Annual report - HSE

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Contracts concluded for currency swaps by maturity 31 December 2012 31 December 2011 Up to 12 months 4,900,045 3,961,257 in € Since other currencies are used in smaller extent, the Group does not perform sensitivity analysis for changes in foreign currencies exchange rates, since this would not significantly affect the Group’s profit or loss. The following exchange rates were used for translation of financial statements of the companies abroad: Country Currency Closing exchange rate Average exchange rate designation in EUR for 2012 in EUR for 2012 Bulgaria BGN 1.9558 1.9558 Bosnia and Herzegovina BAM 1.9558 1.9558 Croatia HRK 7.5575 7.5473 Hungary HUF 292.3000 303.4400 Macedonia MKD 61.4870 61.7735 Serbia RSD 113.3900 108.5100 Type of financial instrument as at 31/12/2011 EUR HUF Other currencies TOTAL Short-term operating receivables 185,602,941 16,055 3,367,901 188,986,897 Short-term financial receivables and loans 1,846,648 0 47,423 1,894,071 Long-term operating receivables 1,491,717 0 193,896 1,685,613 Long-term financial receivables and loans 333,198 0 0 333,198 Short-term operating liabilities -270,760,043 -2,139,490 -259,404 -273,158,937 Short-term financial liabilities -81,031,495 0 0 -81,031,495 Long-term operating liabilities -4,068,412 0 0 -4,068,412 Long-term financial liabilities -411,791,973 0 0 -411,791,973 Net exposure of the statement of -578,377,419 -2,123,435 3,349,816 -577,151,038 financial position Type of financial instrument as at 31/12/2012 EUR HUF* Other currencies TOTAL Short-term operating receivables 247,015,845 0 324,248 247,340,093 Short-term financial receivables and loans 1,140,034 0 47,294 1,187,328 Long-term operating receivables 1,035,983 0 198,799 1,234,782 Long-term financial receivables and loans 200,292 0 0 200,292 Short-term operating liabilities -426,710,571 -441 -1,128,622 -427,839,634 Short-term financial liabilities -224,986,772 0 0 -224,986,772 in € in € 5 Financial Report of HSE Group Annual Report HSE 2012 210 Long-term operating liabilities -2,223,015 0 0 -2,223,015 Long-term financial liabilities -383,769,140 0 0 -383,769,140 Net exposure of the statement of -788,297,344 -441 -558,281 -788,856,066 financial position * No HUF-denominated items were open at the end of the year
5.5.8.8.4 Interest rate risk The Group companies HSE, SENG, PV and TEŠ are exposed to interest rate risk from financial liabilities, since they have contracts concluded for long-term loan agreements at variable interest rate tied to Euribor, which is changing on daily basis. In accordance with the Implementation Policy of Interest Rate Risk Management within the HSE Group adopted in 2011, HSE, SENG and PV hedged against the interest rate risk up to 50 % of longterm loan portfolio of individual company with the IRS (interest rate swap) derivative. The company TEŠ adopted a strategy of protecting a long-term loan portfolio by dispersing the loans at the fixed and variable interest rate in the ratio 50 %:50 %. The purpose of interest rate hedging in the Group is solely risk hedging and assuring unchangeable cash flow. Therefore, they are highly effective in the aspect of hedge accounting. HSE, SENG and PV concluded transactions of interest rate hedging on the basis of standard contract ISDA with first-class commercial banks; therefore, the possibility of non-fulfilment of contractual obligations is estimated as minimum. in € Contracts concluded for interest rate swaps by maturity 31 December 2012 31 December 2011 From 1 to 5 years 75,578,598 80,481,250 Sensitivity analysis of cash flow with financial instruments with at variable interest rate The change in interest rate for 50 basis points on the reporting date would increase (decrease) the Group’s net profit or loss by the values stated below. Analysis prepared for both years assumes that all variables, particularly foreign currency rates, remain unchanged. In the calculation, the receivables/liabilities at variable interest rate are decreased by the total amount of IRS transactions concluded. in € Net profit or loss 2012 Net profit or loss 2011 Financial instruments Increase by Decrease by Increase by Decrease by 50 b.p. 50 b.p. 50 b.p. 50 b.p. Financial instruments at variable interest rate Financial assets 23,982 -23,982 66,680 -66,680 Financial liabilities -1,567,390 -1,567,390 -1,046,132 1,046,132 5.5.8.8.5 Price risk From the the Group perspective, a predominant part of price risk is based on controlling company’s operations, which is disclosed in its financial report. 5.5.8.8.6 Capital management The main purpose of capital management is to ensure the best possible credit rating and capital adequacy for the purposes of financing operations and investments. Besides normal operating, an adequate capital guarantees the companies also the trust of their creditors and markets, as well as future development of activities. The Group monitors changes in equity using the financial leverage ratio, which is calculated by dividing total net liabilities by total equity. Net liabilities include loans received and other financial liabilities less cash. The ratio shows the relationship between the Group’s indebtedness and equity. At the end of 2012, the ratio was higher than in 2011 as a result of the Group’s increased short-term debt. This increase was caused by the Group’s bridge financing of Unit 6, as TEŠ could not draw the long-term loans from EIB and EBRD by the end of the year, before obtaining the government guarantee. As the Group did not possess a sufficient amount of available funds to provide bridge financing for TEŠ’s liabilities, the controlling company HSE took out loans, in order to manage the Group’s liquidity. In March 2013, TEŠ started to draw the EIB and EBRD long-term loans and repaid all bridge loans from HSE, which allowed the latter to settle a part of its liabilities from short-term loans. Considering the debt and predictions regarding events on electricity markets, ensuring of capital adequacy remains one of key duties of the HSE Group’s managements. Annual Report HSE 2012 5 Financial Report of HSE Group 211
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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
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Sensitivity analysis of cash flow a
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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
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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 206 and 207: 5.5.8.8.1 Credit risk Most of the G
Page 208 and 209: Changes in allowances for short-ter
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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