ANNUAL REPORT - HSE

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00 Table of contents 1 INTRODUCTION 10 1.1 OPERATING HIGHLIGHTS OF THE COMPANY AND THE HSE GROUP IN 2008 15 1.2 LETTER FROM THE MANAGEMENT 20 1.3 REPORT OF THE SUPERVISORY BOARD 22 1.4 CHRONOLOGY OF MAJOR EVENTS IN THE HSE GROUP IN 2008 25 ANNUAL REPORT HSE | TABLE OF CONTENTS 8 2 BUSINESS REPORT 30 2.1 THE CONTROLLING COMPANY 30 2.1.1 Profile of the controlling company 30 2.1.2 Organisational structure of the controlling company 32 2.1.3 Management of the controlling company 33 2.1.4 Corporate governance statement 34 2.2 PROFILE OF THE HSE GROUP 36 2.2.1 Management of the HSE Group 41 2.3 BUSINESS POLICY OF THE HSE GROUP 44 2.4 STRATEGIC ORIENTATIONS OF THE HSE GROUP 45 2.5 QUALITY MANAGEMENT SYSTEM POLICY 45 2.5.1 Achieving objectives regarding quality 46 2.5.2 Achieving environment management objectives 46 2.5.3 Achieving occupational health and safety objectives 46 2.5.4 Achieving information security objectives 46 2.5.5 Certificates obtained by HSE Group production companies 47 2.6 MARKET POSITION 48 2.6.1 Characteristics of the economic environment in 2008 48 2.6.2 Market environment of the electricity industry 49 2.6.3 Situation on electricity markets in 2008 50 2.7 SALES AND CUSTOMERS 53 2.7.1 Electricity 53 2.7.2 Other activities 54 2.8 PURCHASING AND SUPPLIERS 55 2.8.1 Electricity 55 2.9 INVESTMENTS 58 2.10 INFORMATICS 64 2.11 FINANCIAL OPERATIONS 64 2.11.1 The controlling company’s ratios 70 2.11.2 The HSE Group’s ratios 73 2.12 RISK MANAGEMENT 77 2.13 EXTERNAL COMMUNICATION 81 2.14 RESEARCH AND DEVELOPMENT 81 2.15 PLANS FOR THE FUTURE 83 2.16 IMPORTANT EVENTS AFTER THE END OF THE PERIOD 85
3 SOCIAL RESPONSIBILITY REPORT 88 3.1 RESPONSIBILITY TO EMPLOYEES 88 3.1.1 Employees in the controlling company 89 3.1.2 Employees in the HSE Group 92 3.2 RESPONSIBILITY TO THE NATURAL ENVIRONMENT 93 3.3 RESPONSIBILITY TO THE BROADER SOCIAL COMMUNITY 94 4 FINANCIAL REPORT OF THE COMPANY HSE 98 4.1 INTRODUCTORY NOTES 98 4.2 MANAGEMENT’S STATEMENT 104 4.3 AUDITOR’S REPORT 105 4.4 BALANCE SHEET 107 4.5 INCOME STATEMENT 109 4.6 CASH FLOW STATEMENT 110 4.7 STATEMENT OF CHANGES IN EQUITY 111 4.8 NOTES TO THE FINANCIAL STATEMENTS 113 4.8.1 Balance sheet 113 4.8.2 Income statement 128 4.8.3 Cash flow statement 131 4.8.4 Statement of changes in equity 132 4.8.5 Other notes 133 5 FINANCIAL REPORT OF THE HSE GROUP 136 5.1 INTRODUCTORY NOTES 136 5.2 AUDITOR’S REPORT 145 5.3 CONSOLIDATED BALANCE SHEET 147 5.4 CONSOLIDATED INCOME STATEMENT 149 5.5 CONSOLIDATED CASH FLOW STATEMENT 150 5.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 151 5.7 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 153 5.7.1 Consolidated balance sheet 153 5.7.2 Consolidated income statement 162 5.7.3 Consolidated cash flow statement 166 5.7.4 Consolidated statement of changes in equity 166 5.7.5 Other notes 167 6 CONTACT INFORMATION 170 ANNUAL REPORT HSE | TABLE OF CONTENTS 9
Page 1: ANNUAL REPORT The endless circle of
Page 5: Energy circulates. Within us and be
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
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TEŠ's Unit 6, 600 MW Considering t
Page 63 and 64:
ous waste disposal site - to the no
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European Investment Bank (EIB) sign
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HSE Group’s equity-to-debt ratio
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The value of assets and total equit
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EQUITY TO FIXED ASSETS RATIO 31/12/
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EBITDA / FINANCE EXPENSES FOR LOANS
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QUICK RATIO 31/12/2008 31/12/2007 1
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3,700 was the volume of PV's lignit
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• to ensure minimum deviations of
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2.13 External communication In 2008
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potential development projects, inc
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2.16 Important events after the end
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03 Social responsibility report 3,8
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Voluntary pension insurance HSE has
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3.1.2 Employees in the HSE Group At
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ANNUAL REPORT HSE | SOCIAL RESPONSI
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Observation Inspiration Implementat
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and required qualitative characteri
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holding an investment, investments
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Revenue is recognised when it can b
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4.3 Auditor’s report ANNUAL REPOR
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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
Page 174:
PPE OTE RES BU DOBP GoO PPEK PXE PV
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ANNUAL REPORT - HSE

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