ANNUAL REPORT - HSE

ANNUAL REPORT HSE | INTRODUCTION
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the construction and refurbishment of HSE Group's
production facilities, Rules governing the work of the
company’s management, Rules governing the work of
the company’s Supervisory Board, strategy for selling
the energy produced and the comprehensive trading
risk management model.
Owing to the company's strategy to intensify its presence
in the energy market and the changed market
conditions, the work of the Supervisory Board and
audit committee was extensive in 2008. The Supervisory
Board estimates that the reports, information
and analyses prepared by the management were appropriate
and accurate, and they were also further
explained by the management, or occasionally by
preparers, at the meetings. The Supervisory Board
thus obtained the necessary insight into all important
areas of operations, enabling it to perform, without
interruptions, its functions of monitoring and controlling
the handling of transactions and operations
of the company within the scope of its powers and
competences laid down in the Articles of Incorporation.
Examination of the annual
report and position on the
audit report
From the independent auditor's report on the 2008
annual report it is evident that the financial statements
present fairly, in all material respects, the financial
position of the company and its financial performance
and cash flows for the year 2008. Based on
the examination of audit reports, the assessment of
the Supervisory Board’s audit committee and explanations
given at the Supervisory Board meeting, the
Supervisory Board of the company HSE raised no objections
to the audit reports. Given the regular monitoring
of HSE’s operations, unqualified audit opinions,
good operating results of the company HSE and the
HSE Group, and exceeded business plan for 2008, the
Supervisory Board of the company HSE, in line with its
competences and after the final examination, raised
no objections to the annual report of the company HSE
and the HSE Group for the year 2008 and confirmed
the annual report on 10/06/2009.
At its meeting held on 10/06/2009, the Supervisory
Board was also informed of the convening of the company’s
General Meeting and examined the proposal
for the allocation of accumulated profit as determined
in the annual accounts.
Determination and
proposed allocation of
accumulated profit
The company Holding Slovenske elektrarne d.o.o.
ended the financial year 2008 with a net profit of EUR
53,756,215.01.
At its 38th regular meeting held on 18/02/2009, the Supervisory
Board agreed with the management's proposal
that half of the net profit of EUR 26,878,107.50
should be allocated to other revenue reserves already
during the preparation of the financial statements for
the year 2008.
The remaining net profit represents the accumulated
profit for the year 2008 and amounts to EUR
26,878,107.51.
Based on the strategic objectives and investment policy,
the Supervisory Board of HSE d.o.o. agrees with the
management's proposal submitted to the founder that
the entire accumulated profit of EUR 26,878,107.51
should be allocated to other revenue reserves. Further
on, the Supervisory Board proposes to the General
Meeting that a discharge from liability should
be granted to the management and the Supervisory
Board as regards the operations in the year 2008.
The company’s Supervisory Board prepared the report
in accordance with Article 282 of the Companies Act.
The report of the Supervisory Board is intended for the
company’s General Meeting.
Alojz Stana, M.Sc.
President of the Supervisory Board
Holding Slovenske elektrarne d.o.o.
Ljubljana, 10/06/2009