5.4.4 Consolidated cash flow statement in € 5 Financial Report of <strong>HSE</strong> Group <strong>Annual</strong> Report <strong>HSE</strong> 2012 166 Item no. Item 2012 2011 A. CASH FLOWS FROM OPERATING ACTIVITIES a) Items of income statement 168,972,633 133,802,117 Operating revenue (except from revaluation) and 1,844,345,680 1,354,779,496 financial income from operating receivables Operating revenue (except from revaluation and (1,666,360,984) (1,194,232,263) amortisation/depreciation) and financial expenses for operating liabilities Income taxes and other taxes not included in operating expenses (9,012,063) (26,745,116) b) Changes in net operating assets in statement of financial position items (12,923,963) 1,703,341 Opening less closing operating receivables (61,266,763) (47,632,525) Opening less closing other assets (1,117,598) (39,147) Opening less closing deferred tax assets 1,360,649 (472,448) Opening less closing assets (disposal groups) held for sale 3,274 (3,274) Opening less closing inventories (2,285,745) 1,068,825 Closing less opening operating liabilities 53,797,236 54,538,913 Closing less opening other liabilities and provisions (3,450,053) (5,768,409) Closing less opening deferred tax liabilities 35,037 11,406 c) Net cash from operating activities 156,048,670 135,505,458 B. CASH FLOWS FROM INVESTING ACTIVITIES a) Cash receipts from investing activities 21,791,014 23,694,020 Cash receipts from interest 840,691 1,526,945 Cash receipts from dividends and shares in profits of others 879 523 Cash receipts from intangible assets (including advances) 14,067 619,244 Cash receipts from property, plant and equipment (including advances) 638,811 607,560 Cash receipts from investment property (including advances) 11,700 21,377 Cash receipts from short-term loans 8,076,979 20,429,670 Cash receipts from other long-term investments 207,887 488,701 Cash receipts from other short-term investments 12,000,000 0 b) Cash disbursements for investing activities (315,482,696) (359,818,894) Cash disbursements to acquire intangible assets (including advances) (9,148,159) (20,548,497) Cash disbursements to acquire property, plant and equipment (288,952,423) (318,666,285) (including advances) Cash disbursements from short-term loans granted (4,968,970) (18,491,488) Cash disbursements from investments in subsidiaries, (152,621) (348,717) associates and jointly controlled companies Cash disbursements from other long-term investments (260,523) (1,763,907) Cash disbursements from other short-term investments (12,000,000) 0 c) Net cash from investing activities (293,691,682) (336,124,874) C. CASH FLOWS FROM FINANCING ACTIVITIES a) Cash receipts from financing activities 356,233,098 407,599,511 Cash receipts from paid-in capital 924,000 2,765,800 Cash receipts from long-term loans received 562,144 197,214,363 Cash receipts from short-term loans received 354,746,954 207,619,348 b) Cash disbursements from financing activities (278,554,560) (232,280,577) Interest paid on loans received (11,515,625) (8,309,626) Cash disbursements from long-term loans received (42,357,168) (41,560,579) Cash disbursements from short-term loans received (204,681,767) (182,410,372) Cash disbursements from dividends and shares in profits (20,000,000) 0 c) Net cash from financing activities 77,678,538 175,318,934 D. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD 67,007,238 92,708,791 Effects of changes in exchange rates on cash and cash equivalents (247,567) (401,071) Increase/(decrease) of cash and cash equivalents (59,964,474) (25,300,482) E. CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 6,795,197 67,007,238 * The accompanying notes are an integral part of the financial statements and should be read in conjunction with them.
5.4.5 Consolidated statement of changes in equity in € Item no. Item Called-up Revenue Retained TOTAL capital reserve earnings Share capital Capital Other Fair value Retained Net profit or Consolidation Minority surplus revenue reserves net profit loss for equity interest reserves the year adjustment A.1. Balance as at 01/01/2011 29,558,789 561,243,185 296,361,536 2,763,640 386,328,588 0 (453,831) 68,334,560 1,344,136,467 B.1. Transactions with owners 0 0 0 0 0 0 0 2,765,800 2,765,800 a) Subscription of called-up nominal capital 40,000 40,000 d) Additional paid-in capital 2,725,800 2,725,800 B.2. Changes in total comprehensive income 0 0 0 (7,056,617) 0 69,759,487 (369,874) (137,499) 62,195,497 a) Net profit or loss for the year 69,759,487 (6,384) 69,753,103 b) Other changes in total comprehensive income (7,056,617) (369,874) (131,115) (7,557,606) B.3. Changes in equity 0 0 63,110,511 0 (39,745,702) (23,364,809) 0 b) Allocation of portion of net profit for the <strong>report</strong>ing period 23,364,809 (23,364,809) 0 to other components of equity in accordance with the decision of management and supervisory bodies c) Allocation of a portion of net profit to additional 39,745,702 (39,745,702) 0 reserves in accordance with the general meeting resolution C. Balance as at 31/12/2011 29,558,789 561,243,185 359,472,047 (4,292,977) 346,582,886 46,394,678 (823,705) 70,962,861 1,409,097,764 A.2. Balance as at 01/01/2012 29,558,789 561,243,185 359,472,047 (4,292,977) 392,977,564 0 (823,705) 70,962,861 1,409,097,764 B.1. Transactions with owners 0 0 0 0 (19,043,501) 0 0 2,690,276 (16,353,225) d) Additional paid-in capital 924,000 924,000 h) Dividend payout (20,000,000) (20,000,000) j) Other changes in equity 956,499 1,766,276 2,722,775 B.2. Changes in total comprehensive income 0 0 0 (4,881,720) 0 89,099,073 (379,343) (3,119,793) 80,718,217 a) Net profit or loss for the year 89,099,073 (3,118,524) 85,980,549 b) Other changes in total comprehensive income (4,881,720) (379,343) (1,269) (5,262,332) B.3. Changes in equity 0 0 24,841,899 (216,934) (3,147,876) (21,477,089) 0 0 0 b) Allocation of portion of net profit for the <strong>report</strong>ing period 21,477,089 (21,477,089) 0 to other components of equity in accordance with the decision of management and supervisory bodies c) Allocation of a portion of net profit to additional 3,364,810 (3,364,810) 0 reserves in accordance with the general meeting resolution g) Other changes in equity (216,934) 216,934 0 C. Balance as at 31/12/2012 29,558,789 561,243,185 384,313,946 (9,391,631) 370,786,187 67,621,984 (1,203,048) 70,533,344 1,473,462,756 * 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 167
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ANNUAL REPORT OF THE COMPANY HSE &
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Contents 7 8 9 10 13 13 14 15 1 Int
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What you see: Downpour What we see:
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1.2 Report of the Supervisory Board
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Other important matters and issues
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1.2.2 Monitoring and supervision of
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1.3 Electricity production and trad
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HSE Group 2012 2011 IND 12 / 11 Net
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1.5 Chronology of important events
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• On 19 October, an agreement on
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management. Immediately after the i
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2.1 Controlling company 2.1.1 Profi
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2.1.3 Management of the controlling
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2.1.4 Corporate governance statemen
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• Supervising the integrity of fi
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HSE Group in western, central and s
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Hydro production Dravske elektrarne
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Srednjesavske elektrarne d.o.o. (SR
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Termoelektrarna Trbovlje d.o.o. (TE
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PV Zimzelen d.o.o. is a retirement
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HSE Adria d.o.o. HSE Adria d.o.o. M
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Investments HSE Invest d.o.o. HSE I
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Regular cooperation with trade unio
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National, European and global frame
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2.5.4 Achieving information securit
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performed with the help of market c
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Slovenian electricity market in 201
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The scope of trading on the Italian
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Long-term contracts and day-ahead m
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Structure of sources The electricit
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2.9 Investments The HSE Group is bo
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At HPP Krško, the following activi
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Most of company’s investments wer
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Debt ratio The debt ratio is an imp
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The value of assets and total equit
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Equity to fixed assets ratio in €
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Debt-to-equity ratio in € 2012 20
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Operating fixed assets rate in €
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Net return on equity ratio (ROE) in
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2.12 Risk management The HSE Group
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2.12.2 Operating risks Market risk
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In 2012, risks were managed with th
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Production management The HSE Group
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Risk of investment activities The k
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2.14 Research and development In 20
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EU level Key activities: • EU Ren
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2 Poslovno poročilo
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3.1 Responsibility to employees In
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Employees and the community Employe
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Number of employees as at 31 Decemb
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certificates on their behalf. In 20
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2 Poslovno poročilo
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4.1 Auditor’s report Annual Repor
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4.2 Statement of management’s res
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4.4 Financial statements 4.4.1 Stat
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4.4.4 Cash flow statement in € An
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HSE BH d.o.o. Bulevar Meše Selimov
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NIP 5 Revised investment programme
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Holding Slovenske elektrarne d.o.o.