Annual report - HSE

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Other long-term investments and loans (3) in € Other long-term investments and loans 31 December 2012 31 December 2011 Long-term investments in associated companies 853,938 802,184 Long-term investments in jointly controlled companies 300,637 120,897 Available-for-sale financial assets 2,639,047 3,879,701 Other long-term investments 2,000 2,000 Long-term financial receivables and loans 200,292 333,198 TOTAL 3,995,914 5,137,980 Investments in associates In the process of consolidation, the value of investments in associated companies accounted for using the equity method increased by EUR 15,633. Associates are not audited. Associate Address Activity Co-owner % cocompany owership ELDOM d.o.o. Vetrinjska ulica 2, Maribor, Slovenia Property management for Dravske elektrarne 50% payment or under contract Maribor d.o.o. ERICO d.o.o. Koroška cesta 58, Velenje, Slovenia Ecologic research, monitoring Termoelektrarna 26% Šoštanj d.o.o., Premogovnik Velenje d.d. 23% PLP d.o.o. Partizanska 78, Velenje, Slovenia Timber activity Premogovnik Velenje d.d. 26% SIPOTEH d.o.o. Partizanska 79, Velenje, Slovenia Production of technological Premogovnik Velenje d.d. 42% and mining equipment PV Fairwood Singapore Coal mining modernisation Premogovnik Velenje d.d. 40% Significant amounts from statements of associates for 2012 in € Associate Assets Liabilities Revenue Net profit or Total equity (without equity) loss for the financial year ELDOM d.o.o. 460,008 226,857 1,016,569 9,172 233,151 ERICO d.o.o. 1,749,981 439,680 2,193,542 42,490 1,310,301 PLP d.o.o. 1,854,336 1,092,269 3,018,393 89,655 762,067 SIPOTEH d.o.o. 2,717,391 2,372,918 5,050,520 1,995 344,473 *PV Fairwood is inactive 5 Financial Report of HSE Group Annual Report HSE 2012 188
Amounts of long-term investments in associates in € Associate 31 December 2012 31 December 2011 ELDOM d.o.o. 116,578 111,992 ERICO d.o.o. 391,475 370,655 PLP d.o.o. 158,790 135,480 SIPOTEH d.o.o. 184,895 184,057 PV Fairwood 2,200 0 TOTAL 853,938 802,184 Investments in jointly controlled companies In the process of consolidation, the value of investments in jointly controlled companies accounted for using the equity method increased by EUR 59,740. in € Jointly controlled company 31 December 2012 31 December 2011 SOENERGETIKA d.o.o. 300,637 120,897 Available-for-sale financial assets The Group’s available-for-sale financial assets include shares and stakes of companies and banks. In 2012, the NLB shares were impaired through profit or loss, based on the calculation of median P/B ratio for listing of comparable listed banks. The published book value of a NLB share at the end of 2012 amounted to EUR 85.3, while a value of EUR 26.54 EUR per share was taken into account for the impairment. in € Available-for-sale financial assets 2012 2011 Company shares 564,609 350,811 Company stakes 1,040,637 1,033,138 Bank shares 1,032,249 2,494,200 Other 1,552 1,552 TOTAL 2,639,047 3,879,701 Deferred tax assets (4) In 2012, deferred tax assets were created anew in connection with: • creation of provisions for jubilee and termination benefits, • creation of other provisions, • creation of doubtful receivables, • impairment of investments, • fair values of derivatives, and • differences between operating and tax depreciation/amortisation. The utilisation of or decrease in deferred tax assets was a result of: • use of provisions for jubilee and termination benefits, • reversal and use of other provisions, • reversal of doubtful receivables, • utilisation of differences between operating and tax depreciation/amortisation. Annual Report HSE 2012 5 Financial Report of HSE Group 189
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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
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Significant amounts from statements
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Short-term financial receivables fr
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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 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 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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