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60 Total operating revenues of 2002 were generated by sale of electric and thermal energy. Financial revenues SIT 413,733,000 0.5% of revenues Financial revenues represent revenues from investments and appear in connection with short-term investments, as well as in connection with receivables. Financial revenues are recognised on calculation, irrespective of receipts on condition that there is no significant uncertainty as to their amount, maturity and collectability. Interest is accounted for in proportion to the period elapsed, as well as with reference to the unpaid part of the principal and the valid interest rate. Expenses SIT 79,586,494,000 Expenses are recognised if during the accounting period the decrease in economic benefits is related to the decrease of asset or to the increase of liability and if the relevant decrease can be measured without fail. Operating expenses SIT 78,728,639,000 98.9% of expenses Operating expenses are recognised when the merchandise has been sold. Operating expenses include costs of purchase of the merchandise and material sold. 98.8 percent of total operating expenses are expenses for the purchase of electric and thermal energy, coal and the related costs. Financial expenses SIT 857,105,000 1.1% of expenses Financial expenses are expenses for financing and expenses for investing. They are recognised on calculation, irrespective of receipts they are related to. Revaluatory financial expenses arise in connection with long-term and shortterm investments due to their impairment and in connection with the increase in value of long-term and shortterm liabilities. Extraordinary expenses SIT 750,000
3.7.4 Statement of changes in equity The statement of changes in equity presents changes of capital elements in the financial year. The statement has been prepared in accordance with the version II contained in the SAS 27. In 2002 the capital reserves were reduced by SIT 30,383,715,000, due to the fact that the Company covered the loss from 2001 in accordance with the decision of the shareholders’ meeting. The distributable net profit for 2002 amounted to SIT 6,142,502,000. 3.7.5 Other disclosures Cost by functional group in SIT 000 Value of operating effects sold 77,978,429 Cost of sales 173,762 Costs of general activities (purchase and administration) 576,448 61 In 2002 the capital of the Company was increased by an investment in kind made by the sole owner - TDR - Metalurgija d.o.o. The share capital increased by SIT 1,153,217,000. A long-term investment among the assets in the balance sheet increased by the same amount. Income of individual groups of persons in SIT 000 Members of the Management Board 67,771 Other staff employed on the basis of individual contracts 162,999 Members of the Supervisory Board 7,644 In the income statement for 2002 ne profit of SIT 12,285,004,000 was ascertained, 50% amounting to SIT 6,142,502,000 was allocated to other revenue reserves in accordance with the proposal of the Management Board and the agreement of the Supervisory Board. By the application of the capital method the Company increased the value of long-term investments in subsidiaries by the share in their profits and increased the specific equity revaluation adjustment by SIT 2,423,207,000. Income of members of the Management Board and staff employed in accordance with the individual contracts include: • Gross income contained in the notice about the income tax return • Jubilee awards • Premiums for optional additional pension insurance paid by the company Income of members of the Supervisory Board include: • Gross meeting fees and travel expenses In 2002 no advances, loans and guarantees were granted to these groups of persons and no receivables due from them are therefore presented.
Page 1:
ANNUAL REPORT 2002
Page 5 and 6:
TABLE OF CONTENTS Statement by the
Page 7 and 8:
an internal magazine that connects
Page 9: • Consented to the establishment
Page 13: 1. KEY ACHIEVEMENTS FOR THE FINANCI
Page 16 and 17: 2 BUSINESS REPORT 2.1 GENERAL COMPA
Page 18 and 19: HSE Supervisory Board Members of th
Page 20 and 21: 2.2 MISSION, VISION AND STRATEGIC G
Page 22 and 23: 22 possible level of human and tech
Page 24 and 25: 2.5 SUPPLY AND SUPPLIERS 24 Market
Page 26 and 27: 2.6 SALES AND BUYERS 26 2.6.1 Elect
Page 28 and 29: 28 hold-ups of production when inte
Page 30 and 31: 30 Financial Risks In addition to q
Page 32 and 33: 32 2.8.1 Financial Criteria of Busi
Page 34 and 35: 2.9 INVESTMENTS 34 Changes in the H
Page 36 and 37: PZR - Tender Project The preparatio
Page 38 and 39: 38 2.9.3 Metering System • System
Page 40 and 41: 2.10 INFORMATICS 2.11 QUALITY 40 Bu
Page 42 and 43: 2.13 RESEARCH AND DEVELOPMENT 42 Pr
Page 45 and 46: FINANCIAL REPORT OF HSE D.O.O.
Page 47 and 48: 3.2 AUDITOR’S REPORT 47
Page 49 and 50: in SIT 000 ITEM Year 2002 Year 2001
Page 51 and 52: 3.5 CASH FLOW STATEMENT in SIT 000
Page 53 and 54: 3.7 NOTES TO FINANCIAL STATEMENTS G
Page 55 and 56: Changes in long-term investments in
Page 57 and 58: Short-term Investments SIT 9,183,42
Page 59: Short-term operating liabilities to
Page 65: 4 HSE GROUP KEY ACHIEVEMENTS FOR TH
Page 68 and 69: 5. PRESENTATION OF HSE GROUP 5.1 HS
Page 70 and 71: 5.2 HUMAN RESOURCES MANAGEMENT 70 K
Page 72 and 73: 5.4 OTHER ACTIVITIES 5.5 INVESTMENT
Page 74 and 75: 5.6 IMPORTANT EVENTS AFTER THE END
Page 77 and 78: FINANCIAL REPORT OF THE GROUP
Page 79 and 80: 6. 2. AUDITOR’S REPORT 79
Page 85 and 86: 6.6 CONSOLIDATED STATEMENT OF CHANG
Page 87 and 88: tangible fixed asset is carried und
Page 89 and 90: Short-term investments are not reva
Page 91 and 92: Operating revenues among the Group
Page 93: 6.7.5 Other disclosures Cost by fun
Page 96 and 97: CONTACTS 96 Management Board Execut
Page 98: Annual Report 2002 HSE d.o.o., Cest
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