ANNUAL REPORT - HSE

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TOTAL FINANCIAL LIABILITIES / EBITDA 31/12/2008 31/12/2007 1. Long-term financial liabilities in € 290,364,661 224,606,377 2. Short-term financial liabilities in € 45,481,809 82,545,085 3. Total financial liabilities in € (1 + 2) 335,846,470 307,151,462 4. Operating profit or loss in € 116,771,920 66,499,803 5. Depreciation and amortisation in € 74,358,495 72,040,630 6. EBITDA in € (4 + 5) 191,130,415 138,540,433 Total financial liabilities / EBITDA = 3 / 6 1.76 2.22 The ratio shows the relationship between the Group’s debt and EBITDA. The ratio improved compared with the end of 2007 due to higher operating profit or loss for the year 2008. TOTAL FINANCIAL LIABILITIES / EQUITY 31/12/2008 31/12/2007 1. Long-term financial liabilities in € 290,364,661 224,606,377 2. Short-term financial liabilities in € 45,481,809 82,545,085 3. Total financial liabilities in € (1 + 2) 335,846,470 307,151,462 4. Equity in € 1,127,608,615 1,037,374,202 Total financial liabilities / Equity = 3 / 4 0.30 0.30 Although the Group's debt ratio was higher at the end of 2008, the share of total financial liabilities in equity was on a par with the previous year because the Group's equity also increased, mainly thanks to the net profit for the year 2008. EBITDA / FINANCE EXPENSES FOR LOANS 2008 2007 1. Operating profit or loss in € 116,771,920 66,499,803 2. Depreciation and amortisation in € 74,358,495 72,040,630 3. EBITDA in € (1 + 2) 191,130,415 138,540,433 4. Finance expenses for loans in € 16,771,877 12,492,692 EBITDA / Finance expenses for loans = 3 / 4 11.40 11.09 The ratio increased compared with the end of 2007 mainly as a result of higher operating profit or loss. TOTAL FINANCIAL LIABILITIES / ASSETS 31/12/2008 31/12/2007 1. Long-term financial liabilities in € 290,364,661 224,606,377 2. Short-term financial liabilities in € 45,481,809 82,545,085 3. Total financial liabilities in € (1 + 2) 335,846,470 307,151,462 4. Assets in € 1,747,710,783 1,628,551,663 Total financial liabilities / Assets = 3 / 4 0.19 0.19 ANNUAL REPORT HSE | BUSINESS REPORT Although the Group's debt ratio was higher at the end of 2008, the share of total financial liabilities in assets was similar to the one at the end of 2007. The notes to the items constituting the ratios are explained in more detail in the financial report of the company HSE and the HSE Group. 76
3,700 was the volume of PV's lignite stocks in TJ as at 31/12/2008. At the HSE Group, we know that risk management is crucial to successful operation. One of the risks is associated with the extraction of lignite, which is used as a primary fuel in the production of electricity at TEŠ. To control the risk of lignite production failures, the HSE Group established appropriate stocks. 2.12 Risk management In the time when both the banking and the real sector are dealing with the consequences of the financial crisis, the HSE Group devotes even more attention to risk management. In 2008 we therefore continued the process of comprehensive risk management by: • appropriately managing all key risks identified, • identifying new risks. The HSE Group encounters risks in all areas of its operation, particularly in electricity production and trading and, consequently, in the area of finance. Risks can be classified into the following broad categories: • market risks, • quantity risk, • financial risks, • human resources risk, • information system risks and • regulatory risks. Based on the analysis of the HSE Group's operations in 2008 we estimate that the risks were successfully managed. Market risks The HSE Group is mainly exposed to market risks, which mostly arise from uncertainties about changes in the prices of electricity, cross-border transmission capacities, CO 2 emission permits and natural gas. In 2008 the controlling company HSE continued to develop its price and market risk management model. The all year round optimisation of the Group’s production units was carried out on a daily basis, and the Group's open position, the company's trading activities, price fluctuations and volatility in wholesale electricity markets, CO 2 emission coupons, other energy products and the exposure of the company’s trading portfolio to market risks were monitored in terms of value and quantity. To measure the exposure of the company’s trading portfolio to market risks, standard risk assessments methods, such as the Monte Carlo VaR method, were used with a 95% confidence level, based on which the risk value of the portfolio and year-on-year changes in probability distribution of the portfolio’s value were observed. The portfolio’s sensitivity to price changes was monitored using the delta/gamma analysis. In 2008 all models supporting the calculation of HSE's exposure were adjusted so that they could be used over a longer period. Production optimisation models, price curve models and the model for monitoring the exposure of the CO 2 emission coupon trading portfolio can now be used for periods in which the company's energy sales are conducted. In the area of optimisation models, methodological improvements to their performance were carried out, which enabled a better-quality simulation of the actual operation of turbines, thus contributing to a more accurate picture of the company's exposure, especially at the level of daily and hourly time intervals. In the area of production, an optimisation model of the simulation of the PSP's operation was prepared. To be able to estimate Slovenia's exposure more accurately, a price optimisation model of the Slovene electricity market was prepared, which serves as a basis for the model of Slovenia's long-term price curve. The company's exposure analysis was adjusted to reflect the updated structure of individual trading port- ANNUAL REPORT HSE | BUSINESS REPORT 77
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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,
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1.2 Letter from the management We m
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ANNUAL REPORT HSE | INTRODUCTION 22
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ANNUAL REPORT HSE | INTRODUCTION 24
Page 26 and 27: ANNUAL REPORT HSE | INTRODUCTION 26
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 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: QUICK RATIO 31/12/2008 31/12/2007 1
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 €
Page 121 and 122: in March 2008 and which was recorde
Page 123 and 124: Retained net profit or loss for the
Page 125 and 126: 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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