WAY UPWARDS - HSE

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204 Annual Report 2011 (20) Other current liabilities Other short-term liabilities in EUR 31 December 2011 31 December 2010 1 January 2010 Short-term deferred revenue 0 2,134 42,979 Accrued costs 9,801,735 8,973,306 13,446,406 TOTAL 9,801,735 8,975,440 13,489,385 Other short-term liabilities include accrued costs, which in majority represent costs connected with electricity purchases, costs for unutilised leaves and concession costs. The costs of services eliminated during consolidation totalled € 6,026,037. (21) Contingent liabilities and assets Contingent liabilities in EUR 31 December 2011 31 December 2010 1 January 2010 Bank guarantees granted and other forms of collateral 60,358,187 41,693,691 252,854,282 Forward contracts for electricity purchase 55,397,388 61,648,764 20,748,385 Other contingent liabilities 1,467,440 1,038,240 79,251 Contingent liabilities* 117,223,015 104,380,695 273,681,918 * Besides, a part of contingent liabilities of the Group are guarantees granted and parent guarantees. The Group also records contingent liabilities in the amount of € 19,647,297 related to the costs of dismantlement of fixed assets. The provisions have not yet been created as no decision has been made as to the timing and the manner of dismantling. The tax authorities have the right to audit the company’s operations within 5 years after the year in which the tax has been levied, which can subsequently lead to additional tax charges, penalty interest charges and penalties arising from corporate income tax, value added tax and other taxes and duties. The Management Board is not aware of any circumstances that could give rise to possible material liability in this respect.
Financial report of <strong>HSE</strong> Group 205 Guarantees and parent guarantees granted Beneficiary Debtor Guarantee type Basic legal transaction From To Value in EUR million European Investment Bank/ bank consortium SENG Guarantee for bank guarantee Geoplin d.o.o. TEŠ Guarantee statement Alstom consortium European Investment Bank/ bank consortium TEŠ TEŠ Parent guarantee Guarantee for bank guarantee UniCredit Slo, SID TEŠ Guarantee for bank loan EBRD TEŠ Guarantee for EBRD loan Guarantee Facility Agreement as at 15/02/2006 Long-term purchase and sales agreement for natural gas no. 277 between TEŠ and Geoplin as at 23/11/2006, 17/02/2010 Agreement between TEŠ d.o.o. and Alstom consortium (Contract on the design, procurement and erection of the power island for the facility called "Sostanj Unit 6"),as at 27/06/2008, 19/10/2009 Guarantee Facility Agreement as at 24/11/2010 Loan agreement no. K 1967/07-SIN-107/07 as at 21/12/2007, 24/11/2010 Agreement on guarantee and loss reimbursement between <strong>HSE</strong> and EBRD as at 12/01/2011 15.2.2006 Effective for the period of agreement applicability 23.11.2006 Effective for the period of agreement applicability 25.11.2009 Effective for the period of agreement applicability 24.11.2010 Effective for the period of agreement applicability 21.12.2007 Effective for the period of agreement applicability 12.1.2011 Effective for the period of loan agreement applicability Total EUR 43 million + interest + costs For the period 2011-2015 total EUR 96 million + costs + interest Total EUR 695 million + escalation clause + installation (ca. € 80 million + 25% commission) + interest + costs Total EUR 88 million + interest + costs Total EUR 24 million + interest + costs Total EUR 160 million + interest + costs Contingent liability in EUR as at 31/12/2011 37,550,000 91,083,000 467,300,000 88,000,000 9,870,967 66,000,000 TOTAL contingent liabilities from guarantees and parent guarantees granted to subsidiaries 759,803,967 Contingent assets in EUR 31 December 2011 31 December 2010 1 January 2010 Bank guarantees received and other forms of collateral 274,688,107 262,584,642 117,744,851 Lawsuit before EU Commission 9,100,000 9,100,000 0 Other 3,418,837 230,608 1,218,145 TOTAL contingent assets 287,206,944 271,915,250 118,962,996
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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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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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Business report 89 we decided to mo
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Business report 91 • Regular moni
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Business report 93 with currency FX
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Business report 95 of e-mail, distu
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Business report 97 Human resources
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Business report 99 2.13 External co
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Business report 101 Changes in legi
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Business report 103 • Increase in
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3Social responsibility report 2011
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Social responsibility report 107 3.
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Social responsibility report 109 Nu
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Social responsibility report 111 an
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4Financial report of the company HS
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Financial report of the company HSE
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Page 236: Holding Slovenske elektrarne d.o.o.
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WAY UPWARDS - HSE

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