Annual report - HSE

management. Immediately after the inflow from TEŠ, the company HSE repaid shortterm
revolving loans received within the HSE Group cash management framework in
total amount of EUR 77 million, and partially repaid the short-term loans from banks.
• On 19 March, Alstom submitted to TEŠ a written notice on termination of the contract
suspension from 1 November 2012 to 14 March 2013, when TEŠ had settled all the due
liabilities to Alstom.
• On 29 March, the HESS SB approved the purchase of 100% business share in the
company Partner storitveno in trgovsko podjetje d.o.o., Senovo.
• On 15 April, the HSE SB approved liquidation of the company HSE Bulgaria.
• In April, the 7 th HSE Group conference took place, where the Group’s main challenges in
the coming year were discussed, especially its hard financial position and the necessity
of operations streamlining.
• The PV Group is in a very challenging financial position; therefore, programmes for
disinvestment procedures and cost optimisation were prepared, as well as for expansion
of the company’s activities outside the HSE Group markets, that will allow the PV Group
to gradually increase its competitiveness and improve its operating results within 2015.
• The TEŠ management and project team prepared an assessment of the company’s
position, that reflects an actual technical, financial and future status of the replacement
Unit 6 project as at 10 May 2013. The report, listing certain deviations of TEŠ from
contractual commitments and guarantees, was submitted also to the TEŠ company
Supervisory Board on 24 May 2013, while the Ministry of Finance and Ministry of
Infrastructure and Spatial Planning were informed about the report findings on 27 May
2013.
• Activities in connection with the sale of a 81.3% HSE share in TET are carried out.
Annual Report HSE 2012
1 Introduction
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