ANNUAL REPORT - HSE

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2.11.1 The controlling company’s ratios EQUITY FINANCING RATE 31/12/2008 31/12/2007 1. Liabilities in € 1,158,781,276 1,141,859,460 2. Equity in € 798,817,478 757,166,486 Equity financing rate = 2 / 1 68.94 66.31 At the end of 2008, the company’s equity amounted to 69% of its total liabilities. Compared with the end of 2007, the equity financing rate increased mainly due to higher net profit for the year 2008. LONG-TERM FINANCING RATE 31/12/2008 31/12/2007 1. Equity in € 798,817,478 757,166,486 2. Long-term liabilities in € 161,302,465 156,475,386 3. Provisions and Long-term accrued costs and deferred revenue in € 19,175,683 7,943,631 4. Total (1 + 2 + 3) 979,295,626 921,585,503 5. Liabilities in € 1,158,781,276 1,141,859,460 Long-term financing rate = 4 / 5 84.51 80.71 The company financed 85% of its assets from long-term sources and 15% from short-term sources. Compared with the end of 2007, the long-term financing rate increased by 4 percentage points due to an increase in equity and longterm liabilities and a decrease in short-term financial liabilities. OPERATING FIXED ASSETS RATE 31/12/2008 31/12/2007 1. Property, plant and equipment in € 6,774,756 127,881,827 2. Intangible assets and Long-term accrued revenue and deferred costs in € 8,178,427 8,430,458 3. Total fixed assets at carrying amount in € (1 + 2) 14,953,183 136,312,285 4. Assets in € 1,158,781,276 1,141,859,460 Operating fixed assets rate = 3 / 4 1.29 11.94 The share of property, plant and equipment and intangible assets in the company's assets amounts to 1% and has decreased compared with the end of 2007 due to the transfer of the joint venture for the construction of HPPs on the lower Sava River to the new company HESS. All of the company's investments in the joint venture were transferred to long-term investments. ANNUAL REPORT HSE | BUSINESS REPORT LONG-TERM ASSETS RATE 31/12/2008 31/12/2007 1. Property, plant and equipment in € 6,774,756 127,881,827 2. Intangible assets and Long-term accrued revenue and deferred costs in € 8,178,427 8,430,458 4. Long-term investments in € 929,662,269 819,063,439 5. Long-term operating receivables in € 2,715,058 125,188 6. Total (1 + 2 + 4 + 5) 947,330,510 955,500,912 7. Assets in € 1,158,781,276 1,141,859,460 Long-term assets rate = 6 / 7 81.75 83.68 The company’s long-term assets account for 82% of its total assets. The ratio decreased compared with the end of 2007 mainly due to an increase in current assets. 70
EQUITY TO FIXED ASSETS RATIO 31/12/2008 31/12/2007 1. Equity in € 798,817,478 757,166,486 2. Property, plant and equipment in € 6,774,756 127,881,827 3. Intangible assets and Long-term accrued revenue and deferred costs in € 8,178,427 8,430,458 4. Total fixed assets at carrying amount in € (2 + 3) 14,953,183 136,312,285 Equity to operating fixed assets ratio = 1 / 4 53.42 5.55 The ratio represents the relationship between equity and fixed assets. The ratio stood at 53 at the end of 2008, meaning that all of the company’s most illiquid assets were financed from equity. The ratio increased compared with 2007 due to the transfer of the joint venture for the construction of HPPs on the lower Sava River to the new company HESS. ACID TEST RATIO 31/12/2008 31/12/2007 1. Cash in € 6,374,755 3,839,722 2. Short-term investments in € 68,242,000 16,909,850 3. Total liquid assets in € (1 + 2) 74,616,755 20,749,572 4. Short-term liabilities in € 173,979,273 214,764,190 Acid test ratio = 3 / 4 0.43 0.10 The acid test ratio describes the relationship between liquid assets and short-term liabilities. At the end of 2008, it stood at 0.4, meaning that almost half of the company’s short-term liabilities were covered by liquid assets. The ratio improved considerably from 2007 thanks to an increase in short-term investments and decrease in short-term liabilities. QUICK RATIO 31/12/2008 31/12/2007 1. Cash in € 6,374,755 3,839,722 2. Short-term investments in € 68,242,000 16,909,850 3. Short-term operating receivables in € 127,497,862 155,083,914 4. Total (1 + 2 + 3) 202,114,617 175,833,486 5. Short-term liabilities in € 173,979,273 214,764,190 Quick ratio = 4 / 5 1.16 0.82 The quick ratio stood at 1.2 at the end of 2008, meaning that the company finances a part of its current assets from long-term liabilities. The ratio improved compared with 2007. CURRENT RATIO 31/12/2008 31/12/2007 1. Current assets in € 202,115,396 175,916,067 2. Short-term accrued revenue and deferred costs in € 5,146,178 6,082,027 3. Total (1 + 2) 207,261,574 181,998,094 4. Short-term liabilities in € 173,979,273 214,764,190 Current ratio = 3 / 4 1.19 0.85 The current ratio amounted to 1.2 at the end of 2008, which indicates the company’s solvency as it was able to cover all its short-term liabilities by its current assets. ANNUAL REPORT HSE | BUSINESS REPORT 71
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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
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01 Introduction 18 is the number of
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ANNUAL REPORT HSE | INTRODUCTION HS
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Electricity production and trading
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COMPANY HSE D.O.O. 2008 2007 IND 08
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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 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: The value of assets and total equit
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
Page 113 and 114: 4.8 Notes to the financial statemen
Page 115 and 116: Changes in intangible assets LONG-T
Page 117 and 118: Other shares and interests include
Page 119 and 120: • 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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