ANNUAL REPORT - HSE

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facilities that use fossil fuels as the primary source offer electricity. Currently, procedures are underway and regulatory frameworks are being formulated for the third trading period, which is projected to last from 2013 to 2020. In this period electricity producers in most European countries will have to purchase the entire volume of emission coupons at auctions. This will represent a high cost item to all of them. 2.6.3 Situation on electricity markets in 2008 3 Slovenia In 2008 the situation on the electricity market was characterised by a smaller energy price difference between SE European markets and continental markets. The reasons include the recovery of the economy and thus the consumption of electricity in SE Europe, which along with the lack of production units led to higher electricity prices. Still evident is the effect of the discontinued supply from the Bulgarian nuclear power plant, which represented an important production source for the entire region, before this country entered the EU. Due to the resulting situation, the energy flows from SE Europe to Continental Europe and Italy greatly decreased. The Hungarian market last year represented an important source of energy for Slovenia and SE Europe. The price of cross-border transmission capacities for transmitting energy from Croatia to Slovenia last year averaged a quarter of a euro. The Continental European market and partly the Italian market, from which Slovenia received electricity mostly during the night and at weekends, were significant import markets for Slovenia in 2008. The prices of cross-border transmission capacities for importing energy from Austria and Italy fluctuated accordingly, reaching the highest levels outside the peak period. HPPs made a major contribution to the energy balance sheet of Slovenia in 2008. The hydrology in 2008 greatly exceeded the historical average, as HPPs produced a quarter more energy than in 2007. As production is flexible, the energy generated from hydro potential was mostly placed to more expensive peak hours. Where so allowed by technical capacities, the price differences between peak and off-peak energy were also exploited in TPPs. Predominantly during the night, when the price of electricity and cross-border transmission capacities was lower than the variable TPP costs, the production units operated at a minimum or were shut off. When profitable, they operated at maximum capacity during peak hours. In 2008 TEŠ produced 2.5% more electricity than in 2007, whereas TET exceeded the 2007 level by 3.3%. Consumption from the transmission network decreased by 722 GWh or 5.4%. The greatest fall was seen in consumption by direct consumers, which can be mostly attributed to a production cut in Talum and TDR-Metalurgija. Also, after many years' rise, consumption from the distribution network shrank, which was contrary to the projected energy balance. Balance of European electricity markets in 2008 in TWh - 16 + 1.6 - 8.8 + 30.1 + 11.9 - 0.3 ANNUAL REPORT HSE | BUSINESS REPORT - 8.8 + 14.8 + 54.6 + 2.5 - 32.4 - 1.6 - 1.5 - 3.9 - 3.5 + 1.6 + 0.4 - 2.8 - 4.4 + 4.6 + 6.1 50 3 All data about electricity production in Slovenia include production only by the Slovene part of the Krško Nuclear Power Plant.
Slovene electricity market in 2008 and 2007 * 15,000 in GWh 12,000 11,330 10,341 12,798 13,496 6,142 6,146 4,751 9,000 6,000 3,000 3,023 0 Produced Used Imported Exported 2008 2007 * Source: ELES Share of the HSE Group's production in total electricity production in Slovenia in 2008 and 2007 12,000 10,000 8,000 6,000 4,000 2,000 0 3,559 7,771 69 % 2008 2007 3,322 7,019 68 % in GWh Produced by HSE Produced by others Source for production is ELES. Production of threshold electricity in the HSE Group in 2008 and 2007 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2,565 2,153 576 DEM SENG HESS * TEŠ TET TOTAL 2008 2007 380 129 100 3,850 3,756 651 630 7,771 7,019 in GWh Note: * In 2007 the production of HPP Boštanj was presented within the joint venture. ANNUAL REPORT HSE | BUSINESS REPORT 51
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 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: Annual inflation in % price movemen
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
Page 90 and 91: Voluntary pension insurance HSE has
Page 92 and 93: 3.1.2 Employees in the HSE Group At
Page 94 and 95: ANNUAL REPORT HSE | SOCIAL RESPONSI
Page 96: Observation Inspiration Implementat
Page 99 and 100: 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
Page 109 and 110:
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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