Provisions for legal actions are created on the basis of assessed liabilities from legal actions, in which the Group is the defendant. Creation of these provisions refers to the increase due to new lawsuits and charged default interest on a part of damage amounts claimed. Thanks to the court ruling in benefit of the Group, these provisions were reversed in 2012. Most of other provisions are represented by provision for restoration of disposal site of waste products. In 2012, the Group created new provisions for unpaid part of annual leave pay in the amount of EUR 1,238,555. Changes of other provisions For lawsuits For closing works on For Other TOTAL cave excavation site compensations Balance as at 01/01/2011 10,785,610 38,811,344 1,016,903 11,931,949 62,545,806 Creation, increase 1,763,048 554,576 0 6,918 2,324,542 Decrease - drawing -229,524 -2,034,637 -973,610 -8,003 -3,245,774 Transfers 0 0 0 -8,220,652 -8,220,652 Balance as at 31/12/2011 12,319,134 37,331,283 43,293 3,710,212 53,403,922 Balance as at 01/01/2012 12,319,134 37,331,283 43,293 3,710,212 53,403,922 Creation, increase 824,597 0 0 1,393,738 2,218,335 Decrease - reversal -1,893,704 -8,614,946 0 0 -10,508,650 Balance as at 31/12/2012 11,250,027 28,716,337 43,293 5,103,950 45,113,607 in € Other long-term liabilities (12) in € Other long-term financial liabilities 31 December 2012 31 December 2011 Emission coupons 215,305 5,152,334 Quotas for disabled 6,083,837 6,449,653 Others state aids received 6,883,054 6,306,132 Other 95,238 223,340 TOTAL 13,277,434 18,131,459 The remaining part of free emission coupons for period 2008-2012 is disclosed under emission coupons. Quotas for the disabled represent the amount of exemption from payment of contributions for the disabled, in accordance with the Vocational Rehabilitation and Employment of Disabled Persons Act. They are used to settle costs determined in the mentioned Act. Government and EU grants include the funds received for co-financing fixed assets which are decreased by the depreciation amounts. 5 Financial Report of <strong>HSE</strong> Group <strong>Annual</strong> Report <strong>HSE</strong> 2012 194
Changes in other Emission coupons Quotas for Government grants Other TOTAL long-term liabilities disabled and EU funds received Balance as at 01/01/2011 10,058,110 464,157 7,684,285 1,669,105 19,875,657 Creation, increase 0 8,414,694 0 226,311 8,641,005 Decrease - drawing -4,905,776 -10,649,850 -1,378,153 -1,672,076 -18,605,855 Transfers 0 8,220,652 0 0 8,220,652 Balance as at 31/12/2011 5,152,334 6,449,653 6,306,132 223,340 18,131,459 Balance as at 01/01/2012 5,152,334 6,449,653 6,306,132 223,340 18,131,459 Creation, increase 0 7,106,281 1,955,073 0 9,061,354 Decrease - drawing -4,937,029 -7,472,097 -1,378,151 -128,102 -13,915,379 Balance as at 31/12/2012 215,305 6,083,837 6,883,054 95,238 13,277,434 in € Long-term financial liabilities (13) in € Long-term financial liabilities 31 December 2012 31 December 2011 To banks 378,466,499 407,863,636 Other 5,302,641 3,928,337 TOTAL 383,769,140 411,791,973 Long-term financial liabilities of the companies represent long-term bank loans and negative fair value of IRS. Loans have been taken with Slovene and foreign banks, and interest rates range between 0.56% and 6.06 %, depending on the type of the loan, maturity and the timing of borrowing. They also include loans which fall due in a period of more than five years, but not later than 2036. Long-term loans are mostly intended for the financing of property, plant and equipment. Long-term loans are secured with bills of exchange, guarantees, mortgages taken out on real estate, assignment of receivables, pledge of accounts and cash, and a guarantee of the controlling company or the Republic of Slovenia. Long-term loans are disclosed in detail in annual <strong>report</strong>s of individual Group companies. Interest rate swaps have been entered into for some of the Group’s long-term loans to lower the risk of increases in variable interest rates. Due to lower interest rates, their fair values have been recorded as part of other long-term financial liabilities and revaluation deficit. More detailed disclosures are presented in the section on interest rate risk. Maturity of long-term liabilities is disclosed in the section on liquidity risk. Long-term operating liabilities (14) in € Long-term operating liabilities 31 December 2012 31 December 2011 To suppliers 1,777,218 3,441,001 Advances 5,758 67,284 Other 440,039 560,127 TOTAL 2,223,015 4,068,412 <strong>Annual</strong> Report <strong>HSE</strong> 2012 5 Financial Report of <strong>HSE</strong> Group 195
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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 €
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Provisions for termination and jubi
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Short-term financial liabilities (1
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Other current liabilities (15) in
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- Page 212 and 213: in € Capital management 31 Decemb
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