Annual report - HSE

Short-term financial liabilities (13)
in €
Short-term financial liabilities 31 December 2012 31 December 2011
To Group companies 77,169,836 50,099,536
To banks 156,452,200 29,697,845
Other 72,295 310,816
TOTAL 233,694,331 80,108,197
Short-term financial liabilities arising from loans from companies in the Group comprise
short-term framework loans received within the scope of cash management. Short-term
framework loans received within the scope of the HSE Group cash management are
secured with blank bills of exchange.
Short-term financial liabilities from bank loans include a portion of principals of longterm
loans which fall due in 2013, short-term loans received in 2012 from commercial
banks for the purposes of the HSE Group liquidity risk management which comprises
bridge financing of the TEŠ liabilities from the Unit 6 construction and bank account
overdrafts. Due to delays in drawing the long-term EIB and EBRD loans to TEŠ, short-term
loan contracts with commercial banks were extended at the end of 2012. Short-term loans
are secured with blank bills of exchange.
Interest rates for short-term loans range between 3.39% and 4.21%. At the end of the year,
undue calculated interest on short-term loans amount to EUR 1,060,945.
For receiving or extending short-term loans, short-term framework loans and overdraft
credit lines, the company acted in accordance with provisions of the Decree on the terms
and conditions and methods of borrowing by legal entities from Article 87 of the Public
Finance Act and obtained adequate approvals from competent ministries and the ministry
of Finance.
With TEŠ’s drawing the long-term loans from EIB and EBRD for financing the construction
of Unit 6, thus its repayment of short-term revolving loans received from the company
HSE, in the first quarter of 2013 the latter repaid its short-term framework loans taken
out within the scope of the HSE Group cash management from the companies DEM, TET
and HESS, so it was able to timely settle a part of short-term loans it had received from
commercial banks for the purposes of bridge financing of the Unit 6 project.
Other short-term financial liabilities comprise negative fair value of currency swaps in
the amount of EUR 72,295.
Changes in short-term Loans received Fair value of TOTAL
financial liabilities
derivatives
Balance as at 1 January 2012 79,797,381 310,816 80,108,197
Acquisitions 198,921,215 72,295 198,993,510
Transfer to short-term part 11,350,656 0 11,350,656
Repayments -56,447,216 -310,816 -56,758,032
Balance as at 31 December 2012 233,622,036 72,295 233,694,331
in €
Annual Report HSE 2012
4 Financial Report of the company HSE
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