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