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