hse group

2.9 INVESTMENTS
34
Changes in the HSE balance sheet structure
ITEM Structure as of Structure as of Changes in
31.12.2002 31.12.2001 percentage points
ASSETS 100,000% 100,000% 0,0000%
A. FIXED ASSETS 88.979% 99.947% (10.9677%)
I. Intangible fixed assets 0.169% 0.000% 0.1693%
II. Tangible fixed assets 0.163% 0.004% 0.1592%
III. Long-term investments 88.647% 99.943% (11.2963%)
B. CURRENT ASSETS 11.020% 0.053% 10.9673%
I. Inventories 0.171% 0.000% 0.1706%
II. Operating receivables 6.031% 0.017% 6.0143%
III. Short-term investments 4.784% 0.000% 4.7840%
IV. Cash on hand, cheques and bank 0.035% 0.036% (0.0016)%
C. DEFERRED EXPENSES AND
ACCRUED REVENUES 0.000% 0.000% 0.0004%
LIABILITIES AND CAPITAL 100.000% 100.000% 0.0000%
A. CAPITAL 94.775% 99.981% (5.2062)%
I. Called-up capital 0.602% 0.002% 0.6005%
II. Capital Reserves 86.513% 118.272% (31.7589)%
III. Revenue Reserves 3.200% 0.000% 3.1999%
IV. Net profit from previous periods 0.000% 0.000% 0.0000%
V. Net profit for the financial year 3.200% (18.292)% 21.4918%
VI. Capital revaluation adjustments 1.260% 0.000% 1.2604%
B. PROVISIONS 0.000% 0.000% 0.0000%
C. FINANCIAL AND OPERATING LIABILITIES 5.045% 0.019% 5.0268%
». ACCRUED COSTS AND DEFERRED REVENUES 0.179% 0.000% 0.1794%
2.9.1 Lower Sava River
Hydropower Plants
On the Sava River section from Suhadol to
the state border with the Republic of Croatia
five new hydropower plants will be constructed,
thereby enabling us to generate
2.2-times more energy compared to the status
before additionally exploiting the river’s
hydropower potential. The Construction of
Hydropower Plants on the Lower Sava River
project is one of the largest projects in
the Slovenian power generation sector in
the last century. It is of the utmost importance
to Slovenia as a whole and is bringing
many positive effects to the country.
Renewable Source of Energy
In addition to increasing our own production
of hydropower the Construction of Hydropower
Plants on the Lower Sava River will
enable us to regulate the Sava river flow and
help us to better exploit the potential of this
renewable and price-efficient source of power.
Slovenia will enjoy an improved level of
reliability as well as independence in the
supply of electricity in addition to increased
stability of the power system’s operating,
which will become more reliable and robust.
Flood Area Regulation
From a broader point of view Slovenia, and
indirectly also HSE, will also enjoy gains on
a regional and local level. The Construction
of Hydropower Plants on the Lower Sava
River project also provides a higher level of
regional development as well as the regulation
of flood areas. We will achieve a higher
level of flood safety by executing the hydroeconomic
regulation and the construction of
hydro-economic infrastructure, while an
improved level of regional development will
be achieved by arranging the national, local,
and hydro infrastructure.
Important Complementary
Source of Power
The gross power potential of Slovenia’s
waters is estimated at 19,400 GWh p.a., of
which we are only technically able to exploit
some 9,100 GWh p.a., whereas just 7,000
to 8,500 GWh p.a. are currently economically
viable for exploitation. The current total
output of Slovenian hydropower plants is
819 MW, while with the construction of the
Lower Sava River Hydropower Plants we
will be able to acquire an additional 187 MW
of power. The annual production of hydropower
plants Boπtanj, Blanca, Krπko, Breæice
and Mokrice will amount to 720 GWh
on average, which represents 21 percent of
the current total output of Slovenian hydropower
plants.
The construction of hydropower plants on
the Lower Sava River will also contribute to
a reduction in the country’s dependability on
external sources, thereby improving the