Annual report - HSE

As at the end of reporting period, the balance of receivables from individual subsidiaries
was as follows:
in €
Group company Country 31 December 2012 31 December 2011
Dravske elektrarne Maribor d.o.o. Slovenia 71,365 0
Soške elektrarne Nova Gorica d.o.o. Slovenia 3,032,970 23,102
Premogovnik Velenje d.d. Slovenia 662,711 861,889
HESS d.o.o. Slovenia 39,650 58,529
Termoelektrarna Šoštanj d.o.o. Slovenia 32,004 1,768,948
HSE Invest d.o.o. Slovenia 0 3,120
Golte d.o.o. Slovenia 376 486
Gost d.o.o. Slovenia 356 465
HSE Balkan Energy d.o.o. Serbia 721,458 1,886,090
HSE Hungary Kft. Hungary 0 1,737
HSE Adria d.o.o. Croatia 5,166,612 3,116,204
HSE Bulgaria EOOD Bulgaria 14,085 3,821
HSE BH d.o.o. Bosnia and Herzegovina 1,930,786 17,422
HSE Italia S.r.l. Italy 5,599 1,932,278
HSE MAK Energy DOOEL Macedonia 3,256,353 2,482
Total short-term operating receivables 14,934,325 9,676,573
from Group companies
Short-term trade receivables mostly comprise receivables from electricity sales in
Slovenia and abroad. Compared with the previous period, the 2012 trade receivables
increased, thanks to expansion of electricity trading.
The majority of short-term operating receivables from advances given is represented by
the advance for transferred electricity capacities (deposit settlement account). At the end
of 2011, this receivable was disclosed under deposits redeemable at notice in the amount
of EUR 6,857,611.
Short-term operating receivables from the government and other institutions mainly
refer to input VAT receivable. On 1 January 2013, the Act Amending the Value Added Tax
Act (ZDDV-1 G) became effective, under which invoices from abroad are recorded in VAT
records by the issuance date. Before the discussed amendment, VAT was charged on the
day when a relevant service was carried out. Due to this change, the right to deduct input
VAT was delayed from December 2012 to January 2013.
Short-term operating receivables from others totalling EUR 6,060,932 mainly represent
short-term guarantees given as security for payment of electricity on foreign exchanges.
In January 2013, receivables decreased by 5,754,109 EUR, because the company changed
its bank abroad Consequently, the way of insuring its trading activities on the EEX exchange
changes as well (before, cash security was required, but now the company possesses a
credit line).
The company had no receivables due from management and Supervisory Board members
at the end of 2012.
Annual Report HSE 2012
4 Financial Report of the company HSE
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