Annual report - HSE

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Investments in subsidiaries (3) in € Subsidiary 31 December 2012 31 December 2011 DEM d.o.o. 387,058,979 387,058,979 SENG d.o.o. 152,692,249 152,692,249 HESS d.o.o. 130,089,548 127,029,548 TEŠ d.o.o. 224,289,677 224,289,677 TET d.o.o. 11,682,000 24,503,340 PV d.d. 60,408,543 60,408,543 HSE Invest d.o.o. 80,000 80,000 HSE Italia S.r.l. 29,690 29,690 HSE Hungary Kft. 0 4,004,965 HSE Balkan Energy d.o.o. 1,025,063 1,025,063 HSE Adria d.o.o. 102,553 102,553 HSE Bulgaria EOOD 513,220 513,220 HSE MAK Energy DOOEL 26,778 26,778 HSE BH d.o.o. 513,990 513,990 SRESA d.o.o. 60,000 60,000 TOTAL 968,572,290 982,338,595 Majority of company’s assets is represented by long-term investments in subsidiaries. They include investments in companies, in which the company – directly or indirectly through other owners – owns a majority stake and prepares consolidated financial statements for this group of companies. Annual Report HSE 2012 4 Financial Report of the company HSE 130
Subsidiary Address Activity % Ownership % Voting rights DEM d.o.o. Obrežna ulica 170, 2000 Maribor, SLO Hydroelectricity 100% 100% generation SENG d.o.o. Erjavčeva 20, 5000 Nova Gorica, SLO Hydroelectricity 100% 100% generation HESS d.o.o. C. bratov Cerjakov 33 a, 8250 Brežice, SLO Hydroelectricity 51% 51% generation TEŠ d.o.o. Cesta Lole Ribarja 18, 3325 Šoštanj, SLO Electricity production 100% 100% at thermal power plants PV d.d. Partizanska cesta 78, 3320 Velenje, SLO Mining and agglomeration 77.73% 77.73% of lignite TET d.o.o. Ob železnici 27, 1420 Trbovlje, SLO Electricity production 81.33% 81.33% at thermal power plants HSE Invest d.o.o. Obrežna ulica 170 a, 2000 Maribor, SLO Other project engineering 25% 25% and technical consulting SRESA d.o.o. Ob železnici 27, 1420 Trbovlje, SLO Hydroelectricity 60% 60% generation HSE Italia S.r.l. Via Roma 20, Gorizia, Italy Electricity trading 100% 100% HSE Balkan Energy d.o.o. Bulevar Mihaila Pupina 117, Electricity trading 100% 100% Belgrade, Serbia HSE Adria d.o.o. Miramarska 24, Zagreb, Croatia Electricity trading 100% 100% HSE Bulgaria EOOD 45 a Bulgaria Blvd.,Triaditza Region, Electricity trading 100% 100% Sofia, Bulgaria HSE MAK Energy DOOEL Belasica no. 2, Skopje, Macedonia Electricity trading 100% 100% HSE BH d.o.o. Ul. Bulevar Meše Selimovića br.16, Electricity trading 100% 100% Sarajevo, BIH Annual Report HSE 2012 4 Financial Report of the company HSE 131
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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 €
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Debt-to-equity ratio in € 2012 20
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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 126 and 127: Costs of services are historical co
Page 128 and 129: in € Intangible assets Emission c
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,
Page 176 and 177: 5.5.7.5 Long-term investments in as
Page 178 and 179: 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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