Annual report - HSE

Significant amounts from statements of subsidiaries
for 2012
in €
Subsidiary Assets Liabilities Revenue Net Profit or loss Total equity
(without equity)
for the financial year
DEM d.o.o. 563,849,951 17,596,532 76,965,275 7,341,405 546,253,419
SENG d.o.o. 262,520,195 72,058,403 42,854,162 7,078,935 190,461,792
HESS d.o.o. 265,169,755 5,633,426 10,491,111 1,217,607 259,536,329
TEŠ d.o.o. 1,192,103,061 796,834,484 293,042,637 32,460,877 395,268,577
PV d.d. 219,462,673 108,155,567 131,720,698 19,741 111,307,106
TET d.o.o. 50,594,218 15,938,711 47,518,419 56,600 34,655,507
HSE Invest d.o.o. 2,434,048 1,426,630 6,663,012 36,326 1,007,418
SRESA d.o.o. 80,275 9 90 -18,844 80,266
HSE Italia S.r.l. 155,956 6,440 7,685,600 28,728 149,516
HSE Balkan Energy d.o.o. 2,071,778 1,125,538 33,109,956 247,569 946,240
HSE Adria d.o.o. 6,983,041 6,058,476 100,286,426 461,949 924,565
HSE Bulgaria EOOD 656,984 169,477 7,174,460 1,303 487,507
HSE MAK Energy DOOEL 3,523,753 3,456,945 7,148,310 21,727 66,808
HSE BH d.o.o. 4,224,918 3,631,604 11,725,954 82,022 593,314
TOTAL 2,573,830,606 1,032,092,242 776,386,110 49,035,946 1,541,738,366
in €
Changes in long-term investments 2012
Increase in investment in the company HESS d.o.o. 3,060,000
Voluntary liquidation of the company HSE Hungary Kft. -4,004,965
Impairment of investment in the company TET d.o.o. -12,821,340
Total changes in long-term investments -13,766,305
None of subsidiaries is quoted on the stock exchange. Therefore, the reason for potential
impairment could not be determined on the basis of stock exchange prices. However, the
company verified potential reasons for impairment by comparing the difference between
the carrying amount of the company’s long-term investments with the proportionate
share of the carrying amount of subsidiaries’ total equity. Carrying amounts of the total
capital of subsidiaries are higher than the long-term financial investment carrying amount,
except for two companies abroad, as their respective carrying amounts are lower due to
10% drop in their currency rates compared with euro.
Annual Report HSE 2012
4 Financial Report of the company HSE
132
As at 31 December 2012, a valuation of the stake in the company TET was carried for
accounting purposes; as recoverable amount, fair value less sales costs was considered,
as the company plans to sell its share in 2013. The assessment was prepared by the
company KF Finance d.o.o. According to the Report on assessment of value of 81,33%
share in the company TET as at 31 December 2012, the fair value less sales costs amounts
to EUR 14,122,350 (with range between EUR 11,682,000 and EUR 16,632,000). Due to
general uncertainty on the market and accounting cautiousness, the long-term financial
investment in TET was impaired in the amount of EUR 11,682,000. As at 31 December 2012,
the impairment amounts to EUR 12,821,340.
The audit of Slovenian subsidiaries for 2012 was performed by the audit company Deloitte
revizija d.o.o., while the companies HSE Balkan Energy, HSE Adria and HSE BHwere audited
abroad. Other companies abroad were not audited in 2012, due to noncompliance with
auditing criteria under the local legislation. The company SRESA was not audited in 2012
either, as it has not yet started to operate.