Annual report - HSE
Annual report - HSE
Annual report - HSE
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Long-term financial liabilities (12)<br />
in €<br />
Long-term financial liabilities 31 December 2012 31 December 2011<br />
To banks 86,160,206 97,510,862<br />
Other 3,398,275 2,498,733<br />
TOTAL 89,558,481 100,009,595<br />
The company’s long-term financial liabilities include the following long-term financial<br />
loans from banks:<br />
• long-term financial loan from the consortium of Slovene banks taken out in 2003 for a<br />
period of 12 years;<br />
• long-term financial loan from a Slovene bank taken out in 2007 for a period of 10 years;<br />
• long-term financial loan from EIB taken out in 2008 for a period of 20 years.<br />
The values of loan principals due in 2013 are recorded as short-term liabilities.<br />
Interest on loans received is settled on a quarterly or semi-annual basis, and its undue<br />
portion payable in 2012 is recorded under short-term financial liabilities or other shortterm<br />
liabilities (accruals/deferrals).<br />
The long-term loan received in 2003 will be fully repaid in October 2015. The principal is<br />
repaid on a quarterly basis. The agreed-upon interest rate is a 3-month EURIBOR plus a<br />
minimum mark-up. The loan is secured with ten blank bills of exchange.<br />
The long-term loan taken out in 2007 will be fully repaid in January 2017. The principal is<br />
repaid on a semi-annual basis. The agreed-upon interest rate is a 6-month EURIBOR plus<br />
a minimum mark-up. The loan is secured with six promissory notes.<br />
The long-term loan received in 2008 will be fully repaid in September 2028. The principal<br />
is repaid on a semi-annual basis. The agreed-upon interest rate is a 6-month EURIBOR<br />
plus a minimum mark-up. The loan is fully secured with a guarantee issued by a foreign<br />
bank for a seven-year period.<br />
The company settles instalments on principal that are due and attributable interest on time.<br />
In 2011, the company concluded a transaction of interest rate hedging with derivative<br />
interest rate swap (IRS) for the amount of EUR 50 million. The initial hedging date is 30<br />
March 2011 and the maturity date is 1 March 2016. The assessed fair value of interest rate<br />
swap as at 31 December 2012 in the amount of EUR -3,398,275 is disclosed among other<br />
long-term financial liabilities and the fair value reserve. A detailed disclosure is available<br />
in Section 4.5.8.8.4.<br />
in €<br />
Changes in long-term Loans received Fair value of TOTAL<br />
financial liabilities<br />
derivatives<br />
Balance as at 1 January 2012 97,510,862 2,498,733 100,009,595<br />
Acquisitions 0 899,542 899,542<br />
Transfer to short-term part -11,350,656 0 -11,350,656<br />
Balance as at 31 December 2012 86,160,206 3,398,275 89,558,481<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
4 Financial Report of the company <strong>HSE</strong><br />
139
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