Annual report - HSE

Maturity of the company’s long-term financial liabilities in the next years is shown in the
table below:
in €
Maturity date
Maturity dates of long-term liabilities Up to 2 years From 3 to 5 years Over 5 years TOTAL
as at 31/12/2011 after the date of after the date of after the date of
the statement of the statement of the statement of
financial position financial position financial position
Long-term financial liabilities to banks 11,350,657 27,186,161 58,974,044 97,510,862
Long-term operating liabilities to others 2,498,733 0 0 2,498,733
Total 13,849,390 27,186,161 58,974,044 100,009,595
Maturity date
Maturity dates of long-term liabilities Up to 2 years From 3 to 5 years Over 5 years TOTAL
as at 31/12/2012 after the date of after the date of after the date of
the statement of the statement of the statement of
financial position financial position financial position
Long-term financial liabilities to banks 11,350,657 25,476,216 49,333,333 86,160,206
Long-term operating liabilities to others 3,398,275 0 0 3,398,275
Total 14,748,932 25,476,216 49,333,333 89,558,481
in €
2012 was one of the toughest years in the area of liquidity risk management, both for
the company and the whole HSE Group. Especially the company HSE, as the controlling
company of the HSE Group, is significantly burdened by the largest Slovenian investment,
the project for construction of the 600 MW replacement Unit 6 in TEŠ, the investor of
which is the subsidiary TEŠ. Delays in obtaining the government guarantee for long-term
loans from EIB in the amount of EUR 440 million, had a huge impact on the liquidity of the
companies HSE and TEŠ, as well as on other companies of the HSE Group. As a matter of
fact, all activities were aimed at ensuring short-term bridge financing of the TEŠ’s liabilities
arising from the discussed project, before the company was able to draw the long-term
loans from the financial institutions EIB and EBRD.
Since in line with provisions of the contracts with the two banks TEŠ cannot obtain shortterm
loans on financial markets, it was forced to bridge financing of the Unit 6 project
through borrowing within the scope HSE Group cash management and with proper assets.
As the HSE Group does not have sufficient funds available for ensuring bridge financing
of the TEŠ liabilities for investment in replacement Unit 6, the controlling company HSE, as
the only stakeholder in TEŠ, took out loans from commercial banks, in order to manage the
Group’s liquidity and, within this scope, to settle the TEŠ’s liability through bridge financing.
As at 31 December 2012, the amount of short-term revolving loans granted to the company
TEŠ by HSE totalled EUR 300.6 million, comprising proper assets of the company HSE,
assets of the Group companies and short-term loans that HSE borrowed from commercial
banks.
For the purposes of managing the HSE Group liquidity and providing bridge financing for
the liabilities arising from the construction or Unit 6 in TEŠ from commercial banks, the
company HSE in 2012 managed to ensure a sufficient short-term loans, as well as to extend
their deadlines over the calendar year. Considering the financial markets circumstances and
issues of commercial banks, we look on this as a confirmation of good business reputation
and confidence in our company and the HSE Group on financial markets.
In 2012, liquidity management was characterised also by the activities on international
markets which were affected by decrease in the Slovenian credit rating. Namely, foreign
banks began to impose limits on credit lines, as the county risk increased. Nevertheless,
the company managed to ensure an adequate amount of credit lines for uninterrupted
operations also on international markets, which we take as additional success and
confirmation of good ratings of the company and the Group.
Annual Report HSE 2012
4 Financial Report of the company HSE
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