Annual report - HSE

1.4 Operating highlights of the Company
and the Group
The business year of 2012 was successful for the HSE Group. The Group contributed to a
reliable and safe electricity supply for Slovenia, performance of activities concerning the
Group’s key development projects continued, the member companies’ operating results
were satisfactory, two contracts in connection with the TEŠ’s Unit 6 were concluded
(Contract regulating relationships regarding the replacement Unit 6 project and Contract
on method and conditions of insuring the government guarantee for the EUR 440 million
EIB loan), followed by an approval of the Act ratifying the Guarantee Agreement between
the Republic of Slovenia and the European Investment Bank at the end of the year.
Relative to 2011, the HSE Group:
• increased net profit or loss by 23%,
• increased sales quantities by 28%,
• realised 36% higher net sales revenue,
• increased assets by 14%,
• increased equity by 5%, and
• increased electricity production by 3%.
Throughout the entire 2012, while carrying out the investment in the replacement Unit
6, HSE and TEŠ were striving to obtain the government guarantee for the EIB loan in the
amount of EUR 440 million. The postponement in issuing the government guarantee
caused non-drawing of the long-term loan, which at the end of the year resulted in
increased short-term debt and in delayed payments to the TEŠ Unit 6 suppliers.
Annual Report HSE 2012
1 Introduction
16