ANNUAL REPORT - HSE

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ANNUAL REPORT HSE | BUSINESS REPORT 84 • HPP projects on the lower and central Sava River; • the possibility of the Mura and Idrijca Rivers being used for generation of electricity; • projects for using other renewable energy sources (biogas, solar energy, wind energy); • modernising technologies at thermal facilities and realisation of investment in the construction of TEŠ's Unit 6; • preserving of energy locations and activities in the Zasavje region, where HSE pursues a healthy economic, environmental, technical and human resources policy, at the same time complying with the RS’s commitments to the EU and respecting the justified interests of the local community in which the TPP operates; and • actively participating in technological development in the field of CSS (carbon capture and storage) and ZEPP (zero or very low greenhouse gas emission power plant); to this end HSE proposed to the Government of the RS to classify the TET location as one of the possible locations for pilot CCS technology projects. By implementing these projects we could greatly reduce the import dependence of Slovenia in the future. Being aware that merely the increase of production capacities is not a sustainable solution in the long run, as the approach to safer and above all efficient use of electricity is also important, HSE will in the future conduct Pan-Slovene campaigns to promote efficient use of energy among industrial and household consumers. Consolidation and streamlining of operations The main goals in the consolidation and streamlining of operations are: • providing competitiveness by reducing operating costs; • reorganising the organisational structure of the HSE Group and individual companies; • eliminating unnecessary assets and activities; • consolidating supplier chains; • redesigning business processes; and • efficiently managing all types of risks. Human resources management In human resources management the HSE Group has chiefly been in pursuit of the following goals: • providing training − investing in developing employee skills; • competence, enthusiasm, satisfaction and motivation of employees; • reducing the number of employees in electricity production, while creating jobs for complementary services within energy and environmental activities; • ensuring continued (re)training; and • providing a quality working life. Financial resources management In the area of financial resources management the major goals are: • assurance of short and long-term liquidity; • financial risk management; • provision of optimal financing sources; • managing an optimal financial policy; and • optimal structure of financing sources and capital composition. The fact is that investments in new capacities for electricity production are ever more demanding in terms of organisation and finance. The HSE Group is aware of that fact and through an active policy for searching for suitable financing sources and flexible organisation makes sure that the projects which are of strategic importance for it are carried out in due time and within the set framework in spite of changed circumstances. Research and development In research and development the HSE Group will provide for: • acceleration of strategic projects in the fields of: creation of value for the Company, implementation of projects to avoid risks, increase performance and seize opportunities to expand the HSE Group and promote innovation and know-how, while complying with legal and other binding requirements of the RS and the EU; and • monitoring and supervision of studies made by other research institutions. The HSE Group strives to actively participate in the drafting of expert bases for the adoption of suitable implementation plans to meet the commitments with the RS also as regards energy policy.
2.16 Important events after the end of the period On 14 January 2009 the Supervisory Board of HSE adopted the Business Plan of HSE for 2009. In February, the Supervisory Boards/General Meetings of subsidiaries adopted the 2009 business plans of DEM, SENG, TET, PV, HSE Invest and HESS. DEM impaired a loan in the amount of € 18,600,000 based on the estimate of the recoverable principal amount arising from a mortgage-backed loan. The impaired value of the loan is thus € 2,400,000. The said change has already been considered in the financial statements of the HSE Group for 2008. ANNUAL REPORT HSE | BUSINESS REPORT 85
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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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Wisdom needs to be shared We teach
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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 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: potential development projects, inc
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
Page 127 and 128: Short-term accrued costs and deferr
Page 129 and 130: Geographical segments GEOGRAPHICAL
Page 131 and 132: 4.8.3 Cash flow statement General T
Page 133 and 134: 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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