5.4 Consolidated financial statements 5.4.1 Consolidated statement of financial position in € Item no. Item Note 5.5.8.1 31 December 2012 31 December 2011 ASSETS 2,595,852,738 2,275,886,031 A. LONG-TERM ASSETS 2,294,319,898 1,970,829,476 I. Intangible assets 1 46,605,673 47,817,146 II. Property, plant and equipment 2 2,231,808,245 1,900,121,752 III. Investment property 3 266,073 281,019 IV. Long-term investments in subsidiaries 4 422,300 4,378,971 V. Other long-term investments and loans 5 3,995,914 5,137,980 VI. Long-term operating receivables 6 1,234,782 1,685,613 VII. Other long-term assets 7 520,189 632,148 VIII. Deferred tax assets 8 9,466,722 10,774,847 B. CURRENT ASSETS 301,532,840 305,056,555 I. Assets held for sale 210,556 213,830 II. Inventories 5 33,913,722 33,177,324 III. Short-term investments and loans 1,210,394 1,894,071 IV. Short-term operating receivables 6 247,340,093 188,986,897 V. Current tax assets 28 3,026,808 6,814,899 VI. Other short-term assets 7 9,036,070 6,962,296 VII. Cash and cash equivalents 8 6,795,197 67,007,238 5 Financial Report of <strong>HSE</strong> Group <strong>Annual</strong> Report <strong>HSE</strong> 2012 164 EQUITY AND LIABILITIES 2,595,852,738 2,275,886,031 A. EQUITY 9 1,473,462,757 1,409,097,763 I. Called-up capital 29,558,789 29,558,789 II. Capital surplus 561,243,185 561,243,185 III. Revenue reserves 384,313,947 359,472,047 IV. Fair value reserves (9,391,631) (4,292,977) V. Retained earnings 438,408,173 392,977,563 VI. Consolidation equity adjustment (1,203,048) (823,705) VII. Minority interest 70,533,342 70,962,861 B. LONG-TERM LIABILITIES 458,930,107 501,407,398 I. Provisions for termination and jubilee benefits 10 14,509,581 14,010,145 II. Other provisions 11 45,113,607 53,403,922 III. Other long-term liabilities 12 13,277,434 18,131,459 IV. Long-term financial liabilities 13 383,769,140 411,791,973 V. Long-term operating liabilities 14 2,223,015 4,068,412 VI. Deferred tax assets 37,330 1,487 C. SHORT-TERM LIABILITIES 663,459,874 365,380,870 II. Short-term financial liabilities 15 224,986,772 81,031,495 III. Short-term operating liabilities 16 427,839,634 273,158,937 IV. Current tax liabilities 28 1,514,480 1,388,703 V. Other short-term liabilities 17 9,118,988 9,801,735 * The accompanying notes are an integral part of the financial statements and should be read in conjunction with them.
5.4.2 Consolidated income statement Item no. Item Note 5.5.8.2 2012 2011 1. Net sales revenue 19 1,807,655,487 1,327,546,308 2. Changes in inventories of products and 2,333,401 1,714,941 work in progress 3. Capitalised own products and own services 20 41,281,829 32,264,464 4. Other operating revenue 21 45,517,568 28,900,414 GROSS RETURN ON OPERATIONS 1,896,788,285 1,390,426,127 5. Costs of goods, materials and services 22 1,459,518,583 995,533,662 6. Labour costs 23 148,039,926 146,313,727 7. Write-downs in value 24 118,146,203 96,183,027 8. Other operating expenses 25 57,786,308 56,205,456 OPERATING PROFIT OR LOSS 113,297,265 96,190,255 9. Financial revenues 26 1,303,482 2,716,453 10. Financial expenses 27 13,261,357 11,461,164 TOTAL PROFIT OR LOSS -11,957,875 -8,744,711 PROFIT OR LOSS BEFORE TAX 101,339,390 87,445,544 11. Corporate income tax 13,996,266 17,563,285 12. Deferred taxes 1,362,575 129,156 TAX 28 15,358,841 17,692,441 13. NET PROFIT OR LOSS FOR THE FINANCIAL YEAR 29 85,980,549 69,753,103 Majority owner’s net profit or loss for the year 89,099,073 69,759,487 Minority owner’s net profit or loss for the year -3,118,524 -6,384 * The accompanying notes are an integral part of the financial statements and should be read in conjunction with them. in € 5.4.3 Consolidated statement of other comprehensive income Item no. Item Note 2012 2011 13. NET PROFIT OR LOSS FOR THE FINANCIAL YEAR 85,980,549 69,753,103 16. Gains and losses arising from translation of -379,343 -369,873 financial statements of entities located abroad 17. Net profit (loss) for the sales of available 177,554 -108,266 financial assets 18. Net effective part of change in fair value of 5.5.8.3 -5,060,543 -7,079,467 instrument for cash flow hedging in € 19. TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 80,718,217 62,195,497 Majority owner’s total comprehensive income for the year 83,838,010 62,332,996 Minority owner’s total comprehensive income for the year -3,119,793 -137,499 * The accompanying notes are an integral part of the financial statements and should be read in conjunction with them. <strong>Annual</strong> Report <strong>HSE</strong> 2012 5 Financial Report of <strong>HSE</strong> Group 165
- Page 1:
ANNUAL REPORT OF THE COMPANY HSE &
- Page 4 and 5:
Contents 7 8 9 10 13 13 14 15 1 Int
- Page 7 and 8:
What you see: Downpour What we see:
- Page 9 and 10:
1.2 Report of the Supervisory Board
- Page 11 and 12:
Other important matters and issues
- Page 13 and 14:
1.2.2 Monitoring and supervision of
- Page 15 and 16:
1.3 Electricity production and trad
- Page 17 and 18:
HSE Group 2012 2011 IND 12 / 11 Net
- Page 19 and 20:
1.5 Chronology of important events
- Page 21 and 22:
• On 19 October, an agreement on
- Page 23:
management. Immediately after the i
- Page 26 and 27:
2.1 Controlling company 2.1.1 Profi
- Page 28 and 29:
2.1.3 Management of the controlling
- Page 30 and 31:
2.1.4 Corporate governance statemen
- Page 32 and 33:
• Supervising the integrity of fi
- Page 34 and 35:
HSE Group in western, central and s
- Page 36 and 37:
Hydro production Dravske elektrarne
- Page 38 and 39:
Srednjesavske elektrarne d.o.o. (SR
- Page 40 and 41:
Termoelektrarna Trbovlje d.o.o. (TE
- Page 42 and 43:
PV Zimzelen d.o.o. is a retirement
- Page 44 and 45:
HSE Adria d.o.o. HSE Adria d.o.o. M
- Page 46 and 47:
Investments HSE Invest d.o.o. HSE I
- Page 48 and 49:
Regular cooperation with trade unio
- Page 50 and 51:
National, European and global frame
- Page 52 and 53:
2.5.4 Achieving information securit
- Page 54 and 55:
performed with the help of market c
- Page 56 and 57:
Slovenian electricity market in 201
- Page 58 and 59:
The scope of trading on the Italian
- Page 60 and 61:
Long-term contracts and day-ahead m
- Page 62 and 63:
Structure of sources The electricit
- Page 64 and 65:
2.9 Investments The HSE Group is bo
- Page 66 and 67:
At HPP Krško, the following activi
- Page 68 and 69:
Most of company’s investments wer
- Page 70 and 71:
Debt ratio The debt ratio is an imp
- Page 72 and 73:
The value of assets and total equit
- Page 74 and 75:
Equity to fixed assets ratio in €
- Page 76 and 77:
Debt-to-equity ratio in € 2012 20
- Page 78 and 79:
Operating fixed assets rate in €
- Page 80 and 81:
Net return on equity ratio (ROE) in
- Page 82 and 83:
2.12 Risk management The HSE Group
- Page 84 and 85:
2.12.2 Operating risks Market risk
- Page 86 and 87:
In 2012, risks were managed with th
- Page 88 and 89:
Production management The HSE Group
- Page 90 and 91:
Risk of investment activities The k
- Page 92 and 93:
2.14 Research and development In 20
- Page 94 and 95:
EU level Key activities: • EU Ren
- Page 96 and 97:
2 Poslovno poročilo
- Page 98 and 99:
3.1 Responsibility to employees In
- Page 100 and 101:
Employees and the community Employe
- Page 102 and 103:
Number of employees as at 31 Decemb
- Page 104 and 105:
certificates on their behalf. In 20
- Page 106 and 107:
2 Poslovno poročilo
- Page 108 and 109:
4.1 Auditor’s report Annual Repor
- Page 110 and 111:
4.2 Statement of management’s res
- Page 112 and 113:
4.4 Financial statements 4.4.1 Stat
- Page 114 and 115: 4.4.4 Cash flow statement in € An
- Page 116 and 117: 4.5 Notes to the financial statemen
- Page 118 and 119: 4.5.3 Basis of measurement Company
- Page 120 and 121: 4.5.7.2 Property, plant and equipme
- Page 122 and 123: 4.5.7.4.2 Non-derivative financial
- Page 124 and 125: 4.5.7.7 Equity Total equity of the
- Page 126 and 127: Costs of services are historical co
- Page 128 and 129: in € Intangible assets Emission c
- Page 130 and 131: Investments in subsidiaries (3) in
- Page 132 and 133: Significant amounts from statements
- Page 134 and 135: Short-term financial receivables fr
- Page 136 and 137: Other short-term assets (7) in €
- Page 138 and 139: Provisions for termination and jubi
- Page 140 and 141: Short-term financial liabilities (1
- Page 142 and 143: Other current liabilities (15) in
- Page 144 and 145: Costs of goods, materials and servi
- Page 146 and 147: Tax (24) The company is subject to
- Page 148 and 149: In the reporting period, individual
- Page 150 and 151: Receipts of supervisory board membe
- Page 152 and 153: in € Changes in allowances for sh
- Page 154 and 155: In March 2013, the company TEŠ dre
- Page 156 and 157: Sensitivity analysis of cash flow a
- Page 158 and 159: 4.5.8.9 Fair values The company est
- Page 160 and 161: 5.1 Auditor’s report for HSE Grou
- Page 162 and 163: 5.2 Statement of management’s res
- Page 166 and 167: 5.4.4 Consolidated cash flow statem
- Page 168 and 169: 5.5 Notes to the consolidated finan
- Page 170 and 171: 5.5.2 Basis for preparation In the
- Page 172 and 173: 5.5.4 Currency reports 5.5.4.1 Func
- Page 174 and 175: Emission coupons are not amortised,
- Page 176 and 177: 5.5.7.5 Long-term investments in as
- Page 178 and 179: 5.5.7.7 Inventories Inventories are
- Page 180 and 181: 5.5.7.10 Provisions for jubilee and
- Page 182 and 183: Write-downs in value include amorti
- Page 184 and 185: 5.5.8 Notes to the consolidated fin
- Page 186 and 187: Property, plant and equipment (2) i
- Page 188 and 189: Other long-term investments and loa
- Page 190 and 191: Changes in deferred tax assets in 2
- Page 192 and 193: Cash and cash equivalents (8) in
- Page 194 and 195: Provisions for legal actions are cr
- Page 196 and 197: Long-term operating liabilities to
- Page 198 and 199: Considering the increase in assesse
- Page 200 and 201: In 2012, the audit of financial sta
- Page 202 and 203: Financial expenses (27) Financial e
- Page 204 and 205: Considering the abovementioned fact
- Page 206 and 207: 5.5.8.8.1 Credit risk Most of the G
- Page 208 and 209: Changes in allowances for short-ter
- Page 210 and 211: Contracts concluded for currency sw
- Page 212 and 213: in € Capital management 31 Decemb
- Page 214 and 215:
Contacts Holding Slovenske elektrar
- Page 216 and 217:
HSE BH d.o.o. Bulevar Meše Selimov
- Page 218 and 219:
NIP 5 Revised investment programme
- Page 220:
Holding Slovenske elektrarne d.o.o.