Annual report - HSE

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Hydro production Dravske elektrarne Maribor d.o.o. (DEM) Dravske elektrarne Maribor d.o.o. Managing Director Main activity Supervisory Board composition as at 01/01/2012 Supervisory Board composition as at 31/12/2012 Viljem Pozeb, M.Sc. Electricity production in HPP Stanislava Boban - President Djordje Žebeljan, M.Sc. Marjan Kirbiš Marko Tandler, Ph.D. - President Miran Jug Marjan Kirbiš With eight HPPs on the Drava River (HPP Dravograd, HPP Vuzenica, HPP Vuhred, HPP Ožbalt, HPP Fala, HPP Mariborski otok, HPP Zlatoličje, HPP Formin), three small HPPs (small HPP Melje, small HPP Markovci and small HPP Ceršak) and four SPPs (SPP Zlatoličje, SPP Formin, SPP Dravograd and SPP OCV 3) the company DEM produces almost one quarter of all Slovenian electricity. The average annual production of the company DEM, which amounts to 2.660 GWh, represents 80% of Slovenian electricity which complies with criteria of renewable sources and standards of the internationally accepted RECS certificate (Renewable Energy Certificates System). Total net output of DEM power plants amounts to 589 MW. The operations of the company, which performs most of its activities on the Drava River, are based on effective processes which are performed with minimum impact on sources and environment. Significant operating principles are reliability of partner cooperation in all areas and adaptability to the challenges of employees, the owner and external environment. . In the area of hydropower activity the company fully controls and markets all processes, while the care for environment is always criterion of assessing working and economic success at existing capabilities and those that it still intends to establish. Efficiency, reliability, adaptability, completeness and environmental responsibility represent the basic values of the company DEM. MHE Lobnica d.o.o. is a DEM’s subsidiary, established in May 2011 for electricity production. Eldom d.o.o. is an associate of DEM. The company’s main activity is property management, organisation of meals in restaurants and management of holiday facilities for Slovenia’s electricity sector. Annual Report HSE 2012 2 Business Report 36
Hidroelektrarne na spodnji Savi d.o.o. (HESS) Hidroelektrarne na spodnji Savi d.o.o. Managing Director Main activity Supervisory Board composition as at 01/01/2012 Supervisory Board composition as at 31/12/2012 Bogdan Barbič Electricity production in HPP Janez Keržan, M.Sc. - President Andrej Kovač Primož Stropnik Nikola Galeša Vladimir Gabrijelčič Matjaž Janežič, M.Sc. - President Andrej Kovač Primož Stropnik Nikola Galeša Vladimir Gabrijelčič The company HESS was established in 2008, particularly with the purpose of construction, operation and maintenance of HPP chain on the lower Sava River in accordance with the provisions of Concession Agreement for the Exploitation of Energy Potential of the Lower Sava River and the Conditions of the Concession for the Exploitation of Energy Potential of the Lower Sava River Act. The project of HPP construction on the lower Sava River classifies HESS as one of the largest investors of RES construction in the Republic of Slovenia and wider area. HESS is a contemporary in technologically orientated company, which through optimum and rational construction of HPPs on lower Sava remains the leading constructor of new facilities in the RES area in Slovenia and continues to reaffirm its ranking. Soške elektrarne Nova Gorica d.o.o. (SENG) Soške elektrarne Nova Gorica d.o.o. Managing Director Main activity Supervisory Board composition as at 01/01/2012 Supervisory Board composition as at 31/12/2012 Vladimir Gabrijelčič Electricity production in HPP Tomaž Štokelj. Ph.D. - President Irena Stare Silvester Medvešček Matjaž Eberlinc, Ph.D. - President Nenad Trkulja, M.Sc. Silvester Medvešček The basic mission of the company SENG is electricity production from renewable water source. In the basin of the Soča River and its tributaries, SENG produces so-called blue energy of 5 large and 22 small HPPs, while in 2010 the HPP chain on the Soča River was upgraded with the first pumped-storage power plant in Slovenia — PSP Avče. The company’s vision is optimum exploitation of available water potential of the Soča River and its tributaries, as well as electricity production from other renewable sources, such as wind and solar energy. Elprom d.o.o. is a subsidiary of SENG. It was established for the purposes of electricity trading. Elprom d.o.o. is a dormant company. Annual Report HSE 2012 2 Business Report 37
Page 1: ANNUAL REPORT OF THE COMPANY HSE &
Page 4 and 5: Contents 7 8 9 10 13 13 14 15 1 Int
Page 7 and 8: What you see: Downpour What we see:
Page 9 and 10: 1.2 Report of the Supervisory Board
Page 11 and 12: Other important matters and issues
Page 13 and 14: 1.2.2 Monitoring and supervision of
Page 15 and 16: 1.3 Electricity production and trad
Page 17 and 18: HSE Group 2012 2011 IND 12 / 11 Net
Page 19 and 20: 1.5 Chronology of important events
Page 21 and 22: • On 19 October, an agreement on
Page 23: management. Immediately after the i
Page 26 and 27: 2.1 Controlling company 2.1.1 Profi
Page 28 and 29: 2.1.3 Management of the controlling
Page 30 and 31: 2.1.4 Corporate governance statemen
Page 32 and 33: • Supervising the integrity of fi
Page 34 and 35: HSE Group in western, central and s
Page 38 and 39: Srednjesavske elektrarne d.o.o. (SR
Page 40 and 41: Termoelektrarna Trbovlje d.o.o. (TE
Page 42 and 43: PV Zimzelen d.o.o. is a retirement
Page 44 and 45: HSE Adria d.o.o. HSE Adria d.o.o. M
Page 46 and 47: Investments HSE Invest d.o.o. HSE I
Page 48 and 49: Regular cooperation with trade unio
Page 50 and 51: National, European and global frame
Page 52 and 53: 2.5.4 Achieving information securit
Page 54 and 55: performed with the help of market c
Page 56 and 57: Slovenian electricity market in 201
Page 58 and 59: The scope of trading on the Italian
Page 60 and 61: Long-term contracts and day-ahead m
Page 62 and 63: Structure of sources The electricit
Page 64 and 65: 2.9 Investments The HSE Group is bo
Page 66 and 67: At HPP Krško, the following activi
Page 68 and 69: Most of company’s investments wer
Page 70 and 71: Debt ratio The debt ratio is an imp
Page 72 and 73: The value of assets and total equit
Page 74 and 75: Equity to fixed assets ratio in €
Page 76 and 77: Debt-to-equity ratio in € 2012 20
Page 78 and 79: Operating fixed assets rate in €
Page 80 and 81: Net return on equity ratio (ROE) in
Page 82 and 83: 2.12 Risk management The HSE Group
Page 84 and 85: 2.12.2 Operating risks Market risk
Page 86 and 87:
In 2012, risks were managed with th
Page 88 and 89:
Production management The HSE Group
Page 90 and 91:
Risk of investment activities The k
Page 92 and 93:
2.14 Research and development In 20
Page 94 and 95:
EU level Key activities: • EU Ren
Page 96 and 97:
2 Poslovno poročilo
Page 98 and 99:
3.1 Responsibility to employees In
Page 100 and 101:
Employees and the community Employe
Page 102 and 103:
Number of employees as at 31 Decemb
Page 104 and 105:
certificates on their behalf. In 20
Page 106 and 107:
2 Poslovno poročilo
Page 108 and 109:
4.1 Auditor’s report Annual Repor
Page 110 and 111:
4.2 Statement of management’s res
Page 112 and 113:
4.4 Financial statements 4.4.1 Stat
Page 114 and 115:
4.4.4 Cash flow statement in € An
Page 116 and 117:
4.5 Notes to the financial statemen
Page 118 and 119:
4.5.3 Basis of measurement Company
Page 120 and 121:
4.5.7.2 Property, plant and equipme
Page 122 and 123:
4.5.7.4.2 Non-derivative financial
Page 124 and 125:
4.5.7.7 Equity Total equity of the
Page 126 and 127:
Costs of services are historical co
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in € Intangible assets Emission c
Page 130 and 131:
Investments in subsidiaries (3) in
Page 132 and 133:
Significant amounts from statements
Page 134 and 135:
Short-term financial receivables fr
Page 136 and 137:
Other short-term assets (7) in €
Page 138 and 139:
Provisions for termination and jubi
Page 140 and 141:
Short-term financial liabilities (1
Page 142 and 143:
Other current liabilities (15) in
Page 144 and 145:
Costs of goods, materials and servi
Page 146 and 147:
Tax (24) The company is subject to
Page 148 and 149:
In the reporting period, individual
Page 150 and 151:
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
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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
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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 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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