ANNUAL REPORT - HSE

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All project construction work was carried out. The drive facility was constructed and the machinery installation was finalised within this facility and the electricity equipment facility. The second gas turbine was supplied and the installation of machinery, electrical equipment and gas turbine control was completed. All the necessary equipment was delivered and installed, and all electrical installations were completed. The connecting pipeline was supplied and installed from the MDS to the gas turbines. In mid July, a technical inspection was carried out for the issue of an operating permit for the gas turbine and the pipelines connected to Unit 4, and for start-up of a trial run. The operating permit for the two turbines is expected to be acquired in April 2009. Middle Sava River HSE was appointed concessionaire for the construction of an HPP on the middle Sava River at the end of 2004. Nine HPPs are planned to be constructed on the middle Sava River's section between Tacen and Suhadol with a total rated power of 304 MW. The purpose of the project is to boost the utilisation of the Sava River's hydro potential and increase the power and production of the HSE Group. In 2008 the concession contract continued to be coordinated and further preparatory work was carried out for research, measurements and the necessary technical documentation. The project investor is TEŠ. The project investor is HSE. ANNUAL REPORT HSE | BUSINESS REPORT 62 PSP Kozjak PSP Kozjak will increase the competitive strength of DEM and HSE in terms of production and economy. It will enable the pumping of water during periods of low electricity prices, and the generation of electricity during periods of higher electricity prices. The higher reliability of electricity supply will result in favourable economic effects for HSE and DEM. In 2008 various scientific bases, which are required to amend the NSP programme, prepare technical documentation, and facilitate decisions by project engineers, planners and the investor, were commissioned and prepared. Scientific bases required in connection with NSP-related documents have been finalised. Additional bases were prepared according to the requirements stated at the public presentation. Also drafted were impact assessments, an assessment of the plant's impact on the development of the environment, a traffic study, geomechanical conditions, and a study of the electricity market. The investment programme, revised and approved by the Review Committee, was produced based on the supplemented preliminary design project. The project investor is DEM. Other investments of the HSE Group Termoelektrarna Trbovlje In June 2008 a contract was signed through a tender on the supply of equipment and services for a loading station for TET coal. The delivery date for the entire coal loading station based on the turn-key principle, including spare parts and successfully completed trial operation, is within 18 months of signing the contract. Technologically, this involves a double front-tipping device and the use of Eas series wagons allowing for the possibility of wagons fitted for bottom emptying, as the feeding chute will be covered by a steel grid. The bulk of funds allocated in 2008 to investments in reliable operation went for increasing the power of the turbo aggregate, retrofitting of the low-pressure section, purchase of a Taprogge filter for water cooling, replacement of the electrical protection of the 125 MW unit, renovation of the ground foundations of the large-scale rotating excavator line, the acquisition of a dust distribution measurement device, and the purchase of the most needed machinery and tools for the mechanical and electrical service. Among environmental investments, most funds were invested in the disposal of waste products – the programme for adaptation of the Prapretno non-hazard-
ous waste disposal site – to the northern disposal site and the start of the expansion of this disposal site due south. The 1st phase was completed, i.e. excavation at the disposal site, construction work, and drafting of a safety plan. Premogovnik Velenje The majority of funds were spent on excavation equipment, namely: excavation and directional chain conveyor, extraction machine, control excavation equipment, energy and other cables, and a high-pressure pumping site pump. Two diesel-powered rack-andpinion locomotives were purchased, in addition to two pneumatic shunting trains, tracks and transport units. 63
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ANNUAL REPORT The endless circle of
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Energy circulates. Within us and be
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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 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: TEŠ's Unit 6, 600 MW Considering t
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
Page 109 and 110: 4.5 Income statement ITEM 2008 2007
Page 111 and 112: 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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