ANNUAL REPORT - HSE

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5.7.3 Consolidated cash flow statement General The consolidated cash flow statement shows changes in the balance of cash during a financial year. The Group’s cash comprises cash on hand, deposit money in transaction accounts, and deposits redeemable at notice. The cash flow statement has been prepared using the indirect method (Format II – SAS 26.9). The data presented in the consolidated cash flow statement has been obtained from the cash flow statements of group companies, taking into account consolidation eliminations. Cash flows TYPE OF CASH FLOW YEAR 2008 YEAR 2007 Cash flows from operating activities 201,464,315 118,254,485 Cash flows from investing activities -235,553,558 -219,727,895 Cash flows from financing activities 32,245,119 109,504,411 Net cash flow for the period -1,844,124 8,031,001 in € ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP 166 5.7.4 Consolidated statement of changes in equity General The consolidated statement of changes in equity shows all changes in equity components during a financial year. Method The consolidated statement of changes in equity has been prepared using Format I as defined in SAS 27.2. Accumulated profit is not determined at the Group level. Movements to equity In 2008 movements to equity amounted to € 164,601,213. The equity of the Group (excluding minority interests) changed by € 134,799,905 as follows: • it was increased by net profit or loss of the Group (€ 73,801,282), • it was increased by retained profit or loss of the Group (€ 1,111,845) arising from consolidation at the level of a subsidiary, • it was decreased by the amount of consolidation equity adjustment (€ -470,672) arising from foreign exchange differences in subsidiaries abroad, • it was increased by the amount of revaluation surplus amounting to € 60,357,450, of which € 62,261,577 was recorded by a subsidiary (gain on futures used for hedging), € -1,911,221 represents the controlling company’s share of revaluation surplus of subsidiaries and € 7,094 represents the controlling company’s share of profits or losses of associates. Minority interest changed by € 29,801,308 as follows: • it was increased by € 28,768,925 due to the incorporation of a new company into the Group, • it was increased by net profit or loss of group companies (€ 713,932), • it was decreased by the amount of revaluation surplus of group companies (€ -130), • it was increased by retained profit or loss of the Group (€ 318,581) arising from consolidation at the level of a subsidiary. Movements within equity Movements within equity, which amounted to € 31,183,706, comprise: • allocation of a portion of the controlling company’s accumulated profit for 2007 (in accordance with a General Meeting resolution) of € 4,305,599 to other revenue reserves, • allocation of half of the controlling company’s net profit for the current year (in accordance with a Supervisory Board decision taken on the management’s proposal) of € 26,878,107 to other revenue reserves.
Movements from equity Movements from equity amounted to € 74,366,800 and relate to the Group only: • payment of a portion of the controlling company’s accumulated profit for 2007 to the owner (€ 1,900,000), • decrease in the controlling company’s revaluation surplus arising from futures used for hedging by € 72,466,800 (losses on futures in the amount of € 69,313,729 and transfer of fulfilled futures contracts to operating expenses as a decrease of € 3,153,071). 5.7.5 Other notes Remuneration of managers and employees who are not subject to the tariff part of the collective agreement Remuneration of managers and employees who are not subject to the tariff part of the collective agreement includes: • gross remuneration included in the income tax return notice, • premiums paid for voluntary additional pension insurance, • other remuneration. Remuneration of Supervisory Board members Remuneration of Supervisory Board members includes: • gross attendance fees and travel expenses. In 2008 managers, employees who are not subject to the tariff part of the collective agreement, and members of the Group’s Supervisory Boards did not receive shares of profits under General Meeting resolutions, nor were they approved any advances, loans or guarantees by group companies. At the end of 2008, group companies had no loan receivables and operating receivables from the above groups of persons. Remuneration of individual groups of persons GROUPS OF PERSONS YEAR 2008 Members of management boards 1,386,821 Employees who are not subject to the tariff part of the collective agreement 4,503,940 Members of supervisory boards 350,289 in € Costs of audit and tax consulting The cost of audit of the annual reports of HSE Group companies amounted to € 24,986. The cost of other audit services stood at € 1,500. Business events after the consolidated balance sheet date Business events after the consolidated balance sheet date have been disclosed in the business report. There were no other important business events. ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP 167
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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
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4.7 Statement of changes in equity
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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 and 162: Maturity dates of long-term liabili
Page 163 and 164: Segments in € NET SALES REVENUE B
Page 165: Corporate income tax € 14,022,776
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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