Annual report - HSE
Annual report - HSE
Annual report - HSE
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Financial expenses (27)<br />
Financial expenses mostly refer to expenses for interest on long-term and short-term<br />
loans. Interest on loans for the purchase of property, plant and equipment charged up<br />
until they became available for use is disclosed as a part of the value of property, plant<br />
and equipment.<br />
In 2012, the Group companies impaired a part of their investments, most of which involved<br />
impairment of the NLB shares.<br />
The amount of financial expenses eliminated during consolidation totalled EUR 16,083,831.<br />
Financial expenses 2012 2011<br />
From loans received 11,466,705 8,387,544<br />
Share in profit or loss of associates and 0 10,533<br />
joint ventures valued using equity method<br />
Change in fair value of investments through profit or loss 1,752,524 3,044,239<br />
From sales of available-for-sale financial assets 0 12,945<br />
Other 42,128 5,903<br />
Total financial expenses 13,261,357 11,461,164<br />
in €<br />
Tax (28)<br />
The companies of the <strong>HSE</strong> Group are liable to pay corporate income tax, VAT and excise<br />
duties.<br />
In 2012, six out of fifteen Group companies in Slovenia and four out of six abroad were<br />
liable to pay corporate income tax. Owing to tax breaks or tax losses, the remaining<br />
companies did not determine the tax base.<br />
The group’s 2012 current tax amounts to EUR 11,957,875. On the basis of current tax at the<br />
end of 2012, the Group companies disclose EUR 3,026,808 of current tax assets (higher<br />
advances from calculated tax) and EUR 1,514,480 of current tax liabilities.<br />
Deferred taxes refer to deferred tax assets recognised in the amount of likely available<br />
profit against which they can be used in the future. Deferred tax assets are decreased by the<br />
amount up to which it is no longer probable that tax deductible expenses can be utilised in<br />
the future or the amount up to which expenses have been included in tax statements for<br />
the current year. The Group’s deferred taxes comprise deferred tax assets in the amount<br />
of EUR 9,466,722 and EUR 37,330 of deferred tax liabilities. More detailed disclosures of<br />
deferred tax assets are disclosed in Section 5.5.8.1 (4).<br />
At the end of 2012, the Group companies’ unutilised tax losses amounted to EUR<br />
34,928,588.<br />
In establishing the base for current tax, revenue and expenses established in accordance<br />
with IFRS were corrected in terms of decrease and increase in tax base, as shown in the<br />
table below.<br />
5 Financial Report of <strong>HSE</strong> Group<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
202