WAY UPWARDS - HSE

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140 Annual Report 2011 (4) Deferred tax assets Deferred tax assets are created from expenses, which affect the profit or loss of individual year, but are not deductible for tax purposes in the current year, and the fair value of derivatives disclosed in the reserve for fair value and does not yet affect the profit or loss. In 2011, changes in deferred tax receivables amount to € 476.948. In the income statement it is disclosed in the amount of € 84,962 and in the statement of financial position in is disclosed in the amount of € 561,910. Changes in deferred tax assets in EUR Provisions Impairment Amortisation/ depreciation Derivatives TOTAL Balance as at 1/1/2010 84,470 3,097,493 34,585 32,901 3,249,449 In debit/(credit) of profit or loss 10,334 −83,015 −3,528 0 −76,209 In debit/(credit) of other comprehensive income 0 0 0 −32,901 −32,901 Balance as at 31/12/2010 94,804 3,014,478 31,057 0 3,140,339 Balance as at 1/1/2011 94,804 3,014,478 31,057 0 3,140,339 In debit/(credit) of profit or loss 7,925 −85,792 −7,095 0 −84,962 In debit/(credit) of other comprehensive income 0 0 0 561,910 561,910 Balance as at 31/12/2011 102,729 2,928,686 23,962 561,910 3,617,287 (5) Short-term loans Short-term financial receivables and loans in EUR 31 December 2011 31 December 2010 1 January 2010 Loans to group companies 109,317,324 48,193,825 0 TOTAL 109,317,324 48,193,825 0 Short-term loans granted to group companies include short term framework loans to subsidiaries. Loans were approved within the framework of cash management within the HSE Group – indebtedness among the HSE Group companies. The larger portion of loan is the loan for replacement investment in Unit 6 at TEŠ and has not been secured with collateral. The repayment deadline is July 2012, while the interest rate is one-month €IBOR plus a minimum mark-up. Interest is calculated on monthly basis with the due date on the 20th day of the current month for the previous month. As at 31 December 2011, the company discloses € 109,100,000 of loans granted and € 217,324 of not yet due interest charged. Changes in short-term loans in EUR 31 December 2011 31 December 2010 Balance as at 1 January 48,193,825 0 Increase 265,213,040 60,795,259 Repayments −204,089,541 −12,601,434 Balance as at 31 December 109,317,324 48,193,825
Financial report of the company HSE 141 (6) Current operating receivables Short-term operating receivables in EUR 31 December 2011 31 December 2010 1 January 2010 From group companies 9,676,573 8,754,920 1,880,440 From buyers 132,818,196 98,128,112 102,994,225 Allowance for receivables from buyers −10,569 −15,252 −29 Advances given 99,175 51,087 6,804 From government and other institutions 5,450,488 11,064,362 14,042,821 From others 2,271,448 714,336 1,387,748 Allowance for receivables from others −19,396 −443,670 −873,966 TOTAL 150,285,915 118,253,895 119,438,043 Current operating receivables to group companies in the amount of € 9,676,573 represent receivables from electricity sold, receivables from services of performing certain functions for subsidiaries (trading, financial function etc.) and receivables arising from rentals. Short-term operating receivables to group companies in EUR 31 December 2011 31 December 2010 Dravske elektrarne Maribor d.o.o. 0 9,000 Soške elektrarne Nova Gorica d.o.o. 23,102 3,688,478 Premogovnik Velenje d.d. 861,889 409,918 HESS d.o.o. 58,529 103,969 Termoelektrarna Trbovlje d.o.o. 0 4,464 Termoelektrarna Šoštanj d.o.o. 1,768,948 313,319 HSE Invest d.o.o. 3,120 0 Golte d.o.o. 486 0 Gost d.o.o. 465 0 HSE Balkan Energy d.o.o. 1,886,090 589,990 HSE Hungary Kft. 1,737 3,011 HSE Adria d.o.o. 3,116,204 2,504,650 HSE Bulgaria EOOD 3,821 6,069 HSE BH d.o.o. 17,422 1,566 HSE Italia S.r.l. 1,932,278 1,112,605 HSE MAK Energy DOOEL 2,482 7,881 TOTAL 9,676,573 8,754,920 Short-term trade receivables (excluding group companies) in the amount of € 132,807,627 are predominantly comprised of receivables from the sale of electricity in Slovenia and abroad. The company had no receivables due from management and Supervisory Board members at the end of 2011. The section on credit risk includes disclosures in relation to maturity of receivables, allowances for receivables and insuring receivables.
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WAY UPWARDS Annual Report of the Co
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In 2011, we concluded the first dec
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2.13 2.14 2.15 External communicati
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1Introduction
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Introduction 3 efforts, sacrifice a
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Introduction 5 1.2.1 Monitoring and
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Introduction 7 • It was acquainte
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Introduction 9 • that, in the aud
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Introduction 11 1.4 Operating highl
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Introduction 13 Total revenue (in
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Introduction 15 •• On 18 March
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Introduction 17 •• On 19 Octobe
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Introduction 19 •• On 22 March
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2Business report 2011
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Business report 23 2.1.2 Organisati
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Business report 25 Changes in HSE
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Business report 27 • The use of a
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Business report 29 3. Internal cont
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Business report 31 2.2 Profile of t
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Business report 33 Related companie
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Business report 35 Hidroelektrarne
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Business report 37 TPP production T
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Business report 39 Primary sources
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Business report 41 International ne
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Business report 43 HSE Prague branc
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Business report 45 Soenergetika d.o
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Business report 47 Joint Workers’
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Business report 49 2.4 Strategic po
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Business report 51 2.5 Management s
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Business report 53 2.6 Market posit
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Business report 55 2.6.3 Situation
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Business report 57 Share of HSE Gro
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Business report 59 In 2011, HSE was
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Business report 61 Long-term contra
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Business report 63 TEŠ GT 51 GT 52
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Business report 65 2.9 Investments
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Business report 67 In 2011, the com
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Business report 69 2.10 Informatics
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Business report 71 Capital adequacy
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Business report 73 The value of ass
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Business report 75 Equity to fixed
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Business report 77 Debt-to-equity r
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Business report 79 2.11.2 HSE Group
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Business report 81 Operating effici
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Business report 83 2.12 Risk manage
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Business report 85 • It was acqua
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Business report 87 • Segmentation
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Financial report of HSE Group 193 (
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Financial report of HSE Group 205 G
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Financial report of HSE Group 215 M
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Everything is changing. It grows, s
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Contact information 223 Termoelektr
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225 Abbreviations € The euro A AC
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Abbreviations 227 W WA WAN WC Z ZET
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Holding Slovenske elektrarne d.o.o.
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WAY UPWARDS - HSE

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