ANNUAL REPORT - HSE

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Structure of sources The electricity supplied by the HSE Group to its customers in 2008 was mainly purchased from subsidiaries (57%) and in foreign markets (28%). A large part of the remaining electricity purchases in the domestic market (15%) relates to purchases from GEN energija. To offset shortfalls arising from supply failures or poor hydrology, HSE purchased electricity in the day-ahead electricity market. Structure of electricity purchases in 2008 and 2007 2008 2007 15 % 16 % 41 % 28 % 57 % 43 % Other purchases in the domestic market Other purchases in the domestic market HSE Group companies HSE Group companies Purchases in foreign markets Purchases in foreign markets ANNUAL REPORT HSE | BUSINESS REPORT 56
Primary raw materials In 2008 primary raw materials used in the production of electricity included coal (57%), water potential (42%) and natural gas and extra light heating oil (1% each). Primary raw materials used in electricity production in 2008 and 2007 2008 2007 1 % 42 % 38 % 57 % 62 % Water potential Water potential Coal Coal Natural gas and liquid fuel Purchase price In 2008 the purchase price of electricity was mostly affected by the following factors: • favourable hydrology, which resulted in a production of cheaper hydropower by HSE Group companies and was 12.9% higher than planned, • energy production at TEŠ, which was 4.3% higher than planned, • energy production at TET, which was 3.3% higher than planned, • conditions in the electricity market. Coal At TEŠ, 44,207 TJ of coal were used in the production of electricity and heat, while at TET, 6,802 TJ of coal were used in the production of electricity. Coal stocks On 31/12/2008, PV’s coal stocks totalled 3,700 TJ while at TET they stood at 2,318 TJ. ANNUAL REPORT HSE | BUSINESS REPORT 57
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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 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: 2.8 Purchasing and suppliers 2.8.1
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
Page 101 and 102: holding an investment, investments
Page 103 and 104: Revenue is recognised when it can b
Page 105 and 106: 4.3 Auditor’s report ANNUAL REPOR
Page 107 and 108:
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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