ANNUAL REPORT - HSE

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ANNUAL REPORT HSE | INTRODUCTION 24 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
1.4 Chronology of major events in the HSE Group in 2008 January • The Supervisory Board of HSE adopted the business plan of HSE for 2008. • At HPP Zlatoličje, DEM installed a new driver, around a 90-tonne component of the new turbine, which was by means of a special lift lowered to the lower part of the turbine 2 shaft. This installation is one of the most demanding and important renovation phases of this turbine in the largest Slovene HPP. • After concluding the contract to sell and purchase SEL’s interest in a joint venture, GEN energija joined the joint venture for HPP construction on the lower Sava River. • TEŠ started combusting wood biomass, which will contribute to the fulfilment of the EU requirements related to greenhouse gas emissions and the produced primary energy from renewable energy sources. • DEM and the Austrian company KELAG signed the Data Exchange Agreement referring to mutual energy impacts on account of an upgrade of the pumping unit for pumping water from the Drava River to the reservoir lake of HPP Golica in the Koroška region in Austria. February • The Supervisory Boards/General Meetings of subsidiaries adopted the business plans of DEM, SENG, TET, PV and HSE Invest for 2008. • At the end of February, the Minister of the Environment and Spatial Planning, Janez Podobnik, and his colleagues inspected the entire construction site next to the reservoir of HPP Blanca and the dam facility. • DEM selected the company HSE Invest as the lead designer and manager of construction investment engineering at PSP Kozjak and of the transmission line between the pumped storage plant and DTS Maribor. • Articles of Association were signed on the foundation of Hidroelektrarna na Spodnji Savi d.o.o. (HESS). • SENG obtained a partial building permit for the construction of the connecting transmission line and 110 kV cable line for PSP Avče. March • Three contracts were signed with designers on the production of project and technical documentation for the NPP Krško reservoir. • The 11th Strategic Conference of the PV Group took place. 25
Page 1: ANNUAL REPORT The endless circle of
Page 5: Energy circulates. Within us and be
Page 8 and 9: 00 Table of contents 1 INTRODUCTION
Page 10 and 11: 01 Introduction 18 is the number of
Page 12 and 13: ANNUAL REPORT HSE | INTRODUCTION HS
Page 14 and 15: Electricity production and trading
Page 16 and 17: COMPANY HSE D.O.O. 2008 2007 IND 08
Page 18 and 19: Equity in € thousand 1,200,000 1,
Page 20 and 21: 1.2 Letter from the management We m
Page 22 and 23: ANNUAL REPORT HSE | INTRODUCTION 22
Page 26 and 27: ANNUAL REPORT HSE | INTRODUCTION 26
Page 28: Wisdom needs to be shared We teach
Page 31 and 32: COMPANY PROFILE OF HOLDING SLOVENSK
Page 33 and 34: 2.1.3 Management of the controlling
Page 35 and 36: the Articles of Incorporation, the
Page 37 and 38: Companies excluded from the consoli
Page 39 and 40: for competitively priced TEŠ elect
Page 41 and 42: 2.2.1 Management of the HSE Group M
Page 43 and 44: TOPLOFIKATSIA-RUSE AD Managing dire
Page 45 and 46: 2.4 Strategic orientations of the H
Page 47 and 48: prepared, as were the methods for t
Page 49 and 50: Annual inflation in % price movemen
Page 51 and 52: Slovene electricity market in 2008
Page 53 and 54: 2.7 Sales and customers 2.7.1 Elect
Page 55 and 56: 2.8 Purchasing and suppliers 2.8.1
Page 57 and 58: Primary raw materials In 2008 prima
Page 59 and 60: trial operation, during which the e
Page 61 and 62: TEŠ's Unit 6, 600 MW Considering t
Page 63 and 64: ous waste disposal site - to the no
Page 65 and 66: European Investment Bank (EIB) sign
Page 67 and 68: HSE Group’s equity-to-debt ratio
Page 69 and 70: The value of assets and total equit
Page 71 and 72: EQUITY TO FIXED ASSETS RATIO 31/12/
Page 73 and 74: 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
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Changes in intangible assets LONG-T
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Other shares and interests include
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• total equity: 187,751,171 €
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in March 2008 and which was recorde
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Retained net profit or loss for the
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fair value of the interest rate swa
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Short-term accrued costs and deferr
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Geographical segments GEOGRAPHICAL
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4.8.3 Cash flow statement General T
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4.8.5 Other notes Remuneration of m
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135
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The consolidated financial statemen
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Intangible assets and long-term acc
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A Group-level reconciliation has no
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Short-term accrued costs and deferr
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5.2 Auditor’s report ANNUAL REPOR
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5.3 Consolidated balance sheet in
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5.4 Consolidated income statement i
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5.6 Consolidated statement of chang
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5.7 Notes to the consolidated finan
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(2) Property, plant and equipment
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Changes in deferred tax assets in
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(11) Equity € 1,127,608,615 The v
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Maturity dates of long-term liabili
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Segments in € NET SALES REVENUE B
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Corporate income tax € 14,022,776
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Movements from equity Movements fro
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06 Contact information Holding Slov
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Branch office HSE Prague Address My
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PPE OTE RES BU DOBP GoO PPEK PXE PV
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ANNUAL REPORT - HSE

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