Annual report - HSE

Considering the increase in assessed value of the investment, compared with NIP 5, in
the amount of EUR 127,083,332, as at 31 December 2012 the company HSE discloses
contingent liabilities to the company TEŠ in the amount of EUR 61,874,606 in connection
with settlement of potential increases in investment value.
The guarantees PV gave to its subsidiaries are the following:
Beneficiary Debtor Guarantee type Basic legal transaction From To Contingent
liability in
EUR as at
31/12/2012
VOLKSBANK, NLB GOST Loan collateral long-term loans 14/08/2012 30/06/2021 5,084,000
NLB, Probanka, HTZ Guarantee for bid bond – TEŠ and 25/05/2012 20/07/2022 4,064,868
Zavarovalnica Triglav bank bond suretyship insurance – TEŠ 6
NLB RGP Guarantee for bank bond performance bond 08/03/2012 28/06/2021 1,360,745
Total contingent liabilities from guarantees granted to subsidiaries 10,509,613
The tax authorities have the right to verify the operations of the Group companies at any
time within the legally determined period and in any country they are registered, which
may cause additional tax liabilities, default interest and penalties arising from corporate
income tax, other taxes and duties.
The Group’s contingent assets include the major part of the penalty paid in 2009 by the
controlling company due to cartel agreement of the company TDR Metalurgija (no longer
in the Group). The company filed a lawsuit in front of the European Commission for
repayment of the penalty in the amount of EUR 9,100,000.
In 2011, the Group disclosed the received bank guarantees and other insurance for its
receivables among contingent assets. As this refers to the insurance of a part of receivables
that are already disclosed in the consolidated statement of financial position, the amount
is no longer disclosed in contingent assets for 2012.
5.5.8.2 Consolidated income statement
Net sales revenue (19)
Most of the net sales revenue refers to the revenue generated through the sale of electricity.
The amount of net sales revenue eliminated during consolidation totalled EUR 890,159,454.
Net sales revenue 2012 2011
a) in domestic market 760,216,444 598,333,930
Electricity 720,439,875 565,314,612
Thermal energy 3,797,846 4,041,945
Other products 76,173 142,177
Other merchandise and materials 1,001,893 2,134,224
Other services 34,900,657 26,700,972
b) in foreign market 1,047,439,043 729,212,378
Electricity 1,024,562,315 718,633,430
in €
5 Financial Report of HSE Group
Annual Report HSE 2012
198
Other products 134,197 50,395
Other merchandise and materials 2,417,575 6,574,303
Other services 20,324,956 3,954,250
Total net sales revenue 1,807,655,487 1,327,546,308