Annual report - HSE
Annual report - HSE
Annual report - HSE
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Considering the increase in assessed value of the investment, compared with NIP 5, in<br />
the amount of EUR 127,083,332, as at 31 December 2012 the company <strong>HSE</strong> discloses<br />
contingent liabilities to the company TEŠ in the amount of EUR 61,874,606 in connection<br />
with settlement of potential increases in investment value.<br />
The tax authorities have the right to audit the company’s operations within 5 years after<br />
the year in which the tax has been levied, which can subsequently lead to additional tax<br />
charges, penalty interest charges and penalties arising from corporate income tax, value<br />
added tax and other taxes and duties.<br />
The Management Board is not aware of any circumstances that could give rise to possible<br />
material liability in this respect.<br />
Contingent assets include a principle of penalty, the company paid in 2009 as the controlling<br />
company of then operating subsidiary TDR Metalurgija, since the latter had been accused<br />
of cartel agreement. The company filed a lawsuit in front of the European Commission for<br />
repayment of the penalty in the amount of EUR 9,100,000.<br />
Among its contingent assets in 2011, the company disclosed the bank guarantees received<br />
and other forms of collaterals regarding electricity trading, which have been disclosed as<br />
credit risk in the current year.<br />
4.5.8.2 Income statement<br />
Net sales revenue (17)<br />
The company generates net sales revenue mostly through sale of electricity. The revenue<br />
from the sale of electricity accounts for 96% of all net sales revenue.<br />
Revenue from merchandise is represented by the sales value of emission coupons for<br />
trading.<br />
Revenue from services provided is generated through services in connection with electricity<br />
(guarantee of origin, sales of capacities on borders, manipulative costs), services provided<br />
for the subsidiaries abroad, and rents.<br />
in €<br />
Net sales revenue 2012 2011<br />
a) in domestic market 753,439,978 568,940,352<br />
Electricity 720,742,697 565,983,279<br />
Other merchandise and materials 31,476,038 1,062,344<br />
Services 1,221,243 1,894,729<br />
b) in foreign market 1,179,048,733 789,177,378<br />
Electricity 1,131,285,517 778,826,230<br />
Other merchandise and materials 28,450,553 6,233,578<br />
Services 19,312,663 4,117,570<br />
Total net sales revenue 1,932,488,711 1,358,117,730<br />
Other operating revenue (18)<br />
The most significant amount of other operating revenue is represented by the restitution<br />
of assets confiscated from the company’s bank account in November 2010 (refutation<br />
of legal transaction I the period of one year prior to the bankruptcy of the company TDR<br />
Metalurgija) on the basis of the Supreme Court ruling in the amount of EUR 7,152,891,<br />
and by the revenue arising from reversal of provisions in the amount of EUR 1,893,704<br />
(more details available in Section 5.8.1.(11).<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
4 Financial Report of the company <strong>HSE</strong><br />
143