Annual report - HSE

Short-term operating receivables (6)
in €
Short-term operating receivables 31 December 2012 31 December 2011
To Group companies 360 433,658
To associates 223,613 203,906
From buyers 179,319,904 152,079,207
Allowance for receivables from buyers -3,716,484 -2,735,681
Advances given 14,174,839 9,168,989
Allowances for advances given -3,572,077 0
From government and other institutions 53,848,823 24,882,072
From others 7,081,630 4,956,025
Allowance for receivables from others -20,515 -1,279
TOTAL 247,340,093 188,986,897
Due to production of electricity by subsidiaries and purchase of electricity by the controlling
company, the majority of short-term trade receivables are related to the sale of electricity
by the controlling company.
Short-term advances given represent approximately a half of cash on the settlement
account for payment of transmission capacities. At the end of 2011, this receivable was
disclosed under deposits redeemable at notice in the amount of EUR 6,857,611. Other
short-term operating receivables include advance payments to equipment suppliers.
Most of receivables from government or other institutions comprise input VAT receivables.
Most of receivables due from others include short-term guarantees given for payment of
electricity on foreign exchange.
The amount of short-term receivables eliminated in consolidation totalled EUR 119,212,238.
Disclosures in relation to maturity of receivables, allowances for receivables and insuring
receivables are represented in the section on credit risk.
Other short-term assets (7)
in €
Other current assets 31 December 2012 31 December 201
Deferred costs 2,494,123 5,603,063
Accrued revenue 6,541,947 1,359,233
TOTAL 9,036,070 6,962,296
Other short-term assets include short-term deferred costs (mostly in connection with
electricity trading) and shot-term accrued revenue (mostly in connection with receivables
from the insurance company for damage compensation due to the November 2012 floods).
The amount of other short-term assets eliminated in consolidation totalled EUR 5,728,294.
Annual Report HSE 2012
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