposits and loans. The amount of finance income eliminated during consolidation totals € 28,146,654. This mainly relates to the payment of a share of profit to the controlling company by two subsidiaries. Other revenue € 5,816,120 The Group’s other revenue includes the amounts of realised bank guarantees, compensation and subsidies. 162
Segments in € NET SALES REVENUE BY BUSINESS SEGMENT YEAR 2008 YEAR 2007 Electricity 840,340,453 953,578,530 Other 32,421,875 28,754,791 Total 872,762,328 982,333,321 in € NET SALES REVENUE BY GEOGRAPHICAL SEGMENT YEAR 2008 YEAR 2007 Domestic market 625,382,932 722,268,188 Foreign market 247,379,396 260,065,133 Total 872,762,328 982,333,321 Expenses € 827,174,352 The Group’s expenses are comprised of operating, finance and other expenses. in € TYPES OF EXPENSES YEAR 2008 YEAR 2007 Operating expenses 786,648,130 945,117,205 Finance expenses 38,929,791 15,239,916 Other expenses 1,596,431 1,141,529 Total 827,174,352 961,498,650 Operating expenses € 786,648,130 The cost of goods sold mainly relates to the cost of electricity. The costs of materials mostly relate to the costs of energy, fuel, materials specific to each type of production, and spare parts. The cost of goods and materials sold eliminated during consolidation totalled € 574,662,900. The majority of costs of services relate to the costs of services associated with production, maintenance costs, transport costs and insurance premiums. The costs of services eliminated during consolidation totalled € 1,808,041. Labour costs comprise salaries and compensations, social insurance contributions, additional pension insurance and other labour cost (meal allowance, commuting allowance, holiday allowance, jubilee benefits, financial support, termination benefits, etc.). Other labour costs also include the payroll tax. The majority of write-downs in value refer to the amortisation of intangible assets and depreciation of property, plant and equipment. In relation to intangible assets and property, plant and equipment, the biggest part of revaluation operating expenses relates to the write-down of unusable and technologically or economically inefficient assets, whereas in operating current assets, it refers to the revaluation of materials inventories. ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP 163
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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
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4.4 Balance sheet ITEM NOTE 31/12/0
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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 and 158: Changes in deferred tax assets in
Page 159 and 160: (11) Equity € 1,127,608,615 The v
Page 161: Maturity dates of long-term liabili
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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