Annual report - HSE

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Write-downs in value include amortisation/depreciation costs related to consistent transfer of value of amortisable intangible assets and depreciable property, plant and equipment and investment property. Write-downs in value also include impairments, write-downs and losses from the sales of intangible assets and property, plant and equipment as well as impairments or write down of receivables and inventories. Labour costs are historical costs that refer to salaries and similar values in gross amounts as well as duties that are calculated from this basis and are not an integral part of gross amounts. These costs can be directly charged against creation of products and services (costs of direct work) or they have the nature of indirect costs and are comprised in relevant purpose (functional) groups of indirect costs. Other operating expenses occur in relation to creation of provisions, environmental charges and other duties. Financial expenses comprise borrowing costs, including related derivatives and impairment of investments. Interest expenses are recognised upon their occurrence, in the amount of agreed-upon interest rate. 5.5.7.16 Tax Taxes include current and deferred tax liabilities. Current tax is included in the consolidated income statement. Deferred tax in recognised in the consolidated income statement and in the consolidated statement of financial position. Current tax liabilities are based on taxable profit for the period. The taxable profit defers from net profit reported in the profit or loss, since it excludes the items of revenue or expenses that are taxable or deductible in other years as well as items that are never taxable or deductible. The Group companies’ current tax liabilities are calculated with tax rates that are applicable on the reporting date. If current tax liability is lower than advances paid, current tax receivable is posted. Country Effective tax rate in 2012 Slovenia 18% Croatia 20% Serbia 10% Macedonia 10% Bosnia and Herzegovina 10% Bulgaria 10% Italy 27.5% Deferred tax is completely disclosed using the liabilities method after the statement of financial position for temporary differences arising between the tax value of assets and liabilities and their carrying amounts in financial statements. Deferred income tax is defined using tax rates (and legislation) applicable on the date of consolidated financial position and for which it is expected to be in use when the receivable for deferred tax is realised or the liability for deferred tax is settled. 5 Financial Report of HSE Group Annual Report HSE 2012 182 A deferred tax asset is recognised, if there is a possibility that a taxable profit will be available in the future, from which it will be possible to utilise temporary differences. It represents the amount of the calculated corporate income tax on deductible temporary differences. Deferred tax liabilities represent the assessed amount of corporate income tax and taxable temporary differences, which results in a higher tax payable in the future.
5.5.7.17 Consolidated statement of other comprehensive income The Group does not present deferred taxes arising from items of other comprehensive income separately in the statement, but it discloses the amount of tax for each individual item in the explanatory notes. 5.5.7.18 Consolidated cash flow statement Consolidated cash flow statement represents changes in cash and cash equivalents of the financial year, for which it is prepared. The part of consolidated cash flow statement related to operations is prepared using the indirect method based on data of the statement of financial position and income statement of Group companies, while the part related to investment and financing activities is prepared using the to direct method. 5.5.7.19 Segment reporting The Group does not disclose operations by segments in the annual report. Segment reporting must be disclosed by the companies whose treasury or debt securities are traded in the market and companies which are issuing treasury or debt securities in public security markets. 5.5.7.20 Fair value measurement Financial instruments are disclosed at their fair value. Fair value is the amount by which an asset can be sold, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. When determining fair value of financial instruments, the following hierarchy of fair value defining levels is considered: • First level comprises quoted prices (unmodified) in active markets for equal assets or liabilities; • Second level comprises inputs besides quoted prices included in the first level that are directly (i.e. as prices) or indirectly (i.e. as derived from prices) evident for asset or liability; • Third level comprises input data for an asset or liability that are not based on evident market data. Quoted prices are used as a basis for determining fair value of financial instruments. In case a financial instrument is not quoted on the regulated market or the market is assessed as inactive, the second and third level input data is used to assess the fair value of the financial instrument. In order to determine the fair value of interest and currency swaps, we use information submitted to the Group companies by banks where they concluded individual swaps. Values are verified in the companies’ financial departments. 5.5.7.21 Financial risks management Detection and management of financial risks is determined in more detail in the business report. In notes to consolidated financial statements, the financial risks are presented in connection with items in consolidated financial statements (Point 5.5.8.8 Financial instruments and risks). Annual Report HSE 2012 5 Financial Report of HSE Group 183
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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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4.5 Notes to the financial statemen
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4.5.3 Basis of measurement Company
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4.5.7.2 Property, plant and equipme
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4.5.7.4.2 Non-derivative financial
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4.5.7.7 Equity Total equity of the
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Costs of services are historical co
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in € Intangible assets Emission c
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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 164 and 165: 5.4 Consolidated financial statemen
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 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.
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Annual report - HSE

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