Annual report - HSE

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Costs of services are historical costs of services purchased, namely maintenance services, advertising services, entertainment, insurance premiums, payment transaction and other banking services (except interest), rentals, advisory services, business travels and similar services. Write-downs in value include amortisation/depreciation costs related to consistent transfer of value of amortisable intangible assets and property, plant and equipment. Write-downs in value also include impairments, write-downs and losses from the sales of intangible assets and property, plant and equipment as well as impairments or write down of receivables. Labour costs are historical costs that refer to salaries and similar values in gross amounts as well as duties that are calculated from this basis and are not an integral part of gross amounts. Other operating expenses occur in relation to creation of provisions, environmental charges and other duties. Financial expenses comprise borrowing costs, including related derivatives and losses from the liquidation of subsidiary. Interest expenses are recognised upon their occurrence, in the amount of agreed-upon interest rate. 4.5.7.14 Tax Taxes include current and deferred tax liabilities. Current tax is included in the income statement. The deferred tax is recorded in the income statement and the statement of financial position. Current tax liabilities are based on taxable profit for the period. The taxable profit defers from net profit reported in the profit or loss, since it excludes the items of revenue or expenses that are taxable or deductible in other years as well as items that are never taxable or deductible. The company’s current tax liabilities are calculated with tax rates that are applicable on the reporting date. Current tax liabilities decrease in the event of advance payments of corporate income tax during the year. In 2011, the applicable tax rate for corporate income tax amounted to 20%. In 2012, a change in tax rates of corporate income tax was adopted: • 2012 - 18% tax rate, • 2013 - 17% tax rate, • 2014 - 16% tax rate, • From 2015 - 15% tax rate. Deferred tax is completely disclosed using the liabilities method after the statement of financial position for temporary differences arising between the tax base of assets and liabilities and their carrying amounts in financial statements. Deferred income tax is defined using tax rates (and legislation) applicable on the date of financial position and for which it is expected to be in use when the receivable for deferred tax is realised or the liability for deferred tax is settled. A deferred tax asset is recognised if there is a possibility that a taxable profit will be available in the future, from which it will be possible to utilise temporary differences. It represents the amount of the calculated corporate income tax on deductible temporary differences. 4.5.7.15 Statement of other comprehensive income Annual Report HSE 2012 4 Financial Report of the company HSE 126 The company does not present deferred taxes arising from items of other comprehensive income separately in the statement, but it discloses the amount of tax for each individual item in the explanatory notes. 4.5.7.16 Cash flow statement Cash flow statement represents changes in cash and cash equivalents of the financial year, for which it is prepared. The part of cash flow statement related to operations is prepared according to indirect method, based the statement of financial position and the income statement data, while the part related to investment and financing activities is prepared using the direct method.
4.5.7.17 Segment reporting The company does not disclose operations by segments in the annual report. Segment reporting must be disclosed by the companies whose treasury or debt securities are traded in the market and companies which are issuing treasury or debt securities in public security markets. 4.5.7.18 Fair value measurement Financial instruments are disclosed at their fair value. Fair value is the amount by which an asset can be sold, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. When determining fair value of financial instruments, the following hierarchy of fair value defining levels is considered: • First level comprises quoted prices (unmodified) in active markets for equal assets or liabilities; • Second level comprises inputs besides quoted prices included in the first level that are directly (i.e. as prices) or indirectly (i.e. as derived from prices) evident for asset or liability; • Third level comprises input data for an asset or liability that are not based on evident market data. In order to determine the fair value of interest and currency swaps we use information submitted to the company by the bank where an individual swap was concluded. Assessed values are verified by the company. 4.5.7.19 Financial risks management Detection and management of financial risks is determined in more detail in the business report. In notes to financial statements, the financial risks are presented in connection with items in financial statements (Point 4.5.8.8 Financial instruments and risks). 4.5.8 Notes to the financial statements 4.5.8.1 Statement of financial position Intangible assets (1) in € Intangible assets 31 December 2012 31 December 2011 Emission coupons 21,820,152 17,981,378 Other long-term property rights 1,833,129 1,907,407 Intangible assets 23,653,281 19,888,785 Intangible assets comprise emission coupons for the purposes of electricity production within the HSE Group and software. In 2012, the company reviewed useful life of relevant software and determined that useful lives of intangible assets had changed with respect to projections, which caused changes in amortisation rate. Due to extended useful life, the amortisation charge in 2012 totalled EUR 59,061, which is EUR 42,426 less than the amortisation of the initially determined useful life. Annual Report HSE 2012 4 Financial Report of the company HSE 127
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ANNUAL REPORT OF THE COMPANY HSE &
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Contents 7 8 9 10 13 13 14 15 1 Int
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What you see: Downpour What we see:
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1.2 Report of the Supervisory Board
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Other important matters and issues
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1.2.2 Monitoring and supervision of
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1.3 Electricity production and trad
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HSE Group 2012 2011 IND 12 / 11 Net
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1.5 Chronology of important events
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• On 19 October, an agreement on
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management. Immediately after the i
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2.1 Controlling company 2.1.1 Profi
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2.1.3 Management of the controlling
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2.1.4 Corporate governance statemen
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• Supervising the integrity of fi
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HSE Group in western, central and s
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Hydro production Dravske elektrarne
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Srednjesavske elektrarne d.o.o. (SR
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Termoelektrarna Trbovlje d.o.o. (TE
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PV Zimzelen d.o.o. is a retirement
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HSE Adria d.o.o. HSE Adria d.o.o. M
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Investments HSE Invest d.o.o. HSE I
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Regular cooperation with trade unio
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National, European and global frame
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2.5.4 Achieving information securit
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performed with the help of market c
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Slovenian electricity market in 201
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The scope of trading on the Italian
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Long-term contracts and day-ahead m
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Structure of sources The electricit
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2.9 Investments The HSE Group is bo
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At HPP Krško, the following activi
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Most of company’s investments wer
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Debt ratio The debt ratio is an imp
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The value of assets and total equit
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Equity to fixed assets ratio in €
Page 76 and 77: Debt-to-equity ratio in € 2012 20
Page 78 and 79: Operating fixed assets rate in €
Page 80 and 81: Net return on equity ratio (ROE) in
Page 82 and 83: 2.12 Risk management The HSE Group
Page 84 and 85: 2.12.2 Operating risks Market risk
Page 86 and 87: In 2012, risks were managed with th
Page 88 and 89: Production management The HSE Group
Page 90 and 91: Risk of investment activities The k
Page 92 and 93: 2.14 Research and development In 20
Page 94 and 95: EU level Key activities: • EU Ren
Page 96 and 97: 2 Poslovno poročilo
Page 98 and 99: 3.1 Responsibility to employees In
Page 100 and 101: Employees and the community Employe
Page 102 and 103: Number of employees as at 31 Decemb
Page 104 and 105: certificates on their behalf. In 20
Page 106 and 107: 2 Poslovno poročilo
Page 108 and 109: 4.1 Auditor’s report Annual Repor
Page 110 and 111: 4.2 Statement of management’s res
Page 112 and 113: 4.4 Financial statements 4.4.1 Stat
Page 114 and 115: 4.4.4 Cash flow statement in € An
Page 116 and 117: 4.5 Notes to the financial statemen
Page 118 and 119: 4.5.3 Basis of measurement Company
Page 120 and 121: 4.5.7.2 Property, plant and equipme
Page 122 and 123: 4.5.7.4.2 Non-derivative financial
Page 124 and 125: 4.5.7.7 Equity Total equity of the
Page 128 and 129: in € Intangible assets Emission c
Page 130 and 131: Investments in subsidiaries (3) in
Page 132 and 133: Significant amounts from statements
Page 134 and 135: Short-term financial receivables fr
Page 136 and 137: Other short-term assets (7) in €
Page 138 and 139: Provisions for termination and jubi
Page 140 and 141: Short-term financial liabilities (1
Page 142 and 143: Other current liabilities (15) in
Page 144 and 145: Costs of goods, materials and servi
Page 146 and 147: Tax (24) The company is subject to
Page 148 and 149: In the reporting period, individual
Page 150 and 151: Receipts of supervisory board membe
Page 152 and 153: in € Changes in allowances for sh
Page 154 and 155: In March 2013, the company TEŠ dre
Page 156 and 157: Sensitivity analysis of cash flow a
Page 158 and 159: 4.5.8.9 Fair values The company est
Page 160 and 161: 5.1 Auditor’s report for HSE Grou
Page 162 and 163: 5.2 Statement of management’s res
Page 164 and 165: 5.4 Consolidated financial statemen
Page 166 and 167: 5.4.4 Consolidated cash flow statem
Page 168 and 169: 5.5 Notes to the consolidated finan
Page 170 and 171: 5.5.2 Basis for preparation In the
Page 172 and 173: 5.5.4 Currency reports 5.5.4.1 Func
Page 174 and 175: Emission coupons are not amortised,
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5.5.7.5 Long-term investments in as
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5.5.7.7 Inventories Inventories are
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5.5.7.10 Provisions for jubilee and
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Write-downs in value include amorti
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5.5.8 Notes to the consolidated fin
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Property, plant and equipment (2) i
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Other long-term investments and loa
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Changes in deferred tax assets in 2
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Cash and cash equivalents (8) in
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Provisions for legal actions are cr
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Long-term operating liabilities to
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Considering the increase in assesse
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In 2012, the audit of financial sta
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Financial expenses (27) Financial e
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Considering the abovementioned fact
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5.5.8.8.1 Credit risk Most of the G
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Changes in allowances for short-ter
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Contracts concluded for currency sw
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in € Capital management 31 Decemb
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Contacts Holding Slovenske elektrar
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HSE BH d.o.o. Bulevar Meše Selimov
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NIP 5 Revised investment programme
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Holding Slovenske elektrarne d.o.o.
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Annual report - HSE

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