Annual report - HSE

Results arising from realised and newly concluded futures for emission coupons in 2012
amount to EUR -3,004,948. A detailed disclosure is available in Section 4.5.8.1 (9). As a
result, the company did not account for deferred taxes since upon the realisation it will pay
the price agreed-upon when the transaction was concluded.
In 2011, the company concluded an interest rate swap for which the 2012 net effect of fair
value change amounts to EUR -821,582, which means a final negative IRS fair value in the
amount of EUR -3,398,274, of which the company accounted for EUR 577,707 of deferred
tax assets.
In 2012, the company closed the currency swap transactions, the fair value of which
amounted to EUR -248,654 as at 31 December 2011, including deferred taxes. In 2012, the
company concluded new transactions, some of which were closed in the same year. At the
end of 2012, the fair value of open currency swaps amounts to EUR -49,229, of which the
company accounted for EUR 8,369 of deferred tax assets. Thus, the net effect amounts to
EUR -40,860.
Taking into account all of the above, the total comprehensive income at the end of 2012
amounts to EUR 38,294,239.
4.5.8.4 Cash flow statement
Data from the cash flow statement is obtained from the statement of financial position for
the reporting and previous year and the income statement for the reporting period.
In order for the inflows to be as close as possible to receipts, and outflows as close as
possible to disbursements, the following eliminations were made in the cash flow
statement:
• the decrease from futures for purchases of electricity and emission coupons for 2012 in
the fair value reserve, and the increase in operating expenses;
• the decrease arising from fair value of IRS in the fair value reserve and disbursements
from financing activities.
Increase in disbursements from investing and in receipts from financing is a result of bridge
financing of the Unit 6 project, before TEŠ was able to draw the long-term loans, which
is disclosed among short-term financial receivables, short-term financial liabilities and
liquidity risk.
in €
Cash flow types 2012 2011
Cash flows from operating activities 57,917,957 29,798,354
Cash flows from investing activities -187,640,684 -93,128,020
Cash flows from financing activities 114,720,089 42,091,371
Cash flow for the period -15,002,638 -21,238,295
4.5.8.5 Statement of changes in equity
The statement of changes in equity shows changes in equity components during the
financial year.
The statement of changes in equity is prepared in the form of a composite spreadsheet.
In 2012, the participation in profit in the amount of EUR 20,000,000 was paid out within
the scope of transactions with owners, which represents a portion of the company’s
accumulated profit in 2011.
Total comprehensive income of the reporting period increased by EUR 38,294,239, as it
was:
• increased by EUR 42,954,179 of net profit for the year, and
• decreased by the change in other components of comprehensive income in the amount
of EUR 4,659,940 (value of futures for the purchase of electricity, IRS and FX swap).
Annual Report HSE 2012
4 Financial Report of the company HSE
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