Annual report - HSE

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
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