ANNUAL REPORT - HSE

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ANNUAL REPORT HSE | BUSINESS REPORT 40 into the EU, the company served as a basis for the establishment of balancing groups in the EU. HSE Balkan Energy d.o.o. 100.0 % The company HSE Balkan Energy, which is based in Belgrade, was established as result of HSE’s expansion to SE Europe. Serbia plays an important geographical and energy role in its region. It also has a developed electricity system and important resources such as water, coal and geothermal energy. The company trades in electricity and assists the HSE Group in its expansion to SE Europe. HSE Hungary Kft. 100.0 % The company HSE Hungary helps establish links with the markets of central and eastern Europe, mainly with Poland, the Czech Republic and Slovakia. It is engaged in electricity trading. HSE Adria d.o.o. 100.0 % HSE Adria, which is based in Zagreb, is engaged in crossborder electricity trade, entering into electricity sales and purchase contracts, and technical consulting. HSE Bulgaria EOOD 100.0 % The subsidiary HSE Bulgaria was established to trade in electricity produced by the company Toplofikatsia- Ruse AD and to expand business operations to the markets of Greece, Macedonia and Romania. Toplofikatsia-Ruse AD 51.0 % By acquiring the company Toplofikatsia-Ruse AD, HSE increased the assortment of its production sources by 400 MW. Having its own production source in Bulgaria facilitates a quicker expansion of electricity trading volume in this part of the region and the transmission of electricity to Slovenia. Toplofikatsia-Ruse produces electricity, industrial steam and heat. HSE Prague branch office The Prague branch office is engaged in the purchase of electricity from qualified producers, sale of electricity to authorised consumers and other electricity traders in an organised Czech market of which it is a member. It also makes it possible to participate in auctions for the allocation of cross-border transfer capacities. HSE Bratislava branch office The Slovak branch office was established to participate in auctions for the allocation of cross-border transfer capacities on the Slovak and Hungarian border. HSE Belgrade representative office HSE's own representative office in Belgrade is one of the bases for the expansion of activities to the markets of former Yugoslavia and the wider area of SE Europe. HSE Bucharest representative office After Bulgaria joined the EU and two reactors at NPP Kozloduy were closed, Romania became the main electricity exporter in the region. Romania also has the largest power exchange in SE Europe and a liberalised market. For these reasons, HSE decided to open a representative office in Bucharest and obtain an electricity trading licence. Investments HSE Invest d.o.o. HSE, DEM, SENG each 25.0 % The company’s most important activity is the management of development projects in pre-investment stages, construction of new and refurbishment of existing power plants. The company plays an important role in the construction of the chain of hydropower plants on the lower Sava River, the construction of PSP Avče, refurbishment of HPP Zlatoličje and in other major projects of the HSE Group. Hidro Moćnost Makedonija d.o.o. 33.3 % The company was established in 2008 by a consortium of RWE Power from Germany and HSE, which jointly responded to the Macedonian government's call for tenders to construct HPP Čebren and HPP Galište on the Crna River in Macedonia. The call requires the selected tenderer to establish a company together with ELEM, the Macedonian electricity producer, to construct the above HPPs. In November 2008, the Macedonian government decided to cancel the call for tenders without any explanation. In December 2008, a prequalification call for tenders was again published, but it did not differ from the call published in June 2006. Multi-utility Stelkom d.o.o. 19.0 % Stelkom is a provider of telecommunication and connection services, and offers its services using the telecommunication infrastructure of companies from the electricity industry. The infrastructure is based on a widely distributed optical network of more than 2,500 km in total length.
2.2.1 Management of the HSE Group Management bodies The majority of subsidiaries are run by a single-member management or management board. The subsidiary HSE Italia is run by a three-member board of directors, while the companies HSE Hungary, HSE Adria and HSE Bulgaria are run by a two-member management. The company Toplofikatsia-Ruse AD has a seven-member board of directors. Most companies are supervised by a three-member supervisory board. DRAVSKE ELEKTRARNE MARIBOR D.O.O. Managing director Damijan Koletnik As at 01/01/2008 As at 31/12/2008 Boris Novak Viljem Pozeb, M.Sc. Supervisory Board composition Žan J. Oplotnik, Ph.D. Ladislav Tomšič, M.Sc. Bojan Majhenič Marjan Kirbiš Main activity Hydro electricity production SOŠKE ELEKTRARNE NOVA GORICA D.O.O. Managing director Vladimir Gabrijelčič As at 01/01/2008 As at 31/12/2008 Viljem Pozeb, M.Sc. Tomaž Štokelj, Ph.D. Supervisory Board composition Niko Jurca Irena Stare Silvester Medvešček Silvester Medvešček Main activity Hydro electricity production HIDROELEKTRARNE NA SPODNJI SAVI, D.O.O. Managing director Supervisory Board composition as at 31/12/2008 Main activity Bogdan Barbič Damijan Koletnik Martin Novšak Vladimir Gabrijelčič Nikola Galeša Janez Keržan, M.Sc. Hydro electricity production TERMOELEKTRARNA ŠOŠTANJ D.O.O. Managing director Uroš Rotnik, Ph.D. As at 01/01/2008 As at 31/12/2008 Djordje Žebeljan, M.Sc. Djordje Žebeljan, M.Sc. Supervisory Board composition Franc Sever Jože Zagožen, Ph.D. Franc Rosec Franc Rosec Main activity Thermal electricity production TERMOELEKTRARNA TRBOVLJE D.O.O. Managing director Marko Agrež, M.Sc. Uroš Rotnik, Ph.D. Supervisory Board composition as at 31/12/2008 Borut Dolanc, M.Sc. Janez Balog Main activity Thermal electricity production ANNUAL REPORT HSE | BUSINESS REPORT 41
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 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: for competitively priced TEŠ elect
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
Page 75 and 76: QUICK RATIO 31/12/2008 31/12/2007 1
Page 77 and 78: 3,700 was the volume of PV's lignit
Page 79 and 80: • to ensure minimum deviations of
Page 81 and 82: 2.13 External communication In 2008
Page 83 and 84: potential development projects, inc
Page 85 and 86: 2.16 Important events after the end
Page 88 and 89: 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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