Annual report - HSE

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5.5.8.8.1 Credit risk Most of the Group companies sales the majority of their products to the controlling company, which settles its liabilities in due time. The controlling company, therefore, takes the larger credit risks, as disclosed in the financial report of its Annual Report. Other Group companies manage credit risk through instruments, such as: monitoring of customers’ credit ratings and information on customers’ operations and collateralisation of receivables with bank guarantees and other types of insurance. The Group companies have secured approximately 60% of short-term receivables from buyers, which represent the majority of all Group receivables. In case of delays, the customers in Slovenia and abroad are charged default interest at the contractual rate. Maturity date Maturity dates of long-term liabilities Up to 2 years From 3 to 5 years Over 5 years TOTAL as at 31/12/2011 after the date of after the date of after the date of the statement of the statement of the statement of financial position financial position financial position Financial receivables from others 24,000 0 0 24,000 Financial receivables from deposits given to others 309,198 0 0 309,198 Operating receivables from associates 275,791 275,791 0 551,582 Operating receivables from advances given 100,000 10,147 82,318 192,465 Operating receivables from others 929,376 4,232 7,958 941,566 Total 1,638,365 290,170 90,276 2,018,811 Maturity date Maturity dates of long-term liabilities Up to 2 years From 3 to 5 years Over 5 years TOTAL as at 31/12/2012 after the date of after the date of after the date of the statement of the statement of the statement of financial position financial position financial position Financial receivables from others* 18,000 6,000 0 24,000 Financial receivables from deposits given to others 112,445 63,847 0 176,292 Operating receivables from associates 137,895 275,792 0 413,687 Operating receivables from advances given 27,000 9,147 82,318 118,465 Operating receivables from others 688,890 12,295 1,445 702,630 Total 984,230 367,081 83,763 1,435,074 in € in € * 6,000 of financial receivables are overdue 5 Financial Report of HSE Group Annual Report HSE 2012 206
in € Breakdown by maturity dates Short-term receivables by Not yet due Due up to Due from Due from Due from Due over TOTAL maturity date as at 31/12/2011 3 months 3 to 6 6 to 9 9 to 12 1 year months months months Financial receivables from 1,620,948 0 0 0 0 0 1,620,948 group companies Financial receivables from associates 69,893 0 0 0 0 449,655 519,548 Financial receivables from others 76,594 0 0 0 0 0 76,594 Financial receivables from deposits 126,636 0 0 0 0 0 126,636 given to others Operating receivables from 433,658 0 0 0 0 0 433,658 group companies Operating receivables from associates 203,906 0 0 0 0 0 203,906 Operating receivables from buyers 139,279,089 9,323,511 723,389 469,173 709,266 1,574,779 152,079,207 Operating receivables from 9,165,989 0 0 0 0 3,000 9,168,989 advances given Operating receivables from 24,882,072 0 0 0 0 0 24,882,072 government and other institutions Operating receivables from others 4,938,400 17,477 89 59 0 0 4,956,025 Total 180,797,185 9,340,988 723,478 469,232 709,266 2,027,434 194,067,583 Breakdown by maturity dates Short-term receivables by Not yet due Due up to Due from Due from Due from Due over TOTAL maturity date as at 31/12/2012 3 months 3 to 6 6 to 9 9 to 12 1 year months months months Financial receivables from associates 0 0 452,529 0 0 0 452,529 Financial receivables from others 54,605 0 200,000 0 75,876 0 330,481 Financial receivables from deposits 48,919 6,037 0 0 349,362 0 404,318 given to others Operating receivables from 360 0 0 0 0 0 360 group companies Operating receivables from associates 223,613 0 0 0 0 0 223,613 Operating receivables from buyers 163,730,331 10,957,154 419,539 46,610 1,109,739 3,056,531 179,319,904 Operating receivables from 9,747,522 18,142 4,409,175 0 0 0 14,174,839 advances given Operating receivables from 53,684,871 163,952 0 0 0 0 53,848,823 government and other institutions Operating receivables from others 7,081,630 0 0 0 0 0 7,081,630 Total 234,571,851 11,145,285 5,481,243 46,610 1,534,977 3,056,531 255,836,497 in € Most of receivables with maturity of up to 3 months have already been settled. Annual Report HSE 2012 5 Financial Report of HSE Group 207
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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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Costs of goods, materials and servi
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Tax (24) The company is subject to
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In the reporting period, individual
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Receipts of supervisory board membe
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in € Changes in allowances for sh
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In March 2013, the company TEŠ dre
Page 156 and 157: Sensitivity analysis of cash flow a
Page 158 and 159: 4.5.8.9 Fair values The company est
Page 160 and 161: 5.1 Auditor’s report for HSE Grou
Page 162 and 163: 5.2 Statement of management’s res
Page 164 and 165: 5.4 Consolidated financial statemen
Page 166 and 167: 5.4.4 Consolidated cash flow statem
Page 168 and 169: 5.5 Notes to the consolidated finan
Page 170 and 171: 5.5.2 Basis for preparation In the
Page 172 and 173: 5.5.4 Currency reports 5.5.4.1 Func
Page 174 and 175: Emission coupons are not amortised,
Page 176 and 177: 5.5.7.5 Long-term investments in as
Page 178 and 179: 5.5.7.7 Inventories Inventories are
Page 180 and 181: 5.5.7.10 Provisions for jubilee and
Page 182 and 183: Write-downs in value include amorti
Page 184 and 185: 5.5.8 Notes to the consolidated fin
Page 186 and 187: Property, plant and equipment (2) i
Page 188 and 189: Other long-term investments and loa
Page 190 and 191: Changes in deferred tax assets in 2
Page 192 and 193: Cash and cash equivalents (8) in
Page 194 and 195: Provisions for legal actions are cr
Page 196 and 197: Long-term operating liabilities to
Page 198 and 199: Considering the increase in assesse
Page 200 and 201: In 2012, the audit of financial sta
Page 202 and 203: Financial expenses (27) Financial e
Page 204 and 205: Considering the abovementioned fact
Page 208 and 209: Changes in allowances for short-ter
Page 210 and 211: Contracts concluded for currency sw
Page 212 and 213: in € Capital management 31 Decemb
Page 214 and 215: Contacts Holding Slovenske elektrar
Page 216 and 217: HSE BH d.o.o. Bulevar Meše Selimov
Page 218 and 219: NIP 5 Revised investment programme
Page 220: Holding Slovenske elektrarne d.o.o.
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Annual report - HSE

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