Annual report - HSE

The controlling company’s bank debt at the end of 2012 was by 91% higher compared with
the end of 2011, while the Group’s debt to banks was increased by 24%, mostly as a result
of short-term borrowing of the controlling company, which carried out bridge financing of
the TEŠ replacement Unit 6.
The net financial debt of the controlling company at the end of 2012 exceeded the 2011
debt by 98%, while the net financial debt of the Group increased by 41%. The controlling
company and Group financed the HSE Group investments through borrowing.
Net finance debt of the HSE Group and the controlling
company as at 31 December 2012
HSE GROUP
CONTROLLING COMPANY
2012
2011
602 2012
320
426 2011
162
in EUR million
in EUR million
Structure of mutual lending
31.12.2012 31.12.2011
Loans received from
subsidiaries 20%
Loans granted to
subsidiaries 80%
Loans received from
subsidiaries 46%
Loans granted to
subsidiaries 54%
Annual Report HSE 2012
2 Business Report
71