Annual report - HSE

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Investments HSE Invest d.o.o. HSE Invest d.o.o. Managing Director Main activity Supervisory Board composition in 2012 Miran Žgajner, M.Sc. Other project engineering and technical consulting Irena Šlemic - President Alida Rejec, M.Sc. Andrej Tumpej Drago Polak Igor Žurga Nives Podgornik HSE Invest is a company for engineering and construction of power plants, providing consulting and engineering services. The major activities of the company include management of development projects in the pre-investment stage, as well as of projects regarding construction of new plants and reconstruction of existing plants. The company is carrying out projects in the areas of energy, infrastructure and environmental protection in Slovenia with a goal of expanding its operations to other countries. Soenergetika d.o.o. Soenergetika d.o.o. Managing Director Main activity Aleš Ažman Production of electricity and thermal energy As part of activities in the area of EEU and distribution of electricity production, HSE has been searching for potential projects as well as reliable partners that would be willing to participate in such projects in cooperation with HSE. The result of these activities was the Co-generation Planina project, where the municipality of Kranj carried out a tender to grant the right to construct and operate the infrastructure and plants for “Co-generation of heat and electricity in Planina Kranj bolier plant” under a direct contract. Partners in this project are Elektro-Gorenjska, Petrol, Domplan and HSE. Each partner’s participation amounts to 25%. The leading partner of the consortium is Elektro-Gorenjska. The consortium of abovementioned partners was also selected by the municipality of Kranj as the most favourable bidder with its proposal dated 15 January 2010. This investment, the objective of which was a project for co-generation of heat and electricity in the area of Planina boiler plant, was successfully completed in 2012. Annual Report HSE 2012 2 Business Report 46
2.2.1 Management of the HSE Group Establishment of HSE had two principal objectives: coordination of main activities and utilisation of synergy effects among companies within the HSE Group. The main purpose behind the establishment of HSE was performance of holding activities, i.e. to found, finance and manage companies in which it would hold majority stakes. In the course of its development, the desire for more intensive integration and exploitation of mutual synergies grew further. The Group prepares its strategic development concept on the basis of which it will fulfil its vision to ensure a long-term competitiveness of the Group on the global energy market, while at the same time expanding its activity and generate new synergetic effects. The Strategic development concept of the HSE Group will help the Group to preserve its mission, i.e. to maintain its leading role on the domestic market and to rank first on the markets the SE Europe, to develop the Slovenian energy-based economy and science in order to implement them internationally. The HSE Group has to build on trust and recognisability. Improvement of our reputation is the Group’s key challenge for the future. Corporate governance is, therefore, of great importance. As a basic condition for better management and business practice, efficient risk management, optimised organisational structure and mutual relationships in the Group, corporate governance is undoubtedly the area that needs new foundations and renewed strategy. The Strategic development concept of the HSE Group will redefine the Group’s corporate governance. When the market circumstances change significantly, the business system has to be prepared for immediate adjustment, in order to ensure the Group’s existence, development and progress. The right choice in this are good management and decisions that lead to: • increased operating efficiency, • maximised synergy effects, • efficient risk management, • establishment of adequate conditions for investments, • reaching even better operating results, • ensuring constant progress, innovations and development. The idea of reorganising the HSE Group in terms of better quality and efficiency is not new. This fact can be confirmed by the decisions of the Group’s strategic conferences as well as other documents regarding its strategy and development. The content of these documents clearly shows that a need for greater exploitation of synergies, equity consolidation and more intensive coordination of activities exists. Management bodies The majority of subsidiaries in Slovenia are run by a single-member management or management board. The subsidiary PV has a three-member Management Board, while the companies abroad usually have a two-member management. Most companies are supervised by a three-member supervisory board. HSE manages the companies of the HSE Group through representatives in Supervisory Boards of subsidiaries as well as through the committee responsible for supervision of major investments. Active supervision committee HSE started establishing active supervision committees also in subsidiaries that are exposed to greater risks due to intensive investment activities. Worker participation in management The HSE employees exercise their rights through trade unions, workers’ councils and representatives in the Supervisory Board. Annual Report HSE 2012 2 Business Report 47
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 36 and 37: Hydro production Dravske elektrarne
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 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
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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
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5.1 Auditor’s report for HSE Grou
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5.2 Statement of management’s res
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5.4 Consolidated financial statemen
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5.4.4 Consolidated cash flow statem
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5.5 Notes to the consolidated finan
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5.5.2 Basis for preparation In the
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5.5.4 Currency reports 5.5.4.1 Func
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Emission coupons are not amortised,
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5.5.7.5 Long-term investments in as
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5.5.7.7 Inventories Inventories are
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5.5.7.10 Provisions for jubilee and
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Write-downs in value include amorti
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5.5.8 Notes to the consolidated fin
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Property, plant and equipment (2) i
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Other long-term investments and loa
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Changes in deferred tax assets in 2
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Cash and cash equivalents (8) in
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Provisions for legal actions are cr
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Long-term operating liabilities to
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Considering the increase in assesse
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In 2012, the audit of financial sta
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Financial expenses (27) Financial e
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Considering the abovementioned fact
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5.5.8.8.1 Credit risk Most of the G
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Changes in allowances for short-ter
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Contracts concluded for currency sw
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in € Capital management 31 Decemb
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Contacts Holding Slovenske elektrar
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HSE BH d.o.o. Bulevar Meše Selimov
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NIP 5 Revised investment programme
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Holding Slovenske elektrarne d.o.o.
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Annual report - HSE

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