Annual report - HSE

Short-term financial receivables from Group companies comprise receivables from
compensation for parent guarantees granted to the companies in the Group in the amount
of EUR 2,123,198. In 2011, the compensations for parent guarantees given to the Group
companies in the amount of EUR 1,711,124 were disclosed under short-term operating
receivables from the Group, while EUR 240,731 was disclosed under short-term assets
(deferred costs and accrued revenue).
Short-term framework loans to the company TEŠ including interest in total amount of EUR
301,453,507 were disclosed under shot-term loans given to the Group companies. Shortterm
framework loans to the company TEŠ were approved within the scope of the HSE
Group cash management – borrowing among the HSE Group companies, with repayment
deadline at the end of March 2013. Loans to TEŠ were approved in order to provide bridge
financing of the TEŠ’s liabilities regarding the investment in replacement Unit 6 before
drawing of long-term loans from EIB and EBRD would be approved.
As at 31 December 2012, interest rates fluctuate in the range from 3.5% p.a. fixed to 4.63%
p.a. fixed. Loans are not collateralised.
In the first quarter of 2013, the company TEŠ drew the EIB and EBRD long-term loans for
financing the Unit 6 project. In this respect, TEŠ immediately and completely settled its
liabilities to the HSE Group arising from the framework loans, which were approved within
the scope of the Group’s cash management for financing the construction of Unit 6.
Changes in short-term loans 31 December 2012 31 December 2011
Balance as at 1 January 109,317,324 48,193,825
Increase 208,849,499 265,213,040
Repayments -16,713,316 -204,089,541
Balance as at 31 December 301,453,507 109,317,324
in €
Short-term operating receivables (6)
in €
Short-term operating receivables 31 December 2012 31 December 2011
To Group companies 14,934,325 9,676,573
From buyers 163,887,193 132,818,196
Allowance for receivables from buyers -834,877 -10,569
Advances given 7,493,366 99,175
From government and other institutions 24,030,619 5,450,488
From others 6,060,932 2,271,448
Allowance for receivables from others -19,396 -19,396
TOTAL 215,552,162 150,285,915
Short-term operating receivables from the Group companies represent the receivables
arising from sales of electricity and various services provided for subsidiaries (trading,
financial function, IT function etc.).
Annual Report HSE 2012
4 Financial Report of the company HSE
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