hse group

• Consented to the establishment
of an affiliated company in Italy
• Plan of power sales and purchases
in 2003 and the export figures
• Kept track of the ongoing construction
of Boπtanj HPP
At its 6th ordinary meeting on 28
May 2003 the HSE Supervisory
Board discussed the Holding Slovenske
elektrarne d.o.o. Annual Report
and the HSE Group Annual
Report for 2002 along with Auditor’s
Reports and the management proposals
regarding the appropriation of
generated profits.
The auditing company KPMG
Slovenija, d.o.o, audited the HSE
and HSE Group financial statements
along with the HSE Annual Report
and the HSE Group Annual Report
for the financial year 2002.
According to the audit opinion as of
5 May 2003 HSE and HSE Group
financial statements with annexes
give a true and fair view of the company
and Group’s financial position
as of 31 December 2002, the results
of its operation, cash flow and
changes in equity for the year that
ended at the time according to the
Slovenian Accounting Standards.
Annual Reports are in accordance
with the audited financial statements.
Based on the reviewed audit reports
and based on explanations as given
by the auditor at the Supervisory
Board meeting, the HSE Supervisory
Board has no remarks in relation
to the audit reports.
Based on constant tracking of the
company’s operations, positive audit
reports, very good financial performance
both for the company and the
Group, the achieved goals as set
down in the 2002 business plan and
in accordance with its competences
the HSE Supervisory Board has no
remarks regarding the Holding Slovenske
elektrarne d.o.o. Annual
Report and the HSE Group Annual
Report for the financial year 2002
and both are thereby approved.
In 2002 HSE accumulated a total
net profit in the amount of SIT
12,285,003,564.56. At its 5th ordinary
meeting held on 21 March
2003 the company’s Supervisory
Board adopted the Management
Board’s proposal for the appropriation
of accumulated profit of SIT
6,142,501,782.28 into reserves at
the very composition of the 2002
Annual Report.
The remaining part of the accumulated
profit represents the undistributed
net profit for the financial
year 2002 in a total amount of SIT
6,142,501,782.28.
In compliance with the company’s
strategic goals and investment policy
the HSE Supervisory Board agrees
with the Management Board’s proposal
to distribute the generated
profits of SIT 6,142,501,782.28 in its
full amount into reserves.
The HSE Supervisory Board prepared
its report in accordance with
Article 274a. of the Corporate Law.
Supervisory Board report was prepared
for the company’s General
Meeting.
Djordje Æebeljan, M. Sc.,
President of the Supervisory Board
Holding Slovenske elektrarne d.o.o.
Ljubljana, 28 May 2003
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