Annual report - HSE
Annual report - HSE
Annual report - HSE
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Amounts of long-term investments in associates<br />
in €<br />
Associate 31 December 2012 31 December 2011<br />
ELDOM d.o.o. 116,578 111,992<br />
ERICO d.o.o. 391,475 370,655<br />
PLP d.o.o. 158,790 135,480<br />
SIPOTEH d.o.o. 184,895 184,057<br />
PV Fairwood 2,200 0<br />
TOTAL 853,938 802,184<br />
Investments in jointly controlled companies<br />
In the process of consolidation, the value of investments in jointly controlled companies<br />
accounted for using the equity method increased by EUR 59,740.<br />
in €<br />
Jointly controlled company 31 December 2012 31 December 2011<br />
SOENERGETIKA d.o.o. 300,637 120,897<br />
Available-for-sale financial assets<br />
The Group’s available-for-sale financial assets include shares and stakes of companies<br />
and banks. In 2012, the NLB shares were impaired through profit or loss, based on the<br />
calculation of median P/B ratio for listing of comparable listed banks. The published book<br />
value of a NLB share at the end of 2012 amounted to EUR 85.3, while a value of EUR 26.54<br />
EUR per share was taken into account for the impairment.<br />
in €<br />
Available-for-sale financial assets 2012 2011<br />
Company shares 564,609 350,811<br />
Company stakes 1,040,637 1,033,138<br />
Bank shares 1,032,249 2,494,200<br />
Other 1,552 1,552<br />
TOTAL 2,639,047 3,879,701<br />
Deferred tax assets (4)<br />
In 2012, deferred tax assets were created anew in connection with:<br />
• creation of provisions for jubilee and termination benefits,<br />
• creation of other provisions,<br />
• creation of doubtful receivables,<br />
• impairment of investments,<br />
• fair values of derivatives, and<br />
• differences between operating and tax depreciation/amortisation.<br />
The utilisation of or decrease in deferred tax assets was a result of:<br />
• use of provisions for jubilee and termination benefits,<br />
• reversal and use of other provisions,<br />
• reversal of doubtful receivables,<br />
• utilisation of differences between operating and tax depreciation/amortisation.<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
5 Financial Report of <strong>HSE</strong> Group<br />
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