Annual report - HSE

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