Annual Report of Elektro Primorska d.d. Company and Elektro

Transcription

Annual Report
of Elektro Primorska d.d. Company
and Elektro Primorska Group
for Year 2014
Annual Report
of Elektro Primorska d.d. Company
and Elektro Primorska Group
for Year 2014
KAZALO
A. BUSINESS REPORT
1. MANAGEMENT REPORT
2. MANAGEMENT RESPONSIBILITY STATEMENT
3. SUPERVISORY BOARD REPORT
4. CORPORATE GOVERNANCE STATEMENT
4.1.
Management board
4.1.1. Appointment and composition
4.1.2. Responsibilities and operation
4.1.3. Remuneration of the management
4.1.4. System of internal control and risk management relating to financial
reporting, auditing
4.2.
Supervisory board
4.2.2. Powers and operation
4.2.3. Remuneration of supervisory board and supervisory board committees' members
4.3.
Shareholders meeting
4.4. Statement of compliance with the Corporate Governance Code
4.5. Compliance with the recommendations and expectations of Slovenian Sovereign Holding
4.6. Management of the Parent Company and the Group
5. PRESENTATION OF THE COMPANY
5.1. Company identity card
5.2. Mission, vision and business culture of the company
5.2.1. Mission of the company
5.2.2. Vision of the company
5.2.3.Business culture
5.3. Regulatory frameworks of the electricity activity of the company
5.4.
Company organization
6. HUMAN RESOURCES MANAGEMENT IN YEAR 2014
6.1.
General
6.2. Overview of key data about employees in year 2014
6.3. Age structure of employees
6.4. Structure of employees according to the years of service
6.5. Structure of employees according to gender
6.6. Educational structure of employees
6.7. Employees with disabilities
6.8. Education of employees
6.9. Care for employees
6.10. Health and safety at work
6.11. Voluntary supplementary pension insurance
6.12.
Accident insurance
6.13. Secondary activities affecting the well-being of employees
7. IMPLEMENTATION OF ANNUAL OBJECTIVES IN YEAR 2014
8. DISTRIBUTION OF ELECTRICITY
8.1. Services for SODO
8.1.1. Achieving the goals and comparison with year 2013
8.2.
Investments
8.3. Acquired and transmitted electricity in year 2014
8.4. Access to the distribution network
8.4.1. Use of electricity network
8.4.2. Excessively acquired wattles power at cos ϕ < 0,95
8.4.3. Electricity losses in the distribution network
8.4.4. Peak of distribution network consumption and operating hours
8.4.5. Production of electricity from producers connected to the distribution network
8.4.6. Quality of electricity supply
8.4.6.1.
Voltage quality
8.4.6.2.
Continuity of power supply
8.4.6.3.
Commercial quality
9. SERVICES FOR EXTERNAL CUSTOMERS
10. INFORMATION SUPPORT AND DEVELOPMENT
11. INTEGRATED MANAGEMENT SYSTEM
12. CARE FOR THE ENVIRONMENT
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12.1.
Environmental policy
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12.2. Realization of environmental programs in year 2014
13. RISK MANAGEMENT 52
13.1.
Financial risks
53
13.2.
Operational risks
53
13.3.
Strategic risks54
13.4.
Legislative risks
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B. FINANCIAL STATEMENTS56
1. BALANCE SHEET AS AT DECEMBER 31 2014
56
2. PROFIT AND LOSS ACCOUNT FOR YEAR ENDED AS AT DECEMBER 31 2014 58
3. STATEMENT OF COMPREHENSIVE INCOME FOR YEAR ENDED AS AT DECEMBER 31 2014
4. CASH FLOW STATEMENT FOR YEAR ENDED AS AT DECEMBER 31 2014
60
5. STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED AS AT DECEMBER 31 2014 61
6. STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED AS AT DECEMBER 31 2013 62
7. INDICATORS63
7.1. Main indicators of financing (investing)
63
7.2. Main investment indicators (investing)
63
7.3. Main horizontal financial structure indicators64
7.4. Main indicators of economy
64
7.5. Main indicators of return
64
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C. NOTES TO THE FINANCIAL STATEMENTS ACCORDING TO THE COMPANIES ACT
AND SLOVENIAN ACCOUNTING STANDARDS
1. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS 65
2. NOTES TO THE BALANCE SHEET ITEMS
69
2.1.
Intangible assets
69
2.2. Tangible fixed assets 71
2.3. Long-term financial investments 74
2.4. Long-term operating receivables 75
2.5.
Stocks
75
2.6. Short-term financial investments 76
2.7. Short-term operating receivables 77
2.8.
Monetary assets
79
2.9. Short-term accruals and prepaid expenditure
79
2.10.
Capital
80
2.11. Provisions and long-term accruals and deferred income
81
2.11.1.
Provisions81
2.11.2. Long-term accruals and deferred income
81
2.12.
Long-term liabilities82
2.13.
Short-term liabilities83
2.14. Short-term accrued costs and deferred revenues
83
3. NOTES TO THE PROFIT AND LOSS ACCOUNT 85
3.1.
Operating revenues86
3.2.
Operating expenses87
3.3.
Financial revenue
90
3.4.
Financial expenses91
3.5.
Other revenue
91
3.6.
Other expenses
91
3.7. Corporate income tax 92
3.8. Net profit or loss 92
3.9. Total comprehensive income for the period 92
4. NOTES TO THE CASH FLOW STATEMENT
93
4.1. Receipts from operating activities 93
4.2. Expenditure for operating activities
93
4.3. Receipts from investing activities 93
4.4. Expenditure for investing activities93
4.5. Receipts from financing activities 93
4.6. Expenditure for financing activities93
4.7. Cash flow for the period93
5. DISCLOSURE OF EVENTS WITH RELATED PARTIES
94
6. CONTINGENT LIABILITIES OF THE COMPANY 95
7. EVENTS AFTER THE BALANCE SHEET DATE
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8. NOTES TO THE FINANCIAL STATEMENTS ACCORDING TO ENERGY ACT
AND THE COMPANIES ACT
8.1. Notes to the balance sheet
8.2. Notes to the profit and loss account
8.3. Criteria for allocating revenues and expenses, assets and liabilities of joint activities
to individual activities
8.4. Sub-balance sheet according to the Energy Act as at 31. 12. 2014
8.5. Profit or loss account according to the energy act for year 2014 101
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D. BUSINESS REPORT OF ELEKTRO PRIMORSKA GROUP
1. PRESENTATION OF THE GROUP
1.1. Composition of the group
1.2. Presentation of controlled company E 3, d. o. o.
1.3. Presentation of associate company Knešca, d. o. o.
1.4. Presentation of the controlling company JOD, d. o. o.
1.5. Presentation of the controlling company ECO ATMINVEST, d. o. o.
2. RISK MANAGEMENT
3. CONSOLIDATED FINANCIAL STATEMENTS
3.1. Consolidated balance sheet as at December 31 2014
3.2. Consolidated profit or loss account for business year ended as at December 31 2014
3.3. Consolidated statement of comprehensive income for year ended as at
December 31 2014
3.4. Consolidated cash flow statement for year ended as at December 31 2014
3.5. Consolidated statement of changes in equity for year ended as at December 31 2014
3.6. Indicators in Elektro Primorska Group
4. FINANCIAL REPORT OF ELEKTRO PRIMORSKA GROUP
4.1. General notes and disclosures
4.2. Notes to the consolidated balance sheet
4.2.1.Long-term assets
4.2.1.1.
Intangible assets
4.2.1.2.
Tangible fixed assets
4.2.2. Long-term financial investments
4.2.3. Long-term operating receivables
4.2.4. Deferred tax assets
4.2.5.Short-term assets
4.2.5.1.
Stocks
4.2.5.2.
Short-term financial investments
4.2.5.3.
Short-term operating receivables
4.2.5.4.
Monetary assets
4.2.6. Accruals and prepaid expenditure
4.2.7.Capital
4.2.8. Provisions and long-term accruals and deferred income
4.2.8.1.
Provisions
4.2.8.2. Long-term accruals and deferred income
4.2.9.Long-term liabilities
4.2.10.
Short-term liabilities
4.2.11. Accrued expenses and deferred revenues
4.3. Notes to the consolidated profit or loss account
4.3.1.Operating revenues
4.3.2.Operating expenses
4.3.3.Financial revenue
4.3.4.Financial expenses
4.3.5.Other revenues
4.3.6.Other expenses
4.3.7. Corporate income tax
4.3.8. Net profit or loss
4.4. Notes to the consolidated cash flow statement
4.5. Contingent liabilities of Elektro Primorska Group
4.6. Events after the balance sheet of Elektro Primorska Group
5. MANAGEMENT RESPONSIBILITY STATEMENT – GROUP OPERATIONS
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Business
Report
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Business Report | 1. Management Report
1.
Management Report
risks, and we achieved a radical reduction of risk assessment in the parent company as
well as in the subsidiary E 3, d. o. o.
In accordance with the annual and operative plan of internal audit for year 2014 key
Dear shareholders, business partners, and co-workers,
business processes were reviewed and audited in the parent company as well as in the
subsidiary. There were nearly 60 measures issued, of which 60 % have already conclu-
year 2014 was full of events that marked the operations of the group in many ways. At the
ded, while 40 % are being implemented.
very beginning, when we just finished the operations of the previous year, put our sails up
and turned to new goals, we were hit by a natural disaster of an exceptional character. Ice
On the electricity market, where one of the key roles are played also by our subsidiary E 3,
damage that shook us well at the end of January caused extreme damage on the entire
d. o. o., the fight for market share among the key players has continued, which expressed
Slovenian energy infrastructure. Area covered by Elektro Primorska was especially hard
mainly in the form of additional reduction of prices for existing products. Our subsidiary
hit. There were more than 350 km of distribution network damaged, which represents
did not give into the senseless fight of price reductions, but fought the competition by
more than four percent of the infrastructure owned by the company.
finding the way to new buyers through introduction of new selling channels. We were
so successful at this, that we recorded another customer growth at the end of the year,
We started renovating deliberately and energetically. Our first goal was to ensure the
both in the segment of household and business customers. In the last quarter we also
most urgent supply of electricity to all our customers. We installed more than120 aggre-
re-launched the sale of electricity in Italy, which was stopped due to reorganization of
gates and upgraded certain parts of the damaged network. We reached the goal in
the Italian buyer.
exceptional circumstances, with the help of external partners and international aid, within
less than a month.
Despite positive trend in the last quarter it was impossible to make up for the lost electricity quantities, which was the result of customers loss in the first half of the year, excepti-
Even the rest of the year was devoted almost exclusively to rehabilitation of the damaged
onally warm winter and mild summer. Weather conditions also impacted the field of heat
network. Majority of investment funds were intended for the restoration of medium-vol-
and electricity production, where we recorded worse result than planned.
tage power lines and construction of the heavy line between Pivka and Postojna, which
increased the reliability of power supply for the town of Postojna. Final rehabilitation of
In the given circumstances we are pleased with the achieved result of the subsidiary in
damage, mainly on the low-voltage network, will be delayed well into year 2015.
the amount of 1.5 mio EUR, despite the fact that planned profit was not realized.
Operating results of the parent company are entirely marked with the vents from the be-
In Elektro Primorska Group we are well aware that in addition to the business success of
ginning of the year. The resulting damage and the implementation of rehabilitation have
the company, attitude toward the environment we operate in is also important, so we pro-
had a significant impact on costs and revenues of the company. Increased volume of co-
mote the principles of socially responsible behavior in business and social environment.
sts is connected with operation of aggregates, overtime work, hiring the services of exter-
We also strive for improvement of environmental aspects of operation, for rational beha-
nal contractors and write-off of fixed assets damaged during the glaze storm. Because of
vior and rational use of energy, raw materials and other natural resources.
paid insurance claims, we exceeded the planned volume of operating revenues as well.
Despite the extreme conditions, we achieved a positive operating result in the amount of
Year 2014 is behind us. In Elektro Primorska Group we will certainly remember it well. On
3.2 mio EUR and even exceeded other core business objectives.
this occasion, I would like to thank once again all co-workers, who in the moment of crisis
proved their loyalty and outstanding care for what is the main mission of the company,
We carried out by more than 13 mio EUR of investments; surpassed planned objectives
namely to ensure undisturbed electricity supply. In this year we all learned a lot and we
in the segment of own services, carried out all necessary maintenance work and at the
did our work as a mission.
same time additionally created a difference in price in the segment of implementing services for the market.
Dear shareholders and business partners, together with our co-workers we would like
to thank you for your trust in the past year. We will continue to care for the successful
In year 2014 we continued with the implementation of measures of the cost rationalizati-
development of the group and we wish for your support and creative participation while
on program (RAST), which is implemented on the level of entire group and will be taking
doing so.
place until the end of year 2015.
In accordance with the adopted methodology of integrated risk management we imple-
Uroš Blažica,
mented measures, which were adopted with the purpose of reducing and controlling the
Chairman of the Board
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Uroš Blažica,
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Business Report | 2. Management Responsibility Statement
Business Report | 3. Supervisory Board Report
2.
Management Responsibility
Statement
3.
Supervisory Board Report
Management board hereby approves the financial statements for year 2014and business
In the period from January 1 2014 to December 31 2014 the supervisory board operated
report for the period between January 1 and December 31 2014, as well as used accou-
in the following composition:
nting policies and notes included in the proposed annual report.
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mag. Uroš Saksida, chairman of the supervisory board,
•
Valter Vodopivec, vice-president of the supervisory board, employee representative,
Management is responsible for preparing the annual report and hereby declares that the
•
Dean Kocjančič, supervisory board member,
report provides a true and fair picture of the financial condition of the company and its
•
Massimo Makovac, supervisory board member,
operating results for year 2014.
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Matjaž Bajec, supervisory board member,
•
Jernej Kenda, supervisory board member, employee representative.
Composition of
the Supervisory
Board
Management board hereby certifies that relevant accounting policies were used consistently and that accounting estimates were prepared according to the principles of pru-
Composition of the supervisory board is varied. Members possess relevant expertise,
dence and due diligence. At the same time it certifies that the financial statements and
experience and skills. With their knowledge and experience they complement each other,
notes were prepared on a going concern basis and in accordance with the relevant legi-
which ensure adequate control over the operations of the company.
slation and Slovene Accounting Standards.
Members of the supervisory board in the management or supervisory bodies of related
Management board is also responsible for appropriate accounting, for adoption of
and unrelated companies are:
appropriate measures to protect the property and prevent and detect fraud and other
•
irregularities.
Gorica,
•
In its operation company strictly abides by the laws and tax regulations, so the management of the company does not expect any significant obligations in this respect.
mag. Uroš Saksida – director of Stem, d. o. o. Company, Vipavska 67, 5000 Nova
Valter Vodopivec – member of the supervisory board in company Mestne storitve,
javno podjetje, d. o. o., Trg Edvarda Kardelja 1, 5000 Nova Gorica,
•
Dean Kocjančič – director of Tourist association Izola, g. i. z., Ljubljanska ulica 17,
6310 Izola,
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Massimo Makovac, who is not a member in any of the management or supervisory
bodies of related or unrelated companies,
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Matjaž Bajec – director of company Mlina, družba za upravljanje z naložbami,
d. o. o., Tovarniška cesta 14, 5270 Ajdovščina,
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Jernej Kenda, who is not a member in any of the management or supervisory bodies of related or unrelated companies.
In year 2014 the supervisory board carefully and responsibly supervised the operation of
the company and group Elektro Primorska. Supervisory Board has carried out its work
in accordance with the law, the statute of the company, Rules of Procedure of the Supervisory Board, the Code of Corporate Governance of State Capital Investments and
recommendations of the operator of direct and indirect equity investments of the Republic of Slovenia. Operation and supervision of the content related to the monitoring of
achievement of business objectives and long-term business and financial development
of the company and the Group. Management Board regularly, correctly and thoroughly
reported to the Supervisory Board on the operating results, on the broad terms of business and significant events in the company and the group. Supervisory board believes
that cooperation with the Management Board held a professional and appropriate professional level.
Operation of
the Supervisory
Board
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In year 2014 Supervisory Board met at nine regular and three correspondence sessions,
8th regular session, May 21 2014
where it adopted a total of 82 decisions and dealt with the following major contents:
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consideration and approval of the revised annual report of the company and group
for year 2013,
5 regular session, February 4 2014
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drafting a proposal for allocation of distributable profit,
•
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consideration and approval of the annual report of the supervisory board of the
th
familiarization with the situation on the electricity distribution network owned by the
company after the ice damage,
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consideration of the report on the operations of the group for the period January–
company for year 2013,
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November 2013,
consideration and approval of materials and decision proposals for the 19th shareholders meeting of Elektro Primorska d. d. Company.
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consideration of the report on liquidity situation of the group,
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approval of estimated sources of financing investments and long-term indebted-
1st correspondence session, June 4 2014–June 6 2014
ness of Elektro Primorska d. d. Company for year 2014,
•
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adoption of the annual internal audit plan for year 2014,
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consideration of RAST program,
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familiarization with the report of the audit committee of the supervisory board.
man of the board.
9th regular session, July 10 2014
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6 regular session, March 27 2014
consideration of the report on the operations of the group for the period January
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-December 2013,
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cember 2014,
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bution network owned by the company after the ice damage,
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consideration of the report on the integrated risk management of the group for the
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approval of the supervisory board of the contracts for real estate sales,
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last quarter of year 2013,
first quarter of year 2014,
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consideration of the report on internal audit of the group for the first quarter of year
2014,
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consideration of the report on the integrated risk management of the group for year
2013,
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consideration of the evaluation of the group operations for the period January–De-
familiarization with the interim report on the damage and the rehabilitation of distri-
•
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May 2014,
th
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consideration and approval of Annex no.2 to the employment contract of the chair-
familiarization with the decision on the refusal of a public contract for the supply of
direct electricity meters,
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familiarization with the procedure and costs of introduction of new ERP system.
consideration of the report on internal audit of the group for the last quarter of year
2013,
2nd correspondence session, August 25 2014–August 26 2014
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consideration of the report on internal audit of the group for year 2013,
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familiarization with the time schedule of implementation of the 19th shareholders
consent to the conclusion of the transaction to hire long-term loan to refinance existing long-term indebtedness.
meeting of Elektro Primorska d. d. Company,
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familiarization with the report of the audit committee of the supervisory board,
10th regular session, September 11 2014
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requirement to complete an annual internal audit plan for year 2014.
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June 2014,
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familiarization with the conclusion of the Annex no.3 to the Contract on the lease
February 2014,
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of electricity distribution infrastructure and provision of services for the distribution
consideration of the evaluation of the group operations for the period January–April
2014,
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familiarization with the guidelines of the revised plan of investments for year 2014,
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consent to the commencement of the procedure of borrowing in Elektro Primorska
system operator,
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consideration of comparative analysis of selected indicators of electricity distribution companies in the period 2011–2013,
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consideration of comparative analysis of selected indicators of energy trading subsidiary companies in the period 2011–2013,
d. d. Company for the purpose of refinancing the existing loans,
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consent to the conclusion of a contract for the lease of the new ERP system,
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adoption of the amended annual internal audit plan for year 2014,
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consideration of the draft annual report of the Supervisory Board for year 2013.
second quarter of year 2014,
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consideration of the report on internal audit of the group for the second quarter of
year 2014,
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adoption of amendments to the Rules of Procedure of the Audit Committee of the
Professional support to the supervisory board in exercising control over the management
Supervisory Board of Elektro Primorska d. d. Company and confirmation of a clean
of the company was offered also by the audit committee of the supervisory board. Re-
copy of the Rules of Procedure.
view of business and legal transactions of the company in 2014 were monitored by the
following members of the audit committee:
11th regular session, October 22 2014
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Dean Kocjančič, chairman of the audit committee,
•
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Massimo Makovac, internal member of the audit committee,
–August 2014,
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Maja Curk, external member of the audit committee, and
•
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Aleš Jakin, external member of the audit committee.
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adoption of the revised plan of investments for year 2014 (version No. 3),
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familiarization with the impact of ice damage on company's operation in year 2014,
In year 2014 the audit committee met at four regular and one correspondence session,
•
discussion and conclusion on the fulfillment of the criteria for the payment of bonus-
where members paid special attention primarily to the following topics: liquidity, compre-
es to the chairman of the board for year 2013.
hensive risk management, effectiveness of internal controls, reviewing the correctness of
the implementation of procurement procedures, external audit.
12 regular session, December 4 2014
th
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1st correspondence session, January 17 2014–January 24 2014
–September 2014,
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consideration of the annual internal audit plan for year 2014.
•
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consideration of the draft of the Business plan of Elektro Primorska d. d. for the
3rd regular session, February 20 2014
period 2015–2017.
•
November 2013,
13th regular session, December 16 2014
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analysis of the performance of subsidiary E 3, d. o. o., and related companies,
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consideration of the draft of the Business plan of Elektro Primorska d. d. for the
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period 2015–2017,
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familiarization with the process of recovery in the parent company and subsidiary
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company E 3, d. o. o.
third quarter of year 2014,
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consideration of the report on internal audit of the group for the third quarter of year
2014,
•
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adoption of a plan of work of the audit committee of the supervisory board of Elektro
2014,
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Primorska d. d. for year 2015,
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consideration and approval of the proposal for additional criteria for the selection of
3 correspondence session, December 22 2014–December 23 2014
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–March 2014,
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last quarter of year 2013,
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confirmation of the forecast sources of financing investments and long-term indebtedness of the company for period 2015–2017.
•
consideration and approval of the Business plan of Elektro Primorska d. d. for the
2015–2017,
•
consideration of the revised annual report of the company Elektro Primorska d. d.
and group for year 2013,
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the contractor to revise the annual report.
rd
consideration of the proposal of selecting the audit of the annual report for year
consideration of the annual report on the integrated risk management of the group
for year 2013,
•
consideration of the report on internal audit of the group for the last quarter of year
2013,
At all meetings members of the Supervisory Board met in full cast.
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consideration of the annual report on internal audit of the group for year 2013,
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self-assessment of the audit committee of the supervisory board.
Supervisory Board had no expenses for its operation, except for costs linked to the decision of the general meeting on the payments for performing the function. Remuneration
5th regular session, September 2 2014
of the supervisory board members is disclosed in table no. 54 of the annual report.
•
consideration of content of the contract on auditing the individual and consolidated
financial statements for year 2014,
•
–June 2014,
Work of the
supervisory
board
committees
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consideration of the operational assessment of the group for the period January–
December 2014,
Based on the review of the annual report and the accompanying auditor's report, the
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Supervisory Board established that the Annual Report is prepared in accordance with
•
consideration of comparative analysis of selected indicators of electricity distribu-
the provisions of the Companies Act and in accordance with accounting standards and
tion companies in the period 2011–2013,
that the information contained therein constitute a faithful reflection of the company's
•
familiarization with the presentation of Eco Atminvest, d. o. o. Company,
operations in the previous financial year.
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first and second quarter of year 2014,
On the basis of the foregoing considerations and the positive opinion issued by the cer-
consideration of the report on internal audit of the group for the first and second
tified auditing company, the Supervisory Board, without comment approved the Annual
quarter of year 2014,
Report of the company Elektro Primorska d. d. and of Elektro Primorska Group for 2014.
consideration of the proposal of amendments to the Rules of Procedure of the Audit
With this the Annual report of Elektro Primorska d. d. Company and of Elektro Primorska
Committee of the Supervisory Board.
Group for 2014 is adopted.
6th regular session, December 10 2014
In year 2014 Elektro Primorska d. d. Company made net profit in the amount of 2,813,603
•
consideration of the proposal of additional criteria for selecting the audit of the an-
EUR. Following the decision of the management, the company has formed other profit
nual report,
reserves in the amount of 47.36 % of net profit for year 2014 already in compiling the
annual report. Company notes that the distributable profit as at 31. 12. 2014 amounted to
•
–September 2014,
1,481,000 EUR and consists of the net profit from year 2014 in the amount of 1,481,000
•
EUR.
•
consideration of comparative analysis of selected indicators of energy trading sub-
•
sidiary companies in the period 2011–2013,
Management Board proposes that the entire distributable profit in the amount of
familiarization with the operations of Eco Atminvest, d. o. o. Company, and forming
1,481,000 EUR is paid to shareholders in the form of dividends.
of opinion about the planned merger with E 3, d. o. o. Company,
•
Supervisory Board believes that the Management Board's proposal on the use of dis-
third quarter of year 2014,
tributable profit is in line with the strategic development goals of the company and takes
consideration of the report on internal audit of the group for the third quarter of year
into account the interest of the shareholders for the long-term increase in share value,
2014,
and therefore supports the Management Board proposal on profit distribution and will
•
consideration of the annual report on internal audit for year 2015,
forward it together with the Management Board to the General Meeting of Shareholders.
•
consideration of the work plan of the supervisory board audit committee for year
•
2015.
Nova Gorica, May 25 2015
Members of the audit committee met in full composition, except at the 4th regular session, when Ms. Maja Curk, external member of the audit committee, was justifiably ab-
Uroš Saksida, MSc
sent.
Chairman of the Supervisory Board
Audit Committee had no expenses for its operation, except for costs linked to the decision of the general meeting on the payments for performing the function. Remuneration
of the audit committee members is disclosed in table no. 54 of the annual report.
Approval of the annual report and position on the auditor's report
Approval of the
annual report
and position on
the auditor's
report
At its 17th regular session on May 25 2015 the supervisory board considered the annual
report of Elektro Primorska d. d. Company and Elektro Primorska Group for year 2014,
including the report by the audit company ABC Revizija, družba za revizijo in sorodne
storitve, d. o. o., in which the authorized auditing firm notes that the financial statements
that are part of the annual report give a true and fair view of the financial situation of the
Company and the Group and their income, changes in equity and cash flow statements.
Supervisory board had no comments to the auditor's report.
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Business Report | 4. Corporate Governance Statement
4.
Corporate Governance
Statement
4.1. Management board
In accordance with the Statute, the Management Board consists of one member. Office
of the chairman of the Management Board lasts four years and he may be reappointed.
Since June 30 2012 the chairman of the board has been Uroš Blažica.
4.1.2. Responsibilities and operation
Chairman of the Board manages the business of the company to the benefit of the company, independently and on his own responsibility. In accordance with the Statute of the
company the chairman of the board must obtain the consent of the Supervisory Board
prior to the conclusion of a legal transaction of over 835,000.00 EUR, for transactions on
preparation of financial statements that present a true and fair view of the financial position, income statement, cash flows and changes in equity in accordance with accounting
standards and applicable regulations.
Internal audit activity in the company and the group is carried out in accordance with the
Regulations on Internal Audit in Elektro Primorska d. d. Basic function of internal audit is
constantly checking and making recommendations for improvements in the functioning
of the internal control system in terms of managing all types of risk. In accordance with
the annual internal audit plan, which was approved by the Supervisory Board, in 2014 the
parent company conducted an internal audit in the following areas of process implementation: a) informatics in Elektro Primorska Company b) investments and maintenance of
infrastructure in Elektro Primorska c) process of recovery.
Audit of the financial statements of the parent company and subsidiaries is carried out
by the audit company ABC Revizija, d. o. o., Ljubljana. Within the audit of financial statements the external auditor cooperates with the internal audit. External and Internal Auditors report to the Management Board, Supervisory Board and Audit Committee of the
Supervisory Board on their findings.
real estate and borrowing of more than 418,000.00 EUR.
Supervisory Board's consent is not required when it comes to business in the field of
buying and selling electricity, legal transactions with real estate and borrowing and lending, insofar as these legal transactions are included in the Company's business plan.
4.2. Supervisory board
Supervisory board in Elektro Primorska Company has six members. Four members are
Chairman of the Board reports regularly to the Supervisory Board about its work and
representatives of shareholders, two representatives of workers. Members of the super-
informs it about all significant business events. Chairman of the management board and
visory board representing the shareholders are elected by the general meeting, while
Chairman of the Supervisory Board consult on the strategy and business development
representatives of workers by the works council in accordance with the law and its acts.
also outside the meetings of the Supervisory Board.
Term of office of the members of the Supervisory Board is four years and they may be
reappointed.
4.1.3. Remuneration of the management
In accordance with the employment contract the Chairman of the Board shall be entitled
Since August 28 2013 the supervisory board of Elektro Primorska has been operating
to the basic monthly salary and performance bonus. Basic salary (gross pay, undimini-
in the following composition: Uroš Saksida, MSc, chairman, and Matjaž Bajec, Dean
shed by taxes and contributions) is set as a multiple of average gross wage paid in a
Kocjančič, Massimo Makovac, Valter Vodopivec and Jernej Kenda, members.
group of Elektro Primorska in the previous financial year. Bonus for performance is determined in accordance with the criteria set out in the employment contract by a decision
4.2.2. Powers and operation
of the Supervisory Board within 30 days after the adoption of the annual report for the
Powers of the Supervisory Board are defined by law and the statute of the company
financial year for which the bonus is calculated. Bonus can amount a maximum of 15% of
Elektro Primorska d. d. In its operations, the Supervisory Board complied with the provi-
the basic monthly salaries paid to the chairman of the board in the financial year and shall
sions of the Corporate Governance Code of the Republic of Slovenia, which was based
be paid only in the event that the company's planned profit was exceeded.
on the Act Amending the Slovenian Sovereign Holding Act on March 15 2013 adopted
by the Slovenian Restitution Fund, d. d. (SOD), and from December 19 2014 with the
In accordance with the employment contract the Chairman of the Board is also entitled to
provisions of the Corporate Governance Code for Companies with Capital Assets of the
an annual preventive medical examination, life and accident insurance, use of company
State, which was in accordance with the provisions of ZSDH-1 adopted by the Slovenian
car for business and private purposes, and payment of education expenses.
Sovereign Holding, d. d.
4.1.4. System of internal control and risk management relating to financial
In year 2014 the Supervisory Board met at nine regular and three correspondence sessi-
reporting, auditing
ons. Based on the responsibilities and powers set by law and the statute of the company,
For the effective functioning of the management system of the company it is crucial
the Supervisory Board of Elektro Primorska d. d. regularly monitored and supervised the
to ensure reliability of financial reporting. Internal controls include all procedures and
operations of the parent company and the group Elektro Primorska.
measures that the company implemented in order to manage risk and to ensure the
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Supervisory Board has formed a four-member Audit Committee, which in 2014 consisted
of: Dean Kocjančič, chairman, Massimo Makovac, internal member, and Maja Curk and
Aleš Jakin, external members.
4.4. Statement of compliance with the
Corporate Governance Code
In year 2014 Elektro Primorska d.d. Company complied with the provisions of the Corpo-
Supervisory Board has not formed other committees.
rate Governance Code of the Republic of Slovenia, which was based on the Act Amending the Slovenian Sovereign Holding Act on March 15 2013 adopted by the Slovenian
4.2.3. Remuneration of supervisory board and supervisory board committees'
Restitution Fund, d. d. (SOD). From December 19 2014 the company has complied with
members
the provisions of the Corporate Governance Code for Companies with Capital Assets
For performance of their functions and regular work at the meetings members of the
of the State, hereafter: Code, which was in accordance with the provisions of ZSDH-1
Supervisory Board and members of the Supervisory Board committees are entitled to
adopted by the Slovenian Sovereign Holding, d. d. Code is published on the website:
payment for performing the function, attendance fees and reimbursement, as determi-
http://www.sdh.si/sl-si/upravljanje-nalozb/kodeks-upravljanja-kapitalskih-nalozb-
ned by a decision of the general meeting. At the 16th general meeting of the company,
republike-slovenije
which took place on August 25 2011, the decision was adopted based on which the
members of the supervisory board are entitled to payment for performing the function in
correspondence sessions of the Supervisory Board, members of the Supervisory Board
4.5. Compliance with the recommendations
and expectations of Slovenian Sovereign
Holding
are entitled to 80% of the attendance fee.
Elektro Primorska d. d. Company meets the recommendations and expectations of Slo-
the amount of 11,300 EUR gross per year, to attendance fee in the amount of 275 EUR
gross and to reimbursement of expenses in connection with the performance. Chairman
of the Supervisory Board is entitled to 50% larger payments and attendance fees. For
venian Sovereign Holding with the smaller exception of recommendations and expectaMembers of the supervisory board committees shall receive a fee for performing the
tions that have been newly adopted in December 2014 and the company will strive to
functions, which for each member of the committee amounts to 25% of the basic perfor-
implement in 2015.
mance fee of the supervisory board member. Chairman of the committee is also entitled
to an additional payment in the amount of 50% additional cost for a member of the
supervisory board committee, while deputy chairman of the committee to payment in
the amount of 10% additional cost for performing the function of a supervisory board
committee member. In accordance with the decision of the supervisory board the external members of the committee are entitled to payment for performing the function in the
amount 11,300 EUR gross and attendance fee in the amount of 80 % attendance fee
belonging to the supervisory board members.
4.6. Management of the Parent Company and
the Group
In Elektro Primorska d. d. a two-tier management system has been established. Appointment of members of the management board and the supervisory board is conducted
in accordance with applicable law and with the recommended standards in the field of
management.
4.3. Shareholders meeting
Elektro Primorska Group consists of Elektro Primorska d. d. as the parent company,
Shareholders of Elektro Primorska d. d. exercise their rights arising out of the Compa-
company E 3, energetika, ekologija, ekonomija, d. o. o. (owned by Elektro Primorska d.
nies Act, at the general meetings of the company. Voting rights may be exercised by
d.), company JOD, d. o. o. ( 100 % owned by E 3, d. o. o.) and company ECO ATMIN-
shareholders who have been until the day of the meeting recorded in the central registry
VEST, d. o. o. (100 % owned by E 3, d. o. o., since December 2013) as subsidiaries,
of securities or the share register and have announced their participation at the general
and company Knešca, d. o. o., as associate company (47.27 % owned by JOD, d. o. o.
meeting at least three days before the general meeting, about which the shareholders are
Company).
specifically warned. Statute of the company does not set any restrictions on voting rights.
In year 2014 the shareholders met at the general meeting, which took place on July 4
For better connections and control over the operations of the subsidiary, management
2014. Shareholders were familiarized with the annual report for year 2013 and the report
of the parent company represents the general meeting of the subsidiary E 3, energetika,
of the supervisory board on the verification of the annual report for business year 2013,
ekologija, ekonomija, d. o. o. Control of subsidiary's operation takes place on the basis
they granted a discharge to the management and supervisory boards, decided on the use
of regular reporting and approving of transactions in accordance with the provisions of
of distributable profit for year 2013 and appointed the company ABC Revizija, družbo za
the Act of Incorporation of the company E 3, d. o. o.
revizijo in sorodne storitve, d. o. o., Ljubljana, an auditor of Elektro Primorska d. d. Company for business year 2014.
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Business Report | 5. Presentation Of The Company
5.
Presentation Of The Company
5.2. Mission, vision and business culture of
the company
5.2.1. Mission of the company
Fundamental mission of Elektro Primorska d. d. Company is ensuring quality and reliable
5.1. Company identity card
electricity supply in an environmentally friendly and safe way, in accordance with the laws
and regulations. Mission of the company is also care for development and construction of
electricity network in accordance with the needs of business and household customers.
With professional and efficient operation we want to meet the expectations of owners
and other stakeholders. It relates to the mission and vision of SODO, d. o. o. Company,
Name:
Elektro Primorska, podjetje za distribucijo električne
energije, d. d.
Abbreviated name:
Elektro Primorska d. d.
Business address:
Erjavčeva ulica 22, 5000 Nova Gorica
Phone:
05 339 67 00
Fax:
05 339 67 05
VAT identification number:
37102656
Registration number:
5229839
Transaction accounts numbers:
04750 0000510950 Nova KBM, d. d.
Our vision is to create business environment which enables creation of new solutions and
02241 0019980250 Ljubljanska banka, d. d.
development of infrastructure, sale and new projects by understanding the wishes of our
03130 1000002961 SKB banka, d. d.
users, and by acting responsibly towards environment and employees.
06000 0039424688 Banka Celje, d. d.
Company is registered in the Companies Register at the District Court in Nova Gorica under number
1/01335/00.
Share capital of the company:
78,562,831.75 EUR
Ownership as of 31. 12. 2014:
79.5000 % Republic of Slovenia
which are published on the following website (http://www.sodo.si/druzba_sodo/vizija):
»Our mission is to care for the long-term, reliable, quality and efficient supply
of electricity distribution network users. We wish to connect with the customer
and become recognizable in our field as a friendly company with responsible
environmental management.«
5.2.2. Vision of the company
Companies of Elektro Primorska Group will be companies of high business excellence in
relation to our customers, employees, business partners, shareholders and other business environment. Its companies will continue to be socially responsible, will demonstrate high business culture and excellence of operation. They will be introducing friendly
and innovative services and solutions for customers, buyers and other users of their
services. They will achieve all this effectively through quality services and by minimizing
2.7631 % Skladi kapitalskih družb
operating costs. Companies will be flexibly organized, which will enable them to adapt
14.4203 % PID (Authorized Investment Companies),
funds, business entities
originally to changes in business environment.
3.3166 % Employees, retired employees, other
5.2.3. Business culture
Past experience and foreign experience confirm that for the successful operation of the
Supply area:
SW, W, NW part of Slovenia
Size of the supply area:
4,335 km2
Number of customers:
131,408
Amount of transferred electricity:
1,445 GWh
and safety at work management system in accordance with BS OHSAS 18001 standard,
Supervisory board:
http://www.elektro-primorska.si
which we verify by regular internal and external audits, and with acquisition of Family
E-mail address:
ime.priimek@elektro-primorska.si
Friendly Company certificate we prove that we cultivate good business culture and es-
Management:
Uroš Blažica, chairman of the board
Supervisory board:
mag. Uroš Saksida, chairman of the supervisory board
company a good business culture is also needed. With constant development of integrated management system in accordance with ISO 9001 standard, with a responsible
attitude towards the environments in accordance with the ISO 14001 standard, health
tablish social responsibility as business strategy of the company.
5.3. Regulatory frameworks of the electricity activity of the company
Dean Kocjančič, member
Important legal, statutory and contractual regulations governing the electricity business
Massimo Makovac, member
of the company are:
Matjaž Bajec, member
Valter Vodopivec, member
Jernej Kenda, member
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Energy Act (EZ-1), which entered into force on March 22 2014, is an organic law, which
after obtaining the consent of the Government of the Republic of Slovenia, which was
fully transfers the European legislation in the field of the energy market, energy efficiency
issued by order No. 36001-8/2007/4 as at December 27 2007 after a prior opinion from
and renewable energy sources into the Slovenian legislation, and increases the trans-
the Public Agency of the Republic of Slovenia for Energy as at November 13 2007.
parency of legal arrangements in this field as well as complies with the decision of the
Constitutional Court of the Republic of Slovenia as at April 14 2011.
General terms and conditions for the supply and consumption of electricity from the
electricity distribution network define:
Energy Act lays down:
•
relations between SODO and consumers,
•
principles of energy policy,
•
connection to the electricity distribution network (hereinafter: network),
•
rules for the operation of the market of electricity and natural gas,
•
consumption and delivery of electricity,
•
transport of carbon dioxide through the pipe transmission networks,
•
measuring device and measurement of electricity,
•
resolving consumer complaints,
•
billing, method of charging and billing for the use of networks,
•
methods and forms of utilities implementation in the energy sector,
•
relations between SODO and electricity suppliers,
•
principles of reliable supply and efficient use of energy,
•
relations between customers and electricity suppliers,
•
promoting the use of energy from renewable energy sources,
•
records of measuring points,
•
requirements for the eco-design of products related to energy,
•
quality of services of the system operator of the electricity distribution network.
•
an indication of the consumption of energy and other resources of these products
with the energy label and product information sheets,
Rules on the system operation of electricity distribution network
•
conditions for the operation of energy plants,
They were published by SODO, electricity distribution system operator, d. o. o., Maribor,
•
conditions for carrying out energy activities,
on the basis of the fourth paragraph of Article 40 of the Energy Act (Official Gazette of the
•
issuing licenses and energy permits,
Republic of Slovenia, No. 27/07 – official consolidated text, 70/08, and 22/10) and Article
•
competence, organization and functioning of the Energy Agency and the powers of
8 of the Decree on the concession of an electricity DSO service of general economic
other bodies performing tasks under this Act.
interest (Official Gazette of the Republic of Slovenia, No. 39/07) and after obtaining the
consent of the Government of the Republic of Slovenia, which was issued by order No.
Energy Act provides:
36001-3/2011/3 as at April 21 2011 and after a prior consent from the Public Agency of
•
the Republic of Slovenia for Energy No. 535-11/2009-3/EE-06 as at November 9 2009.
conditions for the safe and reliable supply of users with energy services according to market principles, principles of sustainable development, taking into account
•
efficiency, rational utilization of renewable energies and environmental protection
System operating instructions for the electricity distribution network provide for a system
conditions;
of operation of the electricity distribution network, defining the distribution services of
competitiveness in the energy market by the principles of impartiality and transpar-
electricity through distribution network, the method of providing system services on the
ency, taking into account consumer protection and enforcement of effective control
distribution network, operation and development of the distribution network, and techni-
of the energy supply.
cal conditions for connection to the distribution network.
Decree on the method of provision of an electricity DSO service of general econom-
Contract on electricity infrastructure lease and provision of services for electricity
ic interest and a service of general economic interest of electricity supply to tariff
distribution system operator
customers regulates the manner of implementation of the mandatory utilities activity of
In June 2007 Elektro Primorska d. d. for the first time concluded the contract with SODO
system operator of the electricity distribution network (hereafter: system operator activ-
Company from Maribor, which is, as already mentioned, the exclusive holder of the con-
ity) and the mandatory utilities activity of electricity supply to tariff customers (hereafter:
cession for the distribution network system operator in Slovenia. On the basis of this
supply to tariff customers), but above all it regulates:
contract Elektro Primorska d. d. continues to perform most of the activities related to
•
rights and obligations of public service,
the implementation of the activities of the distribution network system operator, which it
•
organizational and spatial design to provide these public services,
already carried out until July 1 2007. These activities (services) are:
•
manner and conditions of providing services, which compose the public service,
•
maintenance of electricity infrastructure and organizing emergency services,
•
rights and obligations of users,
•
management and operation of the electricity distribution network,
•
method of financing the public service.
•
development, planning and investment in electricity infrastructure,
•
preparation and management of investments,
General Conditions for connection to the distribution Electric system
•
monitoring and assessing the quality of supply,
They were published by SODO, d. o. o., Maribor, on the basis of the fourth paragraph
•
electricity metering,
of Article 70 of the Energy Act (Official Gazette of the Republic of Slovenia, No. 27/07 –
•
provision of services of access to the distribution network and other services to
official consolidated text) and Decree on the concession of an electricity DSO service of
general economic interest (Official Gazette of the Republic of Slovenia, No. 39/07) and
users.
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Since July 1 2007 the company Elektro Primorska d. d. no longer generates revenue from
Sectors:
charges for the use of the network (network charge), because it is a revenue of the con-
•
sector for distribution system management (DEES)
cessionaire, but revenue from rentals for the electricity infrastructure and revenue for the
•
sector for distribution network (SDO)
implementation of the above mentioned services to SODO from Maribor.
•
general sector (SS) and
•
finance and accounting sector (FRS).
On October 29 2012 the Official Gazette of RS No. 81/2012 published Act determining
the methodology for charging for the network charge, the methodology for setting the
network charge, and the criteria for establishing eligible costs for electricity networks
Special services of the management:
with Annex 1: Implementation criteria and parameters for determining network charges
•
service of information and communication technologies (IKT) and
for electricity network and identifying the eligible costs for the regulatory period 1. 1.
•
service for purchase and procurement (SNJN).
2013–31. 12. 2015.
Regional distribution units:
Act determining the methodology for charging for the network charge, the metho-
•
Distribution unit Nova Gorica (DU Nova Gorica )
dology for setting the network charge, and the criteria for establishing eligible costs
•
Distribution unit Koper (DU Koper)
for electricity networks. This act issued by the Energy Agency, defines:
•
Distribution unit Sežana (DU Sežana) and
•
•
Distribution unit Tolmin (DU Tolmin).
the methodology for setting the network charge and the criteria for establishing
eligible costs for electricity networks, separately for transmission and distribution
•
network;
Management board has the chairman of the board office, where there are organized the
methodology for charging for the network charge separately for transmission and
secretariat, field of integrated management system, internal audit and risk management.
distribution network;
•
methodology for charging for the network charge for customers that buy electricity
from production facilities of renewable energy sources and high-efficiency co-generation to the nominal power of 10 MW, for which they obtained the certificate of
origin and which producers sell independently in the electricity market to end customers connected to the same distribution network;
•
duration of the regulatory period, implementation criteria and parameters for setting
the network charge and to determine the eligible costs of the regulatory period.
2013–31. 12. 2015. On December 16 2013 the Council of Energy Agency adopted the
Act amending the Act determining the methodology for charging for the network charge,
the methodology for setting the network charge, and the criteria for establishing eligible
costs for electricity networks. Act applies from January 1 2014 and in certain items is
retroactive.
5.4. Company organization
In accordance with the Rules on the internal organization of Elektro Primorska d. d. Company, which entered into force on January 1 2013, the activity of the company is carried
out in the following organizational units:
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Business Report | 6. Human Resources Management In Year 2014
6.
Human Resources
Management in Year 2014
6.3. Age structure of employees
Average age of employees in the company was 44.89 years and increased by 0.63
compared to the year 2013.
No.
6.1. General
At a time when business conditions are increasingly exacerbating, human resources management requires appropriate balance between measures that enable the company to
influence the reduction of costs directly and measures that ensure motivation of employees for better work and retention of key personnel. That employees are the key factor of
success and undisturbed operation of the company was once again established in year
2014, when nature put us to the test once more. Despite the tough operating conditions
Age class
Number of employees
1
to 20
1
2
from 21 to 30 years
37
3
from 31 to 40 years
132
4
from 41 to 50 years
149
5
from 51 to 60 years
142
6
61 and more years
16
Total
477
we did not neglect the most important fields, like training and education, creativity and
Table 2:
Number of
employees in
individual age class
cooperation between co-workers, which resulted in successful solving of problems and
implementing of the set goals.
Grafikon 1:
Age structure of
employees
6.2. Overview of key data about employees in
year 2014
61 and more years
3,4 %
from 51 to 60 years
29,7 %
As at December 31 2014 there were 477 employees in the company. Average number
of employees for year 2014 was 476 and increased by one employee compared to the
from 41 to 50 years
average number in 2013.
from 31 to 40 years
31,2 %
27,7 %
7,8 %
from 21 to 30 years
Table 1:
Employees
overview
No. of employees as at
31. 12. 2013
Structure (%)
No. of employees as at
31. 12. 2014
Structure
(%)
Main activity (distribution
network sector, electricity
system management sector)
376
77.6
370
77.6
Joint activities (management,
financial accounting sector,
general sector, purchasing,
information technology)
106
22.4
107
22.4
Total
473
Activity
0,2 %
to 20
6.4. Structure of employees according to the
years of service
In year 2014 more than 60 % of employees had been employed for a period longer than 20 years.
100
477
100
No.
Years of service
Number of employees
1
to 5
28
2
from 6 to 10 years
42
3
from 11 to 20 years
113
4
from 21 to 30 years
145
5
from 31 to 40 years
133
6
over 40 years
16
Total
477
Table 3:
Number of
employees
according to the
years of service
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Graph 2: Structure
of employees
according to the
years of service
6.6. Educational structure of employees
over 40 years
Educational level of employees is not significantly different compared with the previous year.
3,3 %
from 31 to 40 years
27,9 %
No.
Level
according
to BP
No. of
employees as
at 31. 12. 2013
Structure
(%)
No. of
employees as
at 31. 12. 2014
Structure
(%)
1
8/2
1
0,21
1
0,20
2
8/1
4
0,85
4
0,84
3
7
41
8,67
43
9,00
4
6/2
37
7,82
38
8,00
5
6/1
51
10,78
52
10,90
6
5
148
31,29
149
31,24
Average period of employment per employee in year 2014 amounted to 23.55 years and
7
4
169
35,73
168
35,22
it increased slightly – by 0.45, compared to the year 2013.
8
3
15
3,17
15
3,10
9
2
6
1,27
6
1,30
10
1
1
0,21
1
0,20
Total
473
100
477
100
from 21 to 30 years
30,4 %
23,7 %
from 11 to 20 years
8,8 %
from 6 to 10 years
5,9 %
to 5
6.5. Structure of employees according to
gender
Gender ratio does not deviate significantly from year to year.
Table 4:
Number of
employees
according to
gender
Gender
Number of employees
6.7. Employees with disabilities
1
Male
401
As at December 31 2014 there were 35 disabled persons employed in the company.
2
Female
76
7 disabled workers performed their duties as a part-time job (4 hours); other 28 were
Total
477
employed with a full time working obligation. Percentage of employees with disabilities
No.
exceeds 6 % of all employees, which fulfills the statutory quota from the Decree establishing employment quota for persons with disabilities – Article 3, Paragraph 3) D.
Since May 2014 the company has been granted the right by the Republic of Slovenia
Graph 3:
Structure of
employees
according to
gender
Fund for Promotion of Employment for Disabled Persons to bonuses for exceeding quotas, which the fund pays monthly in the amount of 20 % of the minimum wage for each
disabled employee above the statutory quota.
Male 84,1 %
Female 15,9 %
6.8. Education of employees
In year 2014 192 employees attended the trainings, including seminars, courses, professional trainings, professional examinations, internal trainings. 267 working days were
spent for these purposes.
Within the application to the public tender Training and Education of Employees 2011 the
company was selected by the Slovene Human Resources Development and Scholarship
Fund for co-financing the implementation of employee motivation trainings. In this re-
Table 5:
Educational
structure of
employees
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33
spect the Company was entitled to reimbursement of 70 % of funds for the implemented
In the company we take care of safe and orderly working conditions and to preserve the
trainings.
health of employees:
•
175 employees attended trainings and examinations in the field of health and safety at
work.
•
by regular periodic medical examinations of workers,
•
by implementing specific preventive health measures: e.g. vaccinations against TBE,
In order to obtain higher educational level the company has 15 contracts on education
concluded with the employees, which have n been completed yet.
by respecting the Occupational Health and Safety Act and all the alternative legal
acts (in this respect a register of health and safety at work legislation was made),
flu, implementation of preventive measures though promoting health at workplace,
•
by implementing health and safety at work policy, which is the commitment of the
company's management to ensure health and safety at work and represents a
For the purposes of additional education and progress of employees (tuitions, work-
framework for defining objectives of quality, environmental management and health
shops, seminars, courses) in year 2014 we paid 131,354.32 EUR or an average of 276
and safety at work,
EUR per employee. This amount includes also costs of employee salaries, which are
•
planned in the other item - cost of wages and salaries.
by making and adopting the Declaration of safety with Risk Assessment, which
additionally bounds the management of the company to implement measures, set
goals, informing, trainings, giving instructions, appropriate organization and provi-
Since October 1 2013 the company has not been giving scholarships. For several years
sion of necessary sources,
now there has been enough suitably educated candidates on the labor market, so we
•
by regular periodic checks and care of the working and protective equipment,
give more funds to practical trainings of high school and university students, who other-
•
by making instructions for safe work and controlling the implementation of safe work
wise have no opportunities obtaining specific skills in other companies.
measures,
•
by monitoring the condition regarding injuries at work, occupational diseases as well
as detecting and preventing their causes,
6.9. Care for employees
•
by training workers for safe work and regular assessments of their knowledge and
preparedness in the field of safety and health at work.
In Elektro Primorska Company we devote much attention to creating good working conditions, maintaining and improving the health and to identifying and eliminating adverse
events. We are aware that a satisfied and motivated employee can contribute the most
In the context of a systematic approach to improving health and safety at work in Elektro
to the success of the company.
Primorska Company we emphasize the necessity of a responsible attitude of the employees to the field of health and safety at work including fire protection.
Employees are informed about the events and activities in the company daily through
electronic mail, on the intranet and bulletin boards. In the second half of the year we additionally enriched the informing of employees with the issuing of an internal e-newsletter.
1
3
6.10. Health and safety at work
Graph 4:
Number of
accidents at work
in Elektro Primorska
d. d. in the period
from 2010 to 2014
2
Safe and healthy working environment are the basic prerequisites for productivity and
satisfaction of workers, who care for the well-being of all employees and the company
as a whole.
21
17
13
16
26
easier
health risks at workplaces.
2014
2013
2012
employees and carried out all the necessary activities to reduce and prevent life and
2011
serious
In year 2014 we took care to provide and meet conditions for safe and healthy work of
2010
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34
A
35
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36
Business Report | 7. Implementation Of Annual Objectives In Year 2014
7.
Implementation of annual
objectives in year 2014
6.11. Voluntary supplementary pension
insurance
Regulation and realization of the principles of social security of employees is part of the
company's business policy. One of the segments taking care of the good social condition of employees is also the decision of the company for an agreement on financing the
supplementary pension insurance for employees of Elektro Primorska d. d.
Updating the system for the comprehensive management of customer relations
Joining the voluntary supplementary pension insurance scheme increases the social se-
(implementation of the medium-term objective – improvement of customer satis-
curity of employees, above all during their retirement.
faction for services rendered):
In year 2014 we upgraded and updated the technology of the elS information system for
99 % of all employees are included in the voluntary supplementary pension insurance
scheme.
work with customers. We continuously perform organizational, staff, and technological
measures to increase efficiency, transparency, risk management and rationalization of
costs. In year 2014 we realized the system to inform customers about outages, which is
currently at the stage of trial operation and integration into a new company website. Set
objective was fully achieved.
6.12. Accident insurance
All employees in Elektro Primorska d. d. Company are insured against injury at work and
in connection with work.
Update of the geographic information system (GIS Eng. NIS) (implementation of
the medium-term objective – continuous improvement of the power supply service
quality):
a. implementation of the first phase of GIS upgrade
b. inventory of LV network and entry into GIS up to 90 %.
6.13. Secondary activities affecting the
well-being of employees
In the context of the implementation of the first phase of upgrading the GIS geographic
information was forwarded to providers to demonstrate the functionality of systems for
We take care of the well-being of employees in Elektro Primorska d. d. Company by
entering and editing of geographic and attribute data. Interviews were conducted with
stimulating and creating material conditions for different forms of socializing and spend-
companies CGS, d. o. o., Sl-King, d. o. o., and GDi GISDATA, d. o. o. In addition, we had
ing holidays in holiday facilities owned by the company. Day of the employees was not
a presentation of GIS, which the company SODO intends to introduce and presentations
organized in year 2014 due to large workload of all employees during the elimination of
of GIS solutions of the Telekom Slovenia. In view of this, we have prepared a compara-
consequences of ice damage. Nevertheless, large number of employees took part in
annual sports games of electricity distribution companies, which are an opportunity for
socializing of employees within Elektro Primorska Group as well as with the employees of
tive analysis of the offers in the first phase. We have prepared a list of requirements for
network inventory in the first stage and forwarded it to Telekom Slovenia, d. d., together
with which we will study the technical possibilities of adapting their system for identifying
the distribution network.
other distribution companies. In year 2014 the company paid 5,000.00 EUR for operation
of Elektro Primorska sports society, which is the main motivator of sports and recreation-
Due to the accident and elimination of its consequences the inventory of LV-network was
al socializing of employees by organizing sports activities and mountain trips.
being implemented in limited scale. We achieved 76.8 % realization.
In accordance with the Family Friendly Company certificate, which the company obtained
already in year 2010, we continued with the implementation of selected and agreed for
new additional measures that will be implemented in year 2015.
Comprehensive asset management (asset management)
Long-term objective of introducing a system of integrated asset management is to increase the utilization of funding opportunities, increase their value and reduce management costs. Specific objectives, which we pursue in this, are:
•
monitoring and managing the assets installations and related costs through one
system,
•
integrated management of planned and unplanned maintenance activities,
•
optimization of resources,
•
planning stock movement,
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37
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38
Business Report | 7. Implementation Of Annual Objectives In Year 2014
Business Report | 8. Distribution of Electricity
•
managing contracts with suppliers,
•
automation of business processes.
8.
Distribution of Electricity
To establish a system of integrated assets management certain conditions must be met.
First one (elS renovation) was met on September 10 2014. Next necessary step is the
selection of the supplier of the new ERP system as the last purchase of a new GIS. IT
strategy of Elektro Primorska group is being prepared. Task force was established, which
defined the project's platform. Offers of potential providers were obtained. In January
2015 we selected a suitable provider and signed a contract. Activities related to IT strategy formation start in February 2015.
In year 2014 the activity was carried out in accordance with the Contract on the lease of
electricity infrastructure and provision of services for electricity distribution system operator between Elektro Primorska and SODO. It is implemented in two organizational units:
in distribution network sector – SDO and the electricity distribution system management
sector – SUDEES.
Implementation of RAST program
Program of operating costs rationalization was launched in year 2012. In 2013 we started
with the implementation of proposed measure. In the first stage of the project's imple-
In year 2014 the electricity system managed by Elektro Primorska d. d., reached the following level of technical equipment according to distribution units (DU).
mentation Elektro Primorska Group defined the impact of these measures on the operations of the group (EBIT) in total amount of about 2.23 mio EUR (by the end of the year
DU GORICA
DU KOPER
DU SEŽANA
DU TOLMIN
ELEKTRO
PRIMORSKA
TOTAL
DV : 10kV–110 kV (m)
684,037
270,179
657,318
532,202
2,143,736
KBV: 10kV–35 kV (m)
129,824
182,893
169,917
75,561
558,195
NNO + JR (m)
1,620,522
1,799,150
1,121,777
1,304,971
5,846,420
RTP + RP (piece)
17
8
8
7
40
TP (piece)
800
526
570
474
2,370
2015). Following are achieved financial effects of the program according to individual
organizational units in year 2014 according to year 2011. Implementation of RAST program continues in year 2015.
Table 6:
Distribution network
operated by Elektro
Primorska as at
31. december 2014
DV – power line, KBV – cable conduit, NNO – low voltage network, JR – public lighting
RTP – transformer substation, RP – substation, TP – transformer station
92,6 %
Graph 5:
Achieved financial
effects according
to individual OU in
year 2014 and 2011
(December 2014)
8.1. Services for SODO
For the implementation of services for SODO Company in year 2014 there were 6,256,455
EUR spent, which amounted to 90.93 % of planned funds for this period or 97.79 % compared with year 2013.
Type of work
100,6 %
Plan (€)
Realization (€)
Realization (€)
%
%
January–
December 2014
January–
December 2014
January–
December 2013
2:1
2:1
3
4
1
49,0 %
154,8 %
108,0 %
129
Maintenance of electricity
infrastructure
140
Implementation and organization
of emergency service
67,0 %
9
number of
measures
9
9
10
FINANCE AND
ACCOUNTING
DEPARTMENT
DISTRIBUTION
NETWORK
DEPARTMENT
DEES
MANAGEMENT
DEPARTMENT
IKT SERVICE
Estimated
impact on EBIT
(in EUR)
439.515
977.250
121.776
57.645
Realized
impact on EBIT
(in EUR)
442.363
904.712
188.508
38.610
9
19
PUBLIC
PROCUREMENT
AND PURCHASES
SERVICE
GENERAL
DEPARTMENT
88.281
234.816
95.322
114.987
* Note: Problem of determining the actual savings in 2014 is related to the additional costs incurred in the period of
ice damage, since these cannot be entirely excluded.
2
Table 7:
Realization of
services for SODO
in year 2014
5
3,286,472
2,916,171
2,877,958
88,73
101.33
372,600
376,795
375,178
101.13
100.43
141
Conducting of operation
420,700
419,842
426,267
99.80
98.49
146
Process management
374,600
354,444
364,317
94.62
97.29
151
Telecommunication support
160,000
146,704
164,629
91.69
89.11
156
Management of protective
devices
42,200
36,000
30,000
85.31
120.00
213,500
131,976
153,094
61.82
86.21
32,000
8,960
22,033
28.00
40.67
1,142,340
991,596
1,156,354
86.80
85.75
836,140
873,967
828,038
104.52
105.55
6,880,552
6,256,455
6,397,868
90.93
97.79
161
Development
168
Monitoring and establishing of
supply quality
169
Electricity metering
183
Implementation of access
services
TOTAL IMPLEMENTATION OF
SERVICES FOR SODO
A
39
A
40
Financial realization of the plan of implementation of services for SODO is lower than
Majority of investments in medium voltage overhead lines was carried out to eliminate the
consequences of ice damage in early 2014.
planned due to the rationalization implemented maintenance works measures. In individual areas, the plan was physically carried out between 75% and 100%. Inspection of
Significant investments in the 20 kV overhead lines:
equipment were realized 97.2 %, audit of devices 76.0 % and route clearings for over-
DV Hrenovica RTP Postojna–Razdrto (5 km), DV Pivka–Ilirska Bistrica (4.9 km), DV
head lines 107.7 %. In audits of facilities, the percentage of output is lower, because our
Vojsko–Kočevše (4 km) , DV RTP Črni Vrh–Idrija (3.7 km), DV RTP Postojna–TP Prestra-
colleagues were busy due to the elimination of ice damage.
nek (3.6 km), DV branch Vojsko (3 km), DV branch Mrzla Rupa (3 km).
Physical realization of the plan in the investment group 20 kV power lines amounts to
8.2. Investments
100.12%, while the financial 96.56%.
Implementation of investments in 2014 took place in accordance with the plan and with
the changes that have been defined within the version II and version III of the plan of
investments. As by the month of October we successfully remedied the consequences of
ice damage with the planned financial resources, we decided that by the end of 2014 we
increase the volume of rehabilitation works, and thereby reduce the risk for the smooth
functioning of the electricity distribution system. Thus, we increased the planned amount
of investments in the version III of the investment plan from 12,000,000 EUR by additional
1,100,000 EUR to 13,100,000 EUR.
Investments in the medium-voltage cable conduits were carried out with the objective of
ensuring reliable supplies of electricity consumers. Thus, medium-voltage cable conduits
investments were incorporated in the urban areas with the aim of increasing the looping
of the network in areas where there are weather phenomena that affect the quality of
electricity supply (sleet, wind), and on the routes, where frequent defects were occurring
due to wear of the existing cable conduits.
Significant investments in the 20 kV cable conduits:
For investments in facilities, equipment procurement and project documentation we have
together invested 13,100,450 EUR or. 100.00 % of planned annual funds (in year 2013
financial realization of the plan was 10,982,407 EUR or. 91.52 % of planned funds).
KBV RTP Postojna–Pasje hiše (4.5 km), KBV heavy line Pivka–Postojna (3.3 km), KBV riral
Pivka–Postojna (3.3 km), KBV 20 kV Lohača–Staje (2.2 km), EKK Miren–DV Sela (1.72
km), KBV Dekani 1–Dekani square (1.5 km), reconstruction KBV TP Parangal–Marina (1
km), KBV Debeli Rtič II–Miloki (0.9 km).
Physical realization of the plan in the investment group 20 kV cable conduits amounts to
89.89 %, while the financial 91.01 %. Discrepancy between planning and realization was
due to bad weather at the end of 2014, which did not allow the execution of the works
Table 8:
Investments
according to main
investment groups
Investment groups
Realized assets
Shares of investment groups
Buildings
10,265,185 €
78.36 % of all assets
Equipment
2,097,596 €
Documentation
737,669 €
Total:
13,100,450 €
for the construction of cable routes, especially on the route between Pivka and Postojna.
Physical realization of the plan in the investment group 0.4 kV overhead lines amounts
to 99.94 %, while the financial to 104.49 %. Increased volume of realization is detected
mainly in the implementation of the renewal of obsolete 0.4 kV overhead lines in areas of
DU Nova Gorica.
Physical realization of the plan in the investment group 0.4 kV cable conduits amounts
to 89.19 %, while the financial to 110.60 %. Financial realization surpassed the planned
We invested 11,388,425 EUR or. 98.64 % of planned annual funds in the sector for the
values due to the increased volume of work and specific costs in urban areas.
distribution network, 1,209,265 EUR or. 109.93 % of planned annual funds in the DES
management sector, 87,825 EUR or. 93.43 % of planned annual funds in market activiti-
Physical realization of the plan in the investment group TP 20/0.4 kV amounts to 107.53
es, 15,790 EUR or. 63.16 % of planned annual funds in general sector and 399,145 EUR
%, while the financial to 108.86 %. Greater realization than planned is due to the imple-
or. 118.88 % of planned annual funds in the services for information and telecommuni-
mentation of a large number of renovations of transformer stations.
cation technologies.
According to different groups the results are as follows:
Facilities up to 20 kV
In facilities of up to 20 kV: DV, KBV, TP and NNO we invested a total of 9,550,861 EUR
or. 72.90 % of entire annual consumption (in year 2013 – 5,590,004.00 EUR). Financial
realization of the plan was 98.66 %.
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41
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42
Table 9:
Physical indicators
of constructed
and reconstructed
facilities
2014
2013
2012
Power lines 20 kV
97.56 km
30.90 km
27.23 km
In RTP 35/20 kV RP we invested a total of 397,205 EUR. In year 2014 we implemented
Cable conduits 20 kV
32.48 km
18.53 km
19.17 km
the following investments in RP:
Low-voltage network
47.91 km
38.58 km
49.66 km
•
24 pcs
37 pcs
38 pcs
Transformer stations
Transformer stations RTP 35/20/10 kV and substations (RP)
RP 20 kV Gradišče – e completed the renovation of 20 kV juncture with the supply
and installation of new primary and secondary juncture equipment.
•
RP 20 kV Bovec – together with the national technical office, we implemented a static post-earthquake rehabilitation of the building and replaced batteries. We intend to
110 kV power lines
In 2014, we carried out the renovation of the 110-kV Pivka Postojna, which collapsed in
complete the static rehabilitation in 2015.
•
February due to ice damage.
Physical realization amounts to 100 %, while financial to 109.45 %. Financial deviation
quality of electricity supply in the area.
•
RP 20 kV Kanal – we carried out the replacement of rechargeable batteries.
•
RP 20 kV Komen – we started with activities for the purchase of equipment for the
from the planned value was created because it was necessary to carry out additional
work, which the basic plan did not cover. Need for it was demonstrated during the ren-
RP 20 kV Rožna dolina – we installed a remote control with the aim of improving the
reconstruction of 20 kV juncture. We intend to carry out the reconstruction in 2015.
•
RTP 110/20 kV Idrija: we started with the reconstruction of the equipment of own
ovation (rehabilitation of additional damage discovered on steel structures observed in
use of energy facility. In 2014 we built two new cabinets of DC distribution and test-
the implementation of works, additional works for cleaning undergrowth in the leg parts
ed them functionally. They will provide the power to in 2015 reconstituted secondary
of pillars, ancillary works for regulating the access routes due to soggy terrain, additional
part of 20 kV juncture and remote control devices. Old cabinet of DC distribution will
replacement of cables between the SM 12 and SM 15 due to the detection of damage,
remain to power the rest of the juncture until the latter is reconstituted too.
increased costs for the implementation of control over the quality of the works carried out
due to the inclusion of new subcontractors).
Physical realization in investment group RTP 35/20 kV amounted to 83.07 %, while financial to 108.77 %. Physical realization does not reach the planned level due to the long
Transformer stations (RTP) 110/20 kV
procurement procedures in the event of the implementation of investments in RP Komen.
In facilities of transformer stations RTP 110/20 kV we invested a total of 119,291 EUR. In
Financial realization exceeds the physical due to incorrect assessments of the value of
year 2014 we implemented the following investments in v RTP 110/20 kV:
post-earthquake rehabilitation in RP 20 kV Bovec.
•
•
RTP 110/20 kV Ilirska Bistrica: together with the company ELES we completed the
construction and obtained an operating permit for a new 110 kV juncture in GIS
Electricity facilities total
implementation.
In electricity facilities we invested a total of 10,265,184 EUR, financial realization amount-
RTP 110/35/20 kV Tolmin: We completed the renovation of the 110 kV transformer
ed to 98.01 % of the planned (in year 2013: 7,306,021 EUR). Share of electricity facilities
field TR 1 so that we changed technically obsolete primary and secondary equip-
in total spending amounted to 76.85 %.
ment.
•
•
•
•
RTP 110/20 kV Gorica: We carried out electrical installation work to connect power
Commercial and operating buildings
transformer 110/20 kV TR 2, which we transported from RTP Vrtojba. We plan to
In 2014 we arranged rooms for measuring center in the service complex Kromberk,
complete the work in year 2015.
bought an apartment on the Rejčeva Street and carried out small-scale investments in
RTP 110/20 kV Koper: we started with activities for the installation of operational
commercial buildings in DU Nova Gorica and DU Sežana. Invested assets amounted to
control of power transformer 110/20 kV TR 2.
197,827 EUR.
RTP 110/20 kV Idrija: we completed the reconstruction of own use energy facility, by
replacing the worn-out rectifiers and inverters.
Physical realization in investment group commercial buildings amounted to 98.40 %,
RTP 110/20 kV Cerkno: we started with activities for the reorganization of the con-
while financial to 77.06 %. Financial realization lags behind the plans mainly due to the
necting links in the juncture20 kV, which will enable the implementation of safe ma-
delay of contractual activities for arrangement of a conference room at the seat of DU
nipulation of the switch between the systems collectors.
Sežana to year 2015.
Physical realization in investment group RTP 110/20 kV amounted to 47.82 %, while
Physical realization in investment group operating facilities amounted to 107.41 %, while
financial to 59.88 %. Physical realization does not reach planned levels owing to the
financial to 96.46 %.
delayed activities for the installation of insulation in medium voltage bus bars of power
transformers in RTP 110/35/20 kV Tolmin and RTP 110/20 kV Postojna, and in the execu-
Facilities total
tion of the connecting links in the juncture 20 kV in RTP 110/20 kV Cerkno.
In facilities RTP, DV, KBV, TP, NNO and buildings we invested a total of 9,550,861 EUR,
financial realization amounted to 98.66 % of the planned (in year 2013 – 5,590,004 EUR).
Share of facilities in total spending amounted to 78.36 %.
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43
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44
Equipment
Tools
In the equipment we invested a total of 2,097,596 EUR or 16.01 % of all assets (in year
We purchased the necessary tools and equipment to carry out electrical installation
2013: 2,901,153 EUR). Total financial realization amounted to 110.78 % of the planned.
works, which replaced the worn-out.
Remote control
Financial realization amounted to 87.77 % of the planned value. Planned value was not
We carried out the following major investments:
achieved due to lower achieved prices for the purchase of tools and smaller needs for
•
carried out the adaptation of SCADA system for login of failures and replaced a wall
tools than according to plans.
display in the distribution control center,
•
continued with the project of installation of protection on covered conductors,
Means of transport
•
installed protection devices for the control of resistor in two 110 kV transformer
We purchased seven new transport vehicles, replacing the worn out.
fields,
Financial realization amounted to 111.38 %. Financial realization was exceeded due to
began with activities for replacement of secondary equipment of 20 kV juncture in
faster delivery of means of transport according to plans.
•
RTP Idrija (installed a new DC hub of own use),
•
carried out the transition to the protocol IEC 104 RP Črni Vrh and Dobrovo,
Office equipment
•
installed two new remotely controlled disconnectors,
We purchased the necessary office equipment for the call center at company headquar-
•
installed remote control in RP Rožna Dolina,
ters and replaced other outdated equipment. Financial realization amounted to 49.88 %
•
replaced all technically outdated protective relays on existing DVPLMs.
of the planned value.
Financial realization amounted to 103.58 % of the planned. Deviation was due to the ac-
Informatics
celerated implementation of the replacement of relays DVPLM's according to the plans.
We completed the renovation of IIS, we purchased computers and printers as well as in-
Financial realization amounted to 106.09 % of the planned. Deviation was due to the
formation energy equipment. Financial realization amounted to 122.09 % of the planned
accelerated implementation of works in the replacement of secondary equipment for
values. Deviation was caused due to unplanned labor costs for the installation of com-
juncture20 kV in RTP Idrija and incorrect assessment of the budgets for replacing the
puter and energy IT equipment.
relays on existing DVPLMs.
Documentation
Telecommunications
For the project documentation we invested a total of 737,669 EUR or 5.63 % of all assets
(in year 2013: 775,232 EUR). Financial realization amounted to 100.64 % of the planned.
•
We have produced 82.67 pieces of project documentation.
rehabilitated the damaged telecommunication links from the ice damage, like RTP
Postojna–Belsko,
•
began with activities for the introduction of digital FM.
Financial realization amounted to 98.89 % of the planned value.
Measuring devices
•
purchased and installed in 1694 direct electricity meters,
•
purchased and installed 207 industrial meters,
•
replaced electricity meters in RTP Pivka,
•
implemented the SUNSEED project.
Financial realization amounted to 112.70 % of the planned value. Financial realization deviates from the planned value because labor costs for the installation of electricity meters
were not included in the plan.
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46
Table 10:
Overview of
investment plan
realization for year
2014
NO.
1
NAME OF FACILITY, EQUIPMENT
POWER LINES
PLANNED
2014 IN EUR
REALIZATION
2013 IN EUR
REALIZATION
2014 IN EUR
%
%
1
2
3
3:1
3:2
4,153,950
1,256,352
4,101,600
98,7 %
326,5 %
700,000
0
766,173
109,5 %
0%
1.1.
DV 110 kV
1.2.
DV 35kV
0
0
0
0,0 %
0%
1.3.
DV 20kV
3,453,950
1,256,352
3,335,426
96,6 %
265,5 %
CABLE CONDUITS
2,677,200
1,451,416
2,436,600
91,0 %
167,9 %
2
In Elektro Primorska d. d. Company in year 2014 we implemented investments according
to the adopted plan of investments in the amount of 13,100,000 EUR. Realization of the
plan of investments slightly exceeded the planned value. Compared to 2013, the realization of the plan of investments increased by 19.3 %.
8.3. Acquired and transmitted electricity in
year 2014
2.1.
KBV 110kV
0
0
0
0
0
2.2.
KBV 20kV
2,677,200
1,451,416
2,436,600
91,0 %
167,9 %
LOW VOLTAGE NETWORK
1,955,650
1.563,309
2,080,009
106,4 %
133,1 %
3.1.
NADZEMNI VODI 0,4 kV
1,359,850
783,844
1,42,024
104,5 %
181,3 %
the distribution network acquired 1,531,515.8 MWh. Comparison of assumed quantities
3.2.
KABLOVODI 0,4kV
595,800
779,465
658,985
110,6 %
84,5 %
of electricity in 2014 from 2013 records a drop acquisition from the transmission network
1,458,190
2,753,932
1,449,148
99,4 %
52,6 %
by 4.9% and an increase in the acquisition of the qualified producers by 16.4%, so that
3
4
STATIONS
4.1.
RTP 110/20kV
199,200
1,216,718
119,291
59,9 %
9,8 %
4.2.
RTP 35/20/10kV
365,150
218,286
397,205
108,8 %
182,0 %
4.3.
TP 20(10)/0,4kV
710.550
986.714
773,506
108,9 %
78,4 %
4.4.
TRANSFORMATORJI
183,290
332,214
159,146
86,8 %
47,9 %
9,680,640
5,590,004
9,550,861
98,7 %
170,9 %
10,244,990
7,025,008
10,067,357
98,3 %
143,3 %
116,250
212,978
89,592
77,1 %
42,1 %
TOTAL FACILITIES UP TO 20 kV
(1.2+2.2+3+4.3+4.4)
TOTAL ELECTRICITY FACILITIES
(1+2+3+4)
7
COMMERCIAL BUILDINGS
112,200
68,035
108,236
96,5 %
159,1 %
FACILITIES TOTAL
10,473,440
7,306,021
10,265,184
98,0 %
140,5 %
9
REMOTE CONTROL
255,700
702,032
271,281
106,1 %
38,6 %
11
TELECOMMUNICATION
81,500
172,007
80,598
98,9 %
46,9 %
12
MEASURING DEVICES
755,300
1,183,333
851,285
112,7 %
71,9 %
13
MECHANIZATION
0
19,150
0
0,0 %
0,0 %
14
TOOLS
113,810
160,054
99,901
87,8 %
62,4 %
15
MEANS OF TRANSPORT
315,000
323,506
350,871
111,4 %
108,5 %
16
OFFICE EQUIPMENT
15,000
38,869
7,483
49,9 %
19,3 %
17
INFORMATICS
454,300
302,202
436,177
96,0 %
144,3 %
8
OPERATING FACILITIES
EQUIPMENT TOTAL
18
18.1.
1,893,560
2.901,153
2,097,596
110,8 %
72,3 %
DOCUMENTATION
PROJECT DOCUMENTATION
733,000
775,232
737,669
100,6 %
95,2 %
DOCUMENTATION TOTAL
733,000
775,232
737,669
100,6 %
95,2 %
13,100,000
10,982,407
13,100,450
100,0 %
119,3 %
INVESTMENTS
In year 2014 there were 1,340,006.8 MWh acquired from the transmission network,
188.351,0 MWh from electricity producers and 3,158.0 MWh from aggregates. In total,
the joint acquisition index amounts to 0.9752.
In 2014, all customers were invoiced for 1,445,454.0 MWh.
Index of invoiced electricity on quantities from year 2013 amounted to 0.9733.
Month
Realization 2014
[kWh]
Realization 2013
[kWh]
Plan 2014 [kWh]
Index of realization
(2014/2013)
January
121.323.005
124.697.217
124.805.441
0,9729
February
108.255.836
114.610.366
119.993.572
0,9446
March
124.301.395
130.822.608
128.870.595
0,9502
April
119.525.577
121.907.809
119.382.456
0,9805
May
115.761.830
120.188.098
125.765.262
0,9632
June
122.811.344
119.735.744
124.438.560
1,0257
July
129.996.626
134.126.144
131.492.783
0,9692
August
119.210.943
124.651.770
121.238.058
0,9564
September
115.094.643
123.549.603
122.787.417
0,9316
October
126.048.484
126.268.114
126.614.823
0,9983
November
119.536.751
119.329.518
118.128.337
1,0017
December
123.587.560
125.190.865
125.659.696
0,9872
Total
1.445.453.994
1.485.077.856
1.489.177.000
0,9733
In year 2014 the electricity sent to Italy amounted to 50,153.9 MWh. 13,897.1 MWh were
sent to the area of Gorica and 36,256.8 MWh to the area of Opčine. Distribution of electricity in Italy is not recorded as a distribution from the distribution network management,
but as the supply of energy on commercial lines.
In 2014 losses in the distribution network amounted to 82,903.8 MWh or 5.74 % of invoiced quantities.
Table 11:
Monthly quantities
of delivered
electricity
A
47
A
48
2014
INVOICED QUANTITIES
[kW]
8.4. Access to the distribution network
REVENUE FROM USE OF NETWORK [€]
[kW]
Transmission
network
Distribution
network
System
Services
Addition
JARSE
Addition
BORZEN
Excessive
wattles
energy
consumption
Addition
OVE +
SPTE
Addition
DVE
In 2014 the organization of the distribution of electricity remained unchanged and so
distribution system operator - SODO, d. o. o., based in Maribor remained the holder of
REVENUE SUPPORTS [€]
TOTAL
REVENUE
[€]
January
1.208.490
121.323.005
697.407
3.198.929
387.635
20.625
15.772
22.467
1.067.487
-2
5,410,319
providing access to the distribution network under the provisions of the Energy Act, while
February
1.200.256
108.255.836
643.634
2.961.053
384.994
18.403
14.073
19.120
1.049.774
3
5,091,054
the electricity distribution companies remained providers on the basis of contracts on
March
1.209.753
124.301.395
683.972
3.058.826
388.040
21.131
16.159
25.725
1.060.095
5
5,253,953
April
1.156.473
119.525.577
559.017
2.620.424
370.950
20.319
15.538
25.592
1.020.099
-6
4,631,933
May
1.202.586
115.761.830
562.877
2.653.518
385.741
19.680
15.049
22.909
1.058.790
20
4,718,584
June
1.220.310
122.811.344
572.065
2.666.539
391.427
20.878
15.965
32.499
1.092.346
0
4,791,720
4,894,763
lease of distribution infrastructure and provision of services for SODO.
As part of the implementation of the operational tasks of providing access to the distribution networks all revenues from network usage are revenues of SODO.
July
1.216.735
129.996.626
593.300
2.752.611
390.280
22.099
16.900
32.324
1.087.251
0
August
1.216.016
119.210.943
572.907
2.692.296
390.049
20.266
15.497
27.602
1.081.294
-3
4,799,909
September
1.194.774
115.094.643
554.970
2.628.177
383.236
19.566
14.962
24.024
1.046.636
0
4,671,571
vider issues SODO monthly bills for rent of infrastructure and services, as well as for
October
1.241.074
126.048.484
688.165
2.959.676
398.087
21.428
16.386
23.442
1.112.979
0
5,220,164
the purchase of electricity to cover losses in the distribution network in the amount of
November
1.214.036
119.536.751
663.195
2.917.149
389.414
20.321
15.540
20.224
1.070.051
0
5,095,895
recognized costs.
December
1.222.484
123.587.560
709.114
3.189.304
392.124
21.010
16.066
17.798
1.085.219
0
5,430,635
TOTAL
14.502.987
1.445.453.994
7.500.623
34.298.502
4.651.978
245.727
187.909
293.725
12.832.020
17
60,010,500
Elektro Primorska d. d. as owner of the distribution infrastructure and the service pro-
8.4.1. Use of electricity network
In accordance with the provisions of the Act determining the methodology for charging
for the network charge, the methodology for setting the network charge, and the criteria
for establishing eligible costs for electricity networks (Official Gazette RS, No. 17/2014)
tariff items for distribution network did not change.
8.4.2. Excessively acquired wattles power at cos ϕ < 0,95
In 2014 there were no changes regarding the way excessive reactive energy for customers was acquired and with the acquisition on the transmission network. There was
On January 1 2014 lower tariff item for transmission network, which is managed by ELES
a change in the pricelists though. For high-voltage feed the same differentiated price
Company, entered into force. Network charge for transmission network decreased by 5.1
remained 0.00626 EUR/kvarh per individual feed point. For medium and low-voltage feed
% compared to year 2013. Downward trend in transmission network charge will continue
the consumption is no longer charged or the new pricelist now equals 0 EUR/kvarh. In
in 2015.
accordance with the lease agreement of the distribution infrastructure and implementation of services for the system operator of the electricity distribution network Elektro
In 2014 there was also no change in the contribution for the provision of support for
Primorska d. d. issues invoices from excessively acquired reactive power in the name
diffuse sources. This was last changed in September 2013, when there was a significant
and for the account of SODO, d. o. o.
reduction in high and medium-voltage consumption groups.
In year 2014 there were 330,974 kvarh of excessively acquired wattles power acquired
In year 2014 the number of customers connected to the distribution network of Elektro
from the transmission network. Index of wattles power from the transmission network
Primorska, increased by 364 and as at December 31 2014 it amounted to 131,408.
compared to the quantities in 2013 amounted to 1.0433. Cost of excessive reactive power is 0 EUR, whereas the total acquired energy occurs on the medium-voltage level.
In 2014 to all electricity consumers in the area of Elektro Primorska there were by
In the same period the excessive wattles energy from electricity networks of all custom-
14,502,987 kW of power invoiced and 1,445,453,994 kWh of electricity, and in this re-
ers in the area there were 35,193,295 kvarh invoiced in the amount of 293,725,03 EUR.
spect the invoiced value of 60,010,500 EUR. Index of invoiced value compared to the
Index of excessive reactive energy on quantities in 2013 amounted to 1.07165.
value in 2013 is 0.9479.
Account of excessive reactive energy for the area for the year 2014 show positive difference of 293,725.03 EUR.
8.4.3. Electricity losses in the distribution network
In accordance with the mentioned agreement on the lease of electricity distribution infrastructure and provision of services for the distribution system operator, the company
Elektro Primorska in 2014 purchased electricity to cover losses in its own name and for
Table 12:
Revenues from
network use and
supports for year
2014
A
49
Table 13:
Peak and annual
operating hours of
Elektro Primorska in
year 2014
its own account under a contract of sale and purchase of electricity from the supplier
Holding Slovenske elektrarne at the price of 51.66 EUR/MWh. For the calculation of the
costs for covering the losses the recognized percentage of losses in the amount of 5.77%
€/MWh) was used.
Losses in the distribution network for year 2014 amounted to 82,903,838 kWh, which
represented 5.74 % of total invoiced electricity to all customers. Compared to year 2013
losses were lower in quantity and percentage (in year 2013: 85,419,284 kWh and 5.75 %).
Entire electricity
acquired*
Monthly peak
Month
of consumption of electricity charged to customers at the purchase cost of losses (51.66
Operating hours
annual**
Operating hours
annual**
[MWh/h]
[MWh/h]
date
hour
[MWh]
[h]
January
249,772
29/01/14
10:00
135.703,488
6.397,031
248,240
1,006
142180,087
February
227,424
19/02/14
10:00
119.341,950
6.840,560
254,339
0,894
129905,179
March
235,560
05/03/14
20:00
132.944,392
6.645,071
256,768
0,917
144005,627
April
221,409
02/04/14
21:00
123.998,849
6.813,872
239,248
0,925
125382,141
May
207,253
28/05/14
10:00
118.623,045
6.739,061
213,407
0,971
117491,219
June
235,090
12/06/14
13:00
124.937,561
6.465,922
233,767
1,006
122781,507
July
228,036
17/07/14
13:00
131.572,732
6.793,501
239,001
0,954
136630,707
a positive difference in the amount of 25,771 EUR.
August
221,393
27/08/14
10:00
121.271,355
6.449,492
226,566
0,977
126445,586
September
221,142
08/09/14
21:00
122.917,515
6.762,607
217,677
1,016
123870,010
October
239,233
26/10/14
03:00
128.833,873
6.340,743
228,647
1,046
132125,848
November
246,435
26/11/14
18:00
131.791,646
6.506,654
245,846
1,002
128059,635
10/12/14
258,004
0,980
December 10 2014, at 18.00 and it amounted to 252.905 MW. Compared to year 2013
December
252,905
(258.004 MW) it was lower by 5.099 MW or by 2.0 %. Annual operating hours amount to
Peak:
252,905
18:00
139.579,430
6.498,231
Total:
1.531.515,836
6.055,696
In Table 13 monthly peaks in the distribution network of Elektro Primorska for the year
2014 and the related annual operating hours are shown. Graph 6 shows monthly con-
Annual peak 2014
252,905
Operating hour 2014
6.055,696
Annual peak 2013
258,004
Operating hour 2013
6.087,092
Annual peak ratio 2014 / 2013
sumption peaks, while Graph 7 monthly quantities of acquired electricity in year 2014.
0,980
Operating hours ratio
2014 / 2013
0,995
Peak in EP for year 2014 amounted to252,905 MW and occurred on Wednesday December 10 2014
at 18:00.
Note:
*Entire electricity acquired represents entire acquisition of electricity in the distribution network (acquisition from transmission network+ acquisition from producers) – following the system of hourly average values of balance group realization including derogations
**Monthly values of annual operating hours are calculated according to monthly data calculated to the annual value
Graph 6:
Monthly electricity
consumption peaks
in year 2014
Graph 7:
Monthly acquired
electricity quantities
in year 2014
8.4.5. Production of electricity from producers connected to the distribution
network
P [MWh/h]
[GWh]
In year 2014, according to the balance as at December 31 2014 there were 494* produ-
300
300
cers of electricity connected to the distribution network of Elektro Primorska d. d. or 26
275
275
250
250
more than in year 2013. In year2014registered production of these producers amounQuantities 2013
ted to 197,979,631 kWh or was by 13.6 % higher than in year 2013. In the distribution
network of Elektra Primorska d. d. there were 188,351,020 kWh of electricity delivered or
Peak 2013
225
225
by 16.4 % more than in year 2013. Difference between quantities of electricity produced
Quantities 2014
Peak 2014
200
200
175
175
150
150
and power delivered in the distribution network, is proper consumption of SPTE produ-
December
November
October
September
August
July
June
May
April
March
February
January
December
November
October
September
August
July
June
May
April
ction facilities and delivery of produced electricity in the internal network of customers,
which in year 2014 amounted to 9,628,611 kWh.
141616,466
1570494,012
6,055.7 hours.
March
Entire electricity
acquired 2013
purchasing losses amounted to 4,282,812 EUR. Costs of covering the losses thus show
In year 2014 the peak of distribution network EP consumption occurred on Wednesday,
February
Monthly peak
ratio 2014 / 2013
Recognized costs for covering the losses amounted to 4,308,583 EUR, while the cost of
8.4.4. Peak of distribution network consumption and operating hours
January
A
50
A
51
A
52
Table 14:
Production of
electricity according
to primary energy
sources
Number
of power
stations
Electricity source
Production 2014
[KWh]
Production 2013
[KWh]
2014 /
2013
8.4.6.2. Continuity of power supply
In the area of Elektro Primorska on high-voltage and medium-voltage power devices in
HE SENG
22
106.785.928
84.663.419
1,261
year 2014 we recorded 6,086 unannounced interruptions of electricity, longer than three
HE Other
75
42.305.595
37.116.853
1,140
minutes, of which 31 were outages of power transformers 110/SN kV and SN/SN kV.
Solar power stations
357
34.051.675
37.860.699
0,899
Wind power stations
8
4.208.614
4.221.222
0,997
SPTE
32
10.627.819
10.435.943
1,018
Total
494
197.979.631
174.298.136
1,14
For the purposes of regular and investment maintenance of devices 958 disconnections
were made, which caused announced interruption of electricity. In DCV Elektro Primorska
252 dispatches were issued, of which 89 were for works on power transformers 110/SN
kV and SN/SN kV.
Total number of unannounced and announced interruptions of electricity, longer than
* number of all power stations in the area of EP that are connected to the distribution network or internal network of
the customer
three minutes, was 7,044. Number of interruptions is significantly higher than in previous
years, because of the glaze ice in January and February.
8.4.6. Quality of electricity supply
8.4.6.1. Voltage quality
Continuous monitoring of voltage quality in the company Elektro Primorska in 2014 co-
Number of interruptions, longer than 3 minutes
vers 55 registrars in 28 facilities of the network. Data on the quality of the voltage is obtained from 15 high-voltage bus bars, from two medium-voltage bus bars bordering the
neighboring network, and from 38 medium-voltage bus bars representing the main power
in year 2014
in year 2013
Index 14 /13
Number of unannounced interruptions
6086
1047
5,812
Number of announced interruptions – disconnections
958
509
1,882
Total number of announced and unannounced interruptions
7044
1556
4,527
in year 2014
in year 2013
Index 14 /13
Table 15:
Number of
interruptions, longer
than three minutes
points in our distribution network.
Results of the permanent measurements in the area of the distribution company Elektro
Primorska in 2014 we can observe improvement of voltage quality compliance with the
SAIFI (System Average Interruption Frequency Index)
requirements of the standard on the HV-level 96.52 % in year 2013 to 97.70 % in year
Average number of unannounced interruptions per customer
5,19
4,12
1,259
2014, while on the MV-level however there was a deterioration of voltage quality from
Average number of announced interruptions – disconnections per customer
0,69
0,68
1,015
97.75 % in year 2013 to 97.68 % in year 2014.
Average number of announced and unannounced interruptions per customer
5,88
4,8
1,225
in year 2014
in year 2013
Index 14 /13
Average time of customer without electricity due to unannounced interruptions
in hours
31,73
6,23
5,093
Average time of customer without electricity due to announced interruptions –
disconnections in hours
1,57
1,37
1,146
Average time of customer without electricity due to announced and unannounced interruptions in hours
33,3
7,6
4,381
Table 16:
SAIFI – System
Average
Interruption
Frequency Index
Vast majority of deviations of voltage quality in 2014 was due to the ice damage in early
February 2014 and the failure of the transmission line DV 110kV Divača–Ajdovščina
(ELES) on October 15 2014. There was also an increase in flickers during summer storms
with lightning strikes.
In 2014 at 27 measuring points (out of 55) in all measured weeks we recorded a full
compliance with the voltage quality requirements of the standard, while the remaining
SAIDI (System Average Interruption Duration Index)
28 of the measuring points recorded at least one week of non-compliance parameters of
voltage quality standard EN 50160. On three measuring points we recorded deviation of
Availability: 0.99619
root mean square value of the voltage level, on nine measuring points we recorded deviations of rms value of the voltage level, on nine measuring points we recorded increase
of flickers, on 25 measuring points we recorded the variation of frequency.
8.4.6.3. Commercial quality
In accordance with the Act concerning the reporting of data on quality of electricity
supply the company has been regularly monitored the commercial quality indicators and
reported to the Energy Agency and SODO.
Table 17:
SAIDI – System
Average
Interruption
Duration Index
A
53
A
54
Business Report | 9. Services For External Customers
Business Report | 10. Information Support and Development
9.
Services For External
Customers
10.
Information Support and
Development
Acquisition of business for the market and for external customers took place with no-
IT service covers an area of modernization of the IT system, intranet and internet portal,
tifications on published public tenders and direct negotiations with potential investors.
server infrastructure with all the services, databases, network computing infrastructure
for the needs of management of facilities and business computing as well as care for
Services were conducted primarily in facilities of medium- and low-voltage network and
installing new workstations and user support.
public lighting. Market business covers the entire scope of work for which the company
Elektro Primorska is specialized, namely the design and preparation of project documen-
Contractual partner Informatika, d. d., is responsible for the operation of the accounting
tation, construction or reconstruction of cable lines, transformer stations, production
information system and the development of new modules for connection processes, bill-
connectors for new buildings, renovation of public lighting with the reconstruction of
ing of network charge and balances on accounts.
switching points and other minor services.
Main activities in year 2014 were as follows:
In 2014 we were successful in this work, as despite extraordinary competition in the
•
In the field of modernization of IT system all milestones in the contract with Informa-
market we managed to exceed the market value of the services compared to the plan by
tika, d. d. were completed, multiple test have been carried out, and in September a
2.67 %, while compared to the previous year we fell back by 4.22 %.
renovated part of an information system went into operation;
•
on the internal portal, we created a multitude of checks for purposes of monitoring
the costs;
Table 18:
Realization of
services for external
customers in year
2014
Type of work
206
Market services
12
Other services
TOTAL
Plan(€)
Realization(€)
Realization(€)
%
%
January–
December 2014
January–
December 2014
January–
November 2013
2:1
2:3
1
2
3
4
5
1,950,000
1,745,756
1,705,928
89,53
102,33
450,000
718,205
866,637
159,60
82,87
2,400,000
2,463,961
2,572,565
102,67
95,78
•
we upgraded the software module COT (comprehensive risk management);
•
we upgraded the computer network primarily for the purpose of managing energy
facilities;
•
we maintained all wired, radio and optical communications infrastructure including
FM network and participated in the upgrade of optical connections;
•
we began with activities to replace the existing outdated FM system;
•
we purchased new workstations for the purpose of replacing the obsolete ones;
•
we set up new monitoring tools to monitor the performance of computers and computer networks;
•
in the context of all the distribution companies we have produced a joint security
policy;
Let us state a few other major services for the market we have carried out in 2014:
•
cable conduit 20 kV in tunnel Markovec,
•
SPTE Fructal,
•
reconstruction of TP for company SKP KNAUF in Ajdovščina,
•
preparation of project documentation for cable conduit 110 kV Koper–Izola,
•
cable conduit and TP for company MOL in Rožna Dolina,
•
cable conduit 20 kV for TP Martex 2,
•
electrical installation work on the project CČN in Vrtojba,
•
maintenance of public lighting in municipality of Izola,
•
maintenance of public lighting in municipality Postojna,
•
electrical installation work on the project SPTE Park 1,
•
electrical installation work for TP Riba.
Framework of these services also includes operation of holiday facilities.
•
by means of an external contractor we made procedures for continuity of operations
for the entire company;
•
we provided all the infrastructure services and support to the subsidiary E3, d. o. o.
A
55
A
56
Business Report | 11. Integrated Management System
Business Report | 12. Skrb za okolje
11.
Integrated Management
System
Integrated management system includes quality management system, environment management system and management system of safety and health at work. System consists
of interconnected processes, which Elektro Primorska uses to:
•
provide quality services and customer satisfaction, and pursue development policies,
•
care for the development of employees, their safety, health and satisfaction,
•
reduce negative impacts on the environment and contribute to the development of
narrower and broader social environment.
12.
Care for the Environment
12.1. Environmental policy
Environmental policy is an important component of the company's business policy and is
integrated into all business processes. Our business and our facilities intervene into the
space and its intended use, so with the established environmental management system
we manage the significant environmental aspects associated with the activity of electricity transmission, maintenance and construction of facilities, the operation of electricity
metal workshops and vehicle fleet. By adopting environmental programs in accordance
with the financial capabilities of the company we realize framework and implementing
environmental objectives.
Elektro Primorska has an established and certified integrated management system for
the following standards:
•
Quality Management System – ISO 9001:2008,
•
Environmental Management System – ISO 14001:2004 in
12.2. Realization of environmental programs
in year 2014
•
Management System for Safety and Health at Work – BS OHSAS 18001:2007.
In 2014 in accordance with the set environmental objectives we implemented the following activities of environmental programs:
Integrated quality management system is managed through the structure of formalized
•
we replaced asbestos cement roofing on RP Bovec,
documents: a) rules of quality management, b) definition of processes, c) management
•
we reduced light pollution in RP Bovec, service premises Kromberk and service
processes, d) instructions, e) forms. Quality of processes implementation is monitored
by quality indicators. Effectiveness of the integrated management system is regularly
checked by internal and external audits.
premises and inspectorate in Tolmin
•
we replaced ionization fire detectors with optical detectors in distribution transformer stations RTP Lucija and RTP Vrtojba.
Requirements for improvements in the integrated management system are managed by
a special program that enables employees to communicate any ideas, comments and
suggestions for better business organization and other activities in the company. This
13.
Risk Management
system also includes risk management.
Verification of the integrated management system took place in 2014 as planned by internal audits and annual reviews: environmental review, review of safety and health at
work, and management review. Internal audits of quality management system, environment management system and the system of safety and health at work were conducted
from April 23 to April 24 2014. On May 28 and May 29 2014 external assessment com-
Risks are managed in accordance with the methodology of integrated risk management
pany SIQ conducted a regular external assessment of requirements of ISO 9001:2008
in Elektro Primorska. Identified risks are classified in accordance with the methodology
standard and reassessment of requirements of ISO 14001:2004 standard and BS OHSAS
for managing risks in one of the four groups that are included in the risk register: financial,
18001:2007 standard, and it made findings that the company implements, maintains and
operational, strategic and legislative. Risks are evaluated at least monthly on the basis
develops the management system in accordance with the requirements of the standards.
of assessing the implications of the risk and on the basis of the likelihood that a risk will
occur. These risks are managed in the following ways: risk avoidance – abandonment
of risky operations; risk reduction – use of different hedging, transferring risk to a third
party; acceptance of risk – accepting the risk that is acceptable. In order to continuously
identify risks primarily responsible are the heads of organizational units and other authorized expert staff.
A
57
A
58
Business Report | 13. Risk Management
Reporting on the status of individual risks or measure is carried out through the portal
the operation are reduced. In this field, we are facing human resource risk, risks in the
- monthly, quarterly and annually. Internal audit supervises the implementation of the
operation of the system and the IT risk.
measures and compliance of the reported with the actual situation. Reporting and risk
control are an integral part of the integrated management system in the company. For a
Human resources risks are associated with the possibility of loss or lack of qualified
systematic display of the degree of all risks on the cut-off date, total average rate of all
staff and the emergence of work-related injuries arising from risky working practices in
the risks (average of the sum of all risk levels of all groups) has been introduced. In year
the business of power distribution. The risk is managed through scholarships, constant
2014 the value decreased from the baseline 3.17 to 2.89. For all measures that exceed
training of employees, encouraging further education, communication and information to
the acceptable level of risk 3.00, new measures, contractors and deadlines for implemen-
all employees, liability insurance of employees in the implementation of design, assembly
tation were determined. These measures are being implemented.
and maintenance work, and collective accident insurance of employees. We continuously
In 2015 we will include in the risk management system, also risks arising from the busi-
taining the health of employees.
improve the safety and health at work, which reduces the risk of injury at work and mainness continuity process.
Risks associated with the system operation are related to ensuring the broadest possible availability of facilities, which we ensure with regular planning, construction and
13.1. Financial risks
Financial risks of the company represent those risk factors that directly threaten the
achievement of planned income statement and capital adequacy. Significant risks are:
credit, liquidity, market.
Credit risk arises because of untimely settled receivables. Systematic monitoring of
debtors' financial position and use of applications for enforcement to recover the debts
lower the credit risk of the company.
Liquidity risk is directly related to the credit risk. With cash flow planning company manages liquidity risk by adjusting expenditure to financial capacity, draws bridging loans
and plans the dynamics of raising long-term investment loans.
Economics of investments is associated with the two stated risks, due to the eventual
maintenance, by implementing activities (reviews, audits, measurement) with the aim of
preventing the failure of electricity power plants and the occurrence of major damage to
the device. Property risk arises from exposure of electrical installations and other assets
of the company to environmental influences and other threats. Risks are managed in such
a way that we have concluded adequate property insurance with insurance companies.
Information risk is associated with the operation of a computerized information system
in the company and includes the risk of data loss, unauthorized access to data, intrusion
into the system, and undisturbed operation of the system. Company has signed a contract for the provision of key information services with the Informatika Company, which
provides services to other distribution companies as well. With investing each year in
equipment of the computer system, with an appropriate security policy, with the renovation of the information system in collaboration with Informatika, and with the implementation of adopted measures, these risks are managed.
exceeding of the value of investments and due to the deviation of specific planned values
for the type investment solutions.
13.3. Strategic risks
Market risk arises from failure to achieve services for the market, which affects the cash
Strategic risks affect the ability to ensure an efficient and competitive continuity of com-
flow.
pany operations. Among the strategic risks the company is facing price, quantity, investment risks, and risks related to power supply interruptions of own cause.
Interest rate risks are associated with the possibility of unexpected increases in financing
costs, which are tied to a variable interest rate based on market conditions. Company
Price risks occur in the contractual relationship between SODO and Elektro Primors-
minimizes interest rate risk by selecting the best bidder when borrowing.
ka, which regulates the rent of electricity infrastructure and the provision of services by
Elektro Primorska for SODO. They determine the price for rental of infrastructure and
Company is not faced with currency risks due to the limited sectoral operation.
the provision of other services. Late conclusion of the contract or annex to the contract
for the financial year represents the price risk. Price risks also arise in procurement of
materials and equipment used in investment and maintenance works. They arise from
13.2. Operational risks
Operational risks are related to the implementation of business processes in the company. In the past the company modernized and certified its business processes in accordance with the standards of quality management system ISO 9001, environmental
management system ISO 14001 and system of health and safety at work BS OHSAS
18001. Indirectly, by complying with the provisions of standards the potential risks of
changes in commodity prices, especially copper, and conditions on the market of electro
technical materials and equipment. During the year price risk is managed through the
implementation of the procurement of material and equipment and by signing annual
contracts for real-time supply.
A
59
A
60
Quantitative risks arise in the transfer of electricity through the distribution network to
customers. They arise from the uncertainty of consumption of electricity and they have
impact on revenues from network usage and, consequently, on the amount of the Company's revenue from the provision of services for SODO. Quantitative risks are managed
by the monthly monitoring of the transferred quantities of electricity through distribution
network and charged usage of the network.
Investment risks are reflected in the possibility of achieving the implementation of
planned investments. They are managed by real-time verification of realization and effectiveness of the adopted plans.
Risks due to power interruption for own reason require large financial investments with
effects over a longer period. They are managed with the regular reporting on the implementation of the plan of necessary investments in infrastructure.
13.4. Legislative risks
Essence of managing regulatory risks is in ensuring the functioning of the system in
accordance with regulations. Responsibility for legitimate business and compliance with
the internal workings of the company EP is specially defined. Decision-making in the EP
is limited to the framework of sectoral legislation. Regulation of the operation resulting
from the contractual obligations between SODO and Elektro Primorska, as provider of
public utility service, constitutes restrictions the company must respect and are not always economically viable.
A
61
B
Financial
Statements
B
64
Financial Statements | 1. Balance Sheet as at December 31 2014
Financial Statements | 1. Balance Sheet as at December 31 2014
1.
Balance Sheet as at
December 31 2014
Table 19:
Balance sheet
(assets)
ASSETS
NOTE
31.12.2014
A. Long-term assets :
I. Intangible assets
in EUR
2.1.
1. Long-term rights
2. Long-term deferred development costs
3. Other LT accruals and pre-paid expenditure
1. Land
2. Buildings
3. Equipment
4. Fixed assets in acquisition
III. Long-term financial investments
2.3.
1. Investments in group companies shares
2. Other shares and stakes
IV. Long-term operating receivables
2.4.
1. Long-term receivable due from others
Total long-term assets
1. Material
II. Short-term financial investments
2.6.
1. Short-term loans to others
III. Short-term operating claims
2.7.
1. Short-term operating claims on group companies
2. Short-term operating accounts receivable
3. Short-term operating claims on others
IV. Monetary assets
2.8.
Total short-term assets
C. Short-term accruals and pre-paid expenditure
TOTAL ASSETS
A. Capital:
2.9.
31.12.2013
in EUR
78,562,832
78,562,832
1,852,408
738,615
1. Share capital
78,562,832
78,562,832
19,414
99,190
II. Capital reserves
46,208,187
46,208,187
III. Profit reserves
11,314,699
9,071,106
651,328
651,328
10,663,371
8,419,778
-41,298
42,522
1. Statutory reserves
169,050,522
168,508,891
5,805,301
5,795,772
114,595,258
111,810,105
V. Net profit or loss from previous periods
45,831,490
47,129,861
VI. Net profit or loss of the business year
2,818,473
3,773,153
Total capital
7,014,088
6,994,741
B. Provisions and LT accrued costs and deferred revenues
6,522,017
6,522,017
492,071
472,724
20,322
16,965
20,322
16,965
177,998,996
176,358,402
2. Other profit reserves
IV. Revaluation surplus
140,188
1,481,000
2,088,679
2.10.
137,525,420
136,113,514
2.11.
13,083,346
13,114,937
1. Provisions
3,284,729
3,216,790
2. Long-term accrued costs and deferred revenues
9,798,617
9,898,147
20,310,659
20,517,977
I. Long-term financial liabilities
20,310,659
20,517,977
1. Long-term financial liabilities to banks
20,310,659
20,517,977
15,066,751
20,935,644
C. Long-term liabilities
Č. Short-term liabilities
2.5.
31.12.2014
I. Called-up capital
B. Short-term assets:
I. Stocks
NOTE
837,805
40,550
2.2.
LIABILITIES
1,914,064
1,692
4. Intangible assets in acquisition
II. Tangible fixed assets
31.12.2013
2.12.
2.13.
965,840
858,455
II. Short-term financial liabilities
7,803,318
10,929,030
965,840
858,455
1. Short-term financial liabilities to banks
7,803,318
10,927,973
25,207
129,145
2. Other short-term financial liabilities
25,207
129,145
III. Short-term operating liabilities
7,242,753
8,220,445
70,297
84,995
6,678,229
7,465,500
494,227
669,950
95,222
5,034,969
8,329,022
14,243,014
289,429
719,451
186,617,447
191,320,867
1,057
7,263,433
10,006,614
38,387
87,220
2. Short-term operating liabilities to suppliers
5,817,414
7,600,323
3. Other short-term operating liabilities
1,407,632
2,319,071
48,460,756
54,568,558
631,271
638,795
186,617,447
191,320,867
1. Short-term operating liabilities to group companies
Total liabilities
D. Short-term accrued costs and deferred revenues
TOTAL LIABILITIES
2.14.
Breakdown of individual items and explanatory notes are part of the financial statements
and should be read in conjunction with them.
Table 20:
Balance sheet
(liabilities)
B
65
B
66
Financial Statements | 2. Profit And Loss Account for Year Ended as at December 31 2014
Financial Statements | 3. Statement Of Comprehensive Income For Year Ended As At December 31 2014
2.
Profit and Loss Account for Year
Ended as at December 31 2014
Table 21:
Profit and loss
account
NOTE
2014
2013
3.
Statement of Comprehensive
Income For Year Ended as at
December 31 2014
in EUR
1. Net sales revenue
3.1.
a. on domestic market
38,391,026
40,807,348
38,391,026
40,807,348
2. Capitalized own products and services
3.1.
6,098,307
6,300,696
3. Other operating revenues
3.1.
3,925,150
1,647,952
4. Costs of goods, material, and services
3.2.
-16,939,400
-16,401,697
-10,312,114
-8,971,667
-6,627,286
-7,430,030
-15,539,166
-15,139,882
Changes in the surplus from the revaluation of financial assets available for sale
-11,391,828
-10,892,670
Other components of comprehensive income
-566,045
-575,110
c. Social security costs
-1,856,986
-1,790,765
č. Other labor costs
-1,724,307
-1,881,337
-11,642,503
-11,397,832
-10,745,484
-11,009,697
-694,009
-163,021
a. Costs of goods sold and material used
b. Costs of services
5. Labor costs
3.2.
a. Costs of salaries
b. Costs of additional pension insurance of employees
6. Amortization/depreciation expense
3.2.
a. Depreciation
b. Operating expenses from revaluation in intang. and tang.
fixed assets
-203,010
-225,114
7. Other operating expenses
c. Operating expenses from revaluation in current assets
3.2.
-176,482
-204,800
8. Financial revenues from shares
3.3.
17,299
49,656
17,299
49,656
12,655
2,201
12,655
2,201
44,861
68,759
44,861
68,759
a. In other companies
9. Financial revenues from given loans
3.3.
a. given to others
10. Financial revenues from operating claims
3.3.
a. on others
11. Financial expenses from impairments and financial investment write-offs
3.4.
12. Financial expenses from financial liabilities
3.4.
Financial expenses from loans, received from banks
Financial expenses from operating liabilities
13. Financial expenses from operating liabilities
3.4.
a. Financial expenses from liab. to suppliers and bill of exchange l.
b. Financial expenses from other operating liabilities
-2,799
-872,883
-789,933
-803,109
-743,413
-69,774
-46,520
-5,058
-4,880
-4,568
-4,591
-490
-289
14. Other revenues
3.5.
3,465
3,346
15. Other expenses
3.6.
-78,657
-65,782
NET PRE-TAX PROFIT OR LOSS OF THE ACCOUNTING PERIOD
3,238,614
4,872,353
16. Income tax
3.7.
-425,011
-694,996
17. NET PROFIT OR LOSS OF THE ACCOUNTING PERIOD
3.8.
2,813,603
4,177,357
Pojasnilo
2014
in EUR
17. Net profit or loss of the accounting period
TOTAL COMPREHENSIVE INCOME OF THE ACCOUNTING
PERIOD
3.9.
2,813,603
10,893
-94,713
2,729,783
Table 22:
Statement of
comprehensive
income
B
67
-30,973,726
4.6.
a. Expenditure for given interest
-854,493
-792,351
b. Expenditure for repayment of long-term loans
-21,391,973
-7,896,063
c. Expenditure for repayment of short-term loans
-20,897,000
-20,967,000
-1,312,472
-1,318,312
č. Expenditure for dividend
10a. Excess of receipts or expenditure in financing activ.
975,274
10b. Excess of expenditure in financing activ.
-5,498,938
11a. Total excess of receipits or expenditure
4,875,371
11b. Total excess of expenditure or expenditure
-4,939,747
Č. CLOSING BALANCE OF CASH AND CASH EQUIVALENTS
95,222
X. OPENING BALANCE OF CASH AND CASH EQUIVALENTS
Y. CASH FLOW FOR THE PERIOD
Closing balance of cash on 31.12.
4.7.
5,034,969
159,598
-4,939,747
4,875,371
95,222
5,034,969
5,034,969
1,481,000
1,481,000
137,525,420
651,328
10,663,371
2,243,593
-41,298
0
1,481,000
0
0
0
-2,088,679
-1,332,603
-910,990
1,177,689
2,088,679
0
-3,421,282
-94,713
10,893
2,813,603
-1,317,877
-1,317,877
2,813,603
2,729,783
2,813,603
-1,317,877
-1,317,877
136,113,514
140,188
2,088,679
140,188
in EUR
VI
V
NET PROFIT OF THE
BUSINESS YEAR
2,088,679
46,208,187
Explanatory notes are part of the financial statements and should be read in conjunction with them.
-44,455,938
9. Expenditure in financing activities
Distributable profit 2014
9,800,000
22,149,000
78,562,832
21,060,000
17,897,000
C. Balance as of 31.12.2014
a. Receipts from long-term loans
b. Receipts from short-term loans
910,990
4.5.
c) Allocation of part of net profit for additional provisioning under the
decision of the annual general meeting
31,949,000
8. Receipts in financing activities
1,332,603
38,957,000
C. CASH FLOWS IN FINANCING ACTIVITIES
b) Allocation of part of net profit of reporting period to other items of
capital following the decision of the management
3,900,097
a) Allocation of remaining part of net profit of the comparative
reporting period to other capital items
-10,742,847
559,191
B.3. Changes within capital
-10,163,274
7a. Excess of operating and investing receipts
-94,713
6. Excess of expenditure in investing activities
c) Other items in comprehensive income of reporting period
-8,454
10,893
-10,108,987
c. Expenses for acquisition of long-term financial investments
b) Changes in surplus from financial investments revaluation
-10,058,753
b. Expenses for acquisition of tangible fixed assets
a) Entry of net profit or loss for the reporting period
-831,631
-83,820
-10,940,618
-165,450
4.4.
a. Expenses for acquisition of intangible assets
B.2. Total comprehensive income of reporting period
-10,232,657
5. Expenditure in investing activities
a) Dividend payment
74,809
0
10,622
B.1 . Changes in equity capital – transactions with owners
b. Receipts from disposal of tangible fixed assets
42,522
122,962
8,419,778
58,761
651,328
a. Receipts from received interest and profit shares of others
referring to investing activities
4.3.
46,208,187
197,771
4. Receipts in investing activities
78,562,832
69,383
B. CASH FLOWS IN INVESTING ACTIVITIES
A.2. Balance as of 1.1.2014
14,642,944
42,522
-26,564,976
10,722,465
3a. Excess of operating receipts or expenditure
8,419,778
-26,925,652
č. Other operating expenditure
651,328
-3,806,941
46,208,187
-15,044,663
-3,352,917
78,562,832
-16,326,980
c. Expenditure for duties of all kinds
b. Expenditure for salaries and employees profit shares
IV
-13,555,657
III/2
-58,972,237
-17,441,140
III/1
4.2.
II
-64,046,689
a. Expenditure for purchase of material and services
I
25,173,835
REVALUATION
SURPLUS
24,880,925
OTHER PROFIT
RESERVES
b. Other operating receipts
STATUTORY
RESERVES
48,441,346
CAPITAL
RESERVES
73,615,181
49,888,228
2. Operating expenditure
4.1.
2014
74,769,154
a. Receipts from sales of products and services
NET PROFIT
BROUGHT FORWARD
2013
in EUR
Preneseni čisti
poslovni izid
1. Operating receipts
NET PROFIT OR LOSS
OF THE BUSINESS
YEAR
2014
PROFIT RESERVES
NOTE
A. OPERATING CASH-FLOW
CALLED-UP
SHARE CAPITAL
Table 23:
Cash flow
statement
Table 24:
Statement of
changes in equity
2014
4.
Cash Flow Statement for Year
Ended as at December 31 2014
136,113,514
Financial Statements | 5. Statement Of Changes in Equity For Year Ended as at December 31 2014
TOTAL CAPITAL
Financial Statements | 4. Cash Flow Statement For Year Ended As At December 31 2014
5.
Statement of Changes in Equity For
Year Ended as at December 31 2014
B
68
B
69
a) Dividend payment
2013
78,562,832
78,562,832
78,562,832
I
Share capital
Called-up capital
46,208,187
46,208,187
46,208,187
II
Capital reserves
651,328
651,328
8,419,778
2,088,678
2,088,678
6,331,100
6,331,100
III/2
III/1
651,328
Other profit
reserves
Statutory reserves
Profit reserves
6.
Statement Of Changes In Equity For
Year Ended As At December 31 2013
IV
42,522
7,797
7,797
34,725
34,725
Revaluation
surplus
4,177,357
4,177,357
0
0
0
136,113,514
2,228,867
-3,543,225
-1,454,547
-2,088,678
2,088,679
2,088,679
1,454,547
140,188
140,188
7,797
4,185,154
4,177,357
-1,317,876
1,454,547
-1,317,876
-1,317,876
133,246,236
1,454,547
3,517
-1,317,876
133,246,236
1,454,547
in EUR
Total capital
3,517
VI
Net profit of the
business year
Net profit
brought forward
V
Net profit or loss
of the business
year
Net profit or loss
from previous
periods
Table 25:
Statement of
changes in equity
2013
B
70
Financial Statements | 6. Statement Of Changes In Equity For Year Ended As At December 31 2013
Financial Statements | 7. Indicators
7.
Indicators
7.1. Main indicators of financing (investing)
2014
2013
2012
2011
2010
2009
2008
equity financing rate
capital / liabilities
0,737
0,711
0,717
0,697
0,650
0,622
0,660
2.
long-term financing rate
capital , long-term debts and long-term
provisions/ liabilities
0,916
0,887
0,889
0,868
0,813
0,804
0,822
3.
debt financing rate
debts / liabilities
0,260
0,285
0,274
0,297
0,350
0,370
0,329
Seq.
No
Description
1.
2014
2013
2012
2011
2010
2009
2008
operating fixed assets rate
fixed assets / assets
0,906
0,881
0,908
0,899
0,820
0,805
0,826
2.
Financial investment rate
Long-term and short-term financial investments/assets
0,038
0,037
0,038
0,037
0,008
0,008
0,008
3.
long-term assets rate
fixed assets, long-term financial investments and l.t. oper. claims / assets
0,944
0,917
0,946
0,936
0,828
0,813
0,835
Seq.
No
Description
1.
These indicators are used to establish where the company invested its assets and what
structure of assets it has according to these investments.
Table 26:
Main indicators of
financing
Indicators of financing show the financing structure of the company and express the
degree of the company's financial independence.
7.2. Main investment indicators (investing)
Table 27:
Main investment
indicators
B
71
B
72
7.3. Main horizontal financial structure
indicators
Table 28:
Main horizontal
financial structure
indicators
Seq.
No
Description
1.
7.5. Main indicators of return
2014
2013
2012
2011
2010
2009
2008
Seq.
No
Description
equity to operating fixed assets
capital / fixed assets
0,814
0,808
0,789
0,776
0,792
0,773
2.
immediate solvency ratio
liquid assets / short-term liabilities
0,006
0,240
0,008
0,036
0,005
3.
quick ratio
liquid assets and short-term claims / shortterm liabilities
0,487
0,633
0,377
0,331
4.
current ratio
short-term assets / short-term liabilities
0,553
0,680
0,429
0,393
2014
2013
2012
2011
2010
2009
2008
0,800
1.
level of revenue profitability
net profit or loss / sale revenues
0,073
0,102
0,073
0,039
0,018
0,003
0,012
0,112
0,044
2.
ROA
net profit or loss / average assets
0,015
0,022
0,016
0,008
0,010
0,002
0,007
0,795
0,872
0,911
3.
ROE (%)
net profit or loss / average capital (excl. net
profit or loss of business year)
0,021
0,031
0,022
0,012
0,016
0,003
0,011
0,837
0,913
0,961
By analyzing the ratio of profitability we establish that company's operation
is viable due to a positive operating result.
These indicators show how individual categories of assets are financed and how the
company is able to settle its short-term financial liabilities.
7.4. Main indicators of economy
Table 29:
Main indicators of
economy
Seq.
No
Description
2014
2013
2012
2011
2010
2009
2008
1.
operating efficiency ratio
operating revenues / operating expenses
1,093
1,130
1,091
1,060
1,015
1,002
1,028
2.
entire efficiency ratio
revenues / expenses
1,072
1,111
1,074
1,040
1,018
1,003
1,011
Indicators of economy are indicators of business success and explain business results
in relation to the invested elements of the business process.
Table 30:
Main indicators of
return
B
73
C
Notes to the Financial
Statements According to
the Companies Act snd
Slovenian Accounting
Standards
C
76
Notes to the Financial Statements According to the Companies Act and Slovenian Accounting Standards
1. Basis for Preparation of Financial Statements
1.
Basis for Preparation of Financial
Statements
of services for electricity distribution system operator was concluded with SODO Company, which has been used since January 1 2011. Contract also contains provisions relating to the preliminary settlement of regulatory year. Based on this, the company in the
income statement for year 2014 considered the final settlement of regulatory year 2013
(negative in the amount of 7,984 EUR) and preliminary settlement of year 2014 (positive
in the amount of 258,473 EUR).
Financial statements have been prepared in accordance with Slovenian Accounting
Standards (SRS) 2006, Energy Act (Official Gazette RS Nos. 27/07, 70/08 in 22/10) and
Companies Act (ZGD-1).
SAS 2006 prescribe accounting policies and, in some cases, allow a choice between per-
missible accounting policies. In its Accounting Rules the Company defined in detail the
2013–31. 12. 2015.
accounting treatment of balance sheet items in the accounting records and determined
the applicable accounting policies.
Based on this Act the Energy Agency on November 15 2012 with a decision No. 11113/2012-01/452 determined the regulatory framework for the distribution network system
In accordance with Article 19 of the Act amending the Companies Act (new Article 46. a)
operator SODO for the regulatory period from January 1 2013 to December 31 2015.
revenue and costs are adjusted for the regulated period backward based on the eligibility
In the decision, the eligible costs, broken down by individual regions of the distribution
criteria, which were produced and are monitored by the Agency for Energy. Compliance
network are planned.
with the Energy Act in this part, which corrects the revenue and cost backward, is considered a deviation from the Slovenian Accounting Standards.
Planned eligible costs in the area of the distribution network of Elektro Primorska provide
a framework of company assets in each year of the regulatory period.
In the operation of the Company July 1 2007 plays an important role. On this day, Elektro
Primorska d. d. lost the status of a public company and since then operates only as a
On December 16 2013 the Council of Energy Agency adopted the Act amending the Act
limited company. With a decision of the Government of RS on the concession for the pro-
determining the methodology for charging for the network charge, the methodology for
vision of public service activities of the distribution system operator for the entire territory
setting the network charge, and the criteria for establishing eligible costs for electricity
of the Republic of Slovenia it granted the exclusive concession to a newly established
networks. Act applies from 1 January 2014.
company SODO based in Maribor.
Price list of services for external customers changed in October 2013.
According to the decree on the implementation of the activity of the system operator
SODO company concluded a contract on the lease of electricity distribution infrastruc-
Wind farm Volovja reber
ture and provision of services for the system operator of the electricity distribution net-
On June 26 2006 the Ministry of Environment and Spatial Planning (MOP), Slovenian
work with Elektro Primorska as the owner of the distribution infrastructure in the area of
Environment Agency (ARSO), issued an environmental consent to Elektro Primorska d.
Elektro Primorska. Contract defines that Elektro Primorska:
d. for the construction of wind farms on Volovja reber and associated infrastructure. On
•
leases infrastructure for rent determined annually with annexes to the contract,
February 19 2007, Elektro Primorska d. d. on the basis of this consent obtained a partial
•
implements services for SODO and charges for services described in the annex to
building permit, which has become final on March 27 2007. At the request of Elektro Pri-
the contract,
morska the validity of the building permit was extended until March 27 2012.
•
•
•
in the name and for the account of SODO purchases electricity for losses incurred
on the network,
When the Ministry of Environment and Spatial Planning in 2007 recognized the status
in the name and for the account of SODO issues invoices to end users of the distri-
of a participant in the process of issuing the environmental consent for the construction
bution network accounts for the network use,
of wind farms and associated infrastructure to the Society for Observation and Study of
in the name and for the account of SODO charges the network charge for power
Birds of Slovenia (DOPPS), the process of issuing the environmental consent was reno-
consumption.
vated ex officio, while the implementation of environmental consent was withheld at the
same time.
On February 27 2012 a new lease contract on the electricity infrastructure and provision
In a renewed process of issuing the environmental consent ARSO left the issued environmental consent in force, while MOP rejected an appeal DOPPS against the confirmed
C
77
C
78
environmental consent. DOPPS filed an action against the decision of the Environmental
•
DOPPS filed an action against the decision of the Environmental Agency with the
Agency with the Administrative Court in Ljubljana, which granted the action by judgment
Administrative Court in Ljubljana, which granted the action by judgment as at March
as at March 3 2011 and remanded the case for reconsideration procedure to ARSO. On
3 2011 and remanded the case for reconsideration procedure of ARSO.
December 19 2011 ARSO in a new decision in the renewed procedure performed oral
•
hearing and on April 4 2012 issued a decision confirming the validity of the environmental
consent of June 26 2006.
On April 4 2012 ARSO issued the decision that confirmed the validity of environmental approval as at June 26 2006.
•
According to DOPPS appeal against the decision of the Environmental Agency of
April 4 2012, the Ministry of Agriculture and Environment RS on December 21 2012
In accordance with the building permit to build wind farms on Volovja reber Elektro Pri-
issued a decision, annulling the decision of the Environmental Agency of April 4
morska d. d. began with the implementation of works for the construction of the connec-
2012, and remanded the case to ARSO for reconsideration procedure and deci-
tion point 110 kV power line RTP Ilirska Bistrica-RTP Volovja reber in distribution transformer station RTP Ilirska Bistrica. With this, the company prevented the construction
sion-making.
•
permit as at March 27 2012 to expire.
On May 6 2013 ARSO issued a new decision no. 35402-11/2004-328, which abolished the environmental consent from the year 2006 and rejected the application
of Elektro Primorska for issuing environmental consent for the planned wind farm
After DOPPS appeal against the decision of the Environmental Agency of April 4 2012,
the Ministry of Agriculture and Environment RS on December 21 2012 issued a decision,
Volovja reber.
•
Company Elektro Primorska appealed to the issued decision of May 6 2013. But
annulling the decision of the Environmental Agency of April 4 2012, and remanded the
the Ministry of Agriculture and the Environment of RS as a body of appeal rejected
case to ARSO for reconsideration procedure and decision-making. On May 6 2013 ARSO
the appeal from EP with the decision no. 35402-29/2013/2 as at December 4 2013.
issued a new decision no. 35402-11/2004-328, which abolished the environmental con-
•
As a result, Elektro Primorska on October 21 2013 signed an agreement with the
sent from the year 2006. Company Elektro Primorska appealed to the issued decision.
Municipality of Ilirska Bistrica, which defines the termination of the agreement from
But the Ministry of Agriculture and the Environment of RS as a body of appeal rejected
2007 and the abolition of all obligations of Elektro Primorska to the Municipality of
the appeal from EP with the decision no. 35402-29/2013/2 as at December 4 2013.
Ilirska Bistrica, which has been identified for the event of the construction of wind
As a result, Elektro Primorska on October 21 2013 signed an agreement with the Municipality of Ilirska Bistrica, which defines the termination of the agreement from 2007 and the
farms Volovja reber.
•
Elektro Primorska in year 2014 fully discontinued all further activities related to the
abolition of all obligations of Elektro Primorska d.d. to the Municipality of Ilirska Bistrica,
implementation of works of the partial construction permit (issued on February 19
which has been identified for the event of the construction of wind farms Volovja reber.
2007), which form an integral part of the stated environmental consent from year
Construction license:
•
it was obtained based on the Environmental approval for the construction of wind
farm and associated infrastructure on Volovja reber as at June 26 2006,
•
•
Company ended the operations in 2014 positively. It generated a net profit of 2,813,603
it was activated in the beginning of March 2012 by constructing the concrete foun-
EUR, which is lower than planned for the year 2014 and the net profit of the previous year.
Environmental approval:
It was issued on June 26 2006 by the Ministry of the Environment and Spatial Planning (MOP), Slovenian Environment Agency (ARSO).
In 2007, MOP recognized the Society for Observation and Study of Birds of Slovenia
(DOPPS) the status of a participant in the procedure of issuing an environmental
permit.
•
After the recognition of the right side of the participant DOPPS, the process of issuing the environmental consent has been renovated ex officio, while the implementation of environmental consent was withheld at the same time.
•
wind farms in the amount of funds invested 829,032 EUR.
November 12 2009 to March 27 2012,
portal.
•
Company has therefore adjusted the value of the investment in the construction of
partial building permit as at February 19 2007 was extended with the decision as at
dation on the land plot No. 390/15 k. o. Dobrepolje near the area of a power line
•
2006.
•
In the renewed procedure of issuing the environmental consent ARSO left the issued
environmental consent in force, while MOP rejected an appeal of DOPPS against
the confirmed environmental consent.
C
79
C
80
2. Notes to the Balance Sheet Items
2.
Notes to the Balance
Sheet Items
2.1. Intangible assets
Intangible assets are recognized in the accounting records and the balance sheet when it
is probable that the economic benefits associated with them will flow in, and when their
cost can be measured reliably.
Table shows the changes in intangible assets during the year 2014:
Deferred
development
studies costs
2014
acquiring. Among the rights there are recognized holiday facilities usage rights and land
rights, as well as right to use space in the facility for the purposes of transformer stations,
and the right to use the software. While other long-term accrued expenses and deferred
costs include costs of prepaid rent.
Balance 1.1.2014
Company records intangible assets using the cost model.
Value of intangible assets in 2014 increased for the purchase and activation of long-term
rights in the amount of 1,463,788 EUR.
Intangible
assets in
acquisition
1,244,370
Increases from invest. in progress
Balance 31.12.2014
Table 31:
Changes in
intangible assets in
year 2014
Total
in EUR
1,802,468
Increases in year
0
1,105,017
4,151,855
1,710
1,504,338
1,506,048
-1,463,788
0
1,463,788
-427,555
-18
-427,573
816,815
3,266,256
1,692
1,145,567
5,230,330
1,145,180
1,063,853
0
1,105,017
3,314,050
79,776
349,995
Value adjustment
Balance 1.1.2014
Depreciation in year
Decreases in year
Cost of an intangible asset consists of its purchase value or cost of manufacture. The
Other
long-term
accruals
and pre-paid
expenditure
Acquisition cost
Decreases in year
Among intangible assets the company recognizes development studies and studies in
Long-term
rights
Balance 31.12.2014
429,771
-427,555
-427,555
797,401
1,413,848
0
1,105,017
3,316,266
Balance 1.1.2014
99,190
738,615
0
0
837,805
Balance 31.12.2014
19,414
1,852,408
1,692
40,550
1,914,064
Carrying amount
Value adjustments of studies in obtaining are value of invested assets in connection with
Table shows the changes in intangible assets during the year 2013:
the planned investment in the construction of wind farms, which the company has been
forming since 2004 because of complaints in the process of obtaining a building permit.
Developmental studies are recognized at their purchase value and written off to the bur-
2013
den of the cost of studies and not as a depreciation expense. We write them off in the
amount of 20% annually, depending on the useful life of these assets, which is five years.
Individual carrying values of intangible assets are not significant for the financial statements as a whole.
Deferred
development
studies costs
Long-term
rights
Acquisition cost
Balance 1.1.2013
1,466,478
Decreases in year
Balance 31.12.2013
Table 32:
Changes in
year 2013
Total
in EUR
1,090,020
Increases in year
Company has no intangible assets with limited ownership rights.
Intangible
assets in
acquisition
712,448
1,105,017
3,661,515
712,448
712,448
-712,448
0
-222,108
-222,108
1,244,370
1,802,468
1,105,017
4,151,855
1,216,573
772,553
1,105,017
3,094,143
150,715
291,300
Value adjustment
Balance 1.1.2013
Decreases in year
Balance 31.12.2013
442,015
-222,108
-222,108
1,145,180
1,063,853
1,105,017
3,314,050
249,905
317,467
0
567,372
99,190
738,615
0
837,805
Carrying amount
Balance 1.1.2013
Balance 31.12.2013
C
81
C
82
2.2. Tangible fixed assets
Carrying value of fixed assets compared to the opening balance increased by 541,631 EUR.
Changes consisted of new purchases in the amount of 11,766,848 EUR, depreciation in the
Tangible fixed assets of the company are land, buildings and equipment and these assets
amount of
under construction. They are disclosed in the balance sheet at their carrying amount,
10,395,491 EUR, additional value adjustment of investments in the amount of
13,461 EUR and the eliminations of the carrying value in the amount of 816,265 EUR.
which represents the difference between the acquisition and the written down value.
Company has no investment property and evaluates the tangible fixed assets according
Value adjustments of fixed assets in acquisition, in the amount of 829,032 EUR, refer to inves-
to the acquisition cost model.
ted assets, in relation to the planned investment in the construction of wind power plants, which
is in the process of complaints. Adjustments have been formed since 2004. In year 2014 an
Cost of the tangible fixed assets is comprised of its purchase price and all costs that can
adjustment was additionally formed in the amount of 13,461 EUR.
be directly attributed to its restoration for use.
Company has no fixed assets obtained by financial lease. One property is mortgaged in favor
Acquisition cost of facilities built on its own is cost price, which does not exceed the price
of Nova Kreditna Banka Maribor. Obligation is recorded in off-balance sheet.
of the same kind of things on market. Cost price is comprised of direct material costs
of manufacturing and services, direct labor costs and general production costs In accor-
Since July 1 2007 the public utility service in the area of Elektro Primorska d. d. has been condu-
dance with SAS 1.11 the company subdivides the purchase costs of new acquisitions
cted by the newly established company SODO, d. o. o. In accordance with the relevant contract
in year 2014, which have different useful lives, to component parts that are significant in
the company Elektro Primorska rented SODO the entire infrastructure. As at December 31 2014
relation to the entire purchase price.
the purchase value of infrastructure given to rent amounted to 461,683,893 EUR, value adjustments to 315,998,276 EUR and carrying amount to 145,685,617 EUR. Of which there are by:
Value adjustments are established in the amount of calculated depreciation.
Company must revalue tangible fixed assets due to impairment when their carrying amount exceeds the recoverable value. Recoverable amount is the net selling price or value
in use, whichever is higher.
•
3,356,040 EUR of land,
•
98,657,148 EUR of infrastructure facilities,
•
41,880,070 EUR of infrastructure equipment and
•
1,792,359 EUR of long-term rights.
In 2013 the company realized investment plan in one hundred percent in the amount of
Changes in tangible fixed assets in 2014 are shown in the following table:
13,100,450 EUR. For the realization it hired a long-term loan in the amount of 7,500,000 EUR.
Detailed information on the acquisition is presented in the report on the activities of the distribu-
Table 33:
Changes in tangible
fixed assets in year
2014
2014
Land
Facilities
Equipment
Fixed assets
in acquisition
and advances
Acquisition cost
Balance 1.1.2014
in EUR
5,795,772
Increases in year
9,529
Decreases in year
Transfer
Balance 31.12.2014
tion system operator in chapter 8.2.
Total
5,805,301
2013
371,057,021
143,281,334
4,588,724
524,722,851
144,111
23,705
11,599,032
11,766,848
9,002,545
3,471,936
-12,484,010
0
Acquisition cost
-8,112,665
-2,955,604
-56,241
-11,124,510
Balance 1.1.2013
24,610
-24,610
0
Increases in year
372,115,622
143,796,761
3,647,505
525,365,189
Value adjustment
Land
Decreases in year
259,246,916
96,151,473
5,698,022
4,697,469
10,395,491
Value adjustment
-7,427,304
-2,880,941
-10,308,245
Balance 1.1.2013
Increases in year
815,571
13,461
Transfer
Balance 31.12.2014
2,730
-2,730
257,520,364
97,965,271
356,213,960
13,461
0
829,032
356,314,667
Carrying amount
Balance 31.12.2013
Equipment
Fixed assets
in acquisition
and advances
Table 34:
Changes in tangible
fixed assets in year
2013
Total
in EUR
5,750,629
45,143
Decreases in year
Balance 1.1.2014
Facilities
5,795,772
Decreases in year
Balance 31.12.2013
366,523,874
141,416,697
5,530,269
519,221,469
333,716
141,818
10,270,240
10,745,774
6,285,153
4,730,413
-11,060,709
0
-2,085,722
-3,007,594
-151,076
-5,244,392
371,057,021
143,281,334
4,588,724
524,722,851
255,540,992
94,016,693
815,571
350,373,256
5,730,588
4,987,808
10,718,396
-2,024,664
-2,853,028
-4,877,692
259,246,916
96,151,473
815,571
356,213,960
Carrying amount
Balance 1.1.2014
5,795,772
111,810,105
47,129,861
3,773,153
168,508,891
Balance 1.1.2013
5,750,629
110,982,882
47,400,004
4,714,698
168,848,213
Balance 31.12.2014
5,805,301
114,595,258
45,831,490
2,818,473
169,050,522
Balance 31.12.2013
5,795,772
111,810,105
47,129,861
3,773,153
168,508,891
C
83
C
84
2.3. Long-term financial investments
2.4. Long-term operating receivables
Long-term financial investments of the Company are shares and shares in other companies and the capital of the subsidiary E 3, energetika, ekologija, ekonomija, d. o. o., which
31.12.2014
is 100 % owned by the company.
31.12.2013
in EUR
In accordance with SAS 3, which deals with financial investments, they are classified as
assets available for sale.
Claims to apartment building managers
20,322
16,965
Total
20,322
16,965
Table 37:
Long-term
operating
receivables
Investments consist of the following items:
Long-term operating receivables are assets for maintenance of facilities, which are
Table 35:
Long-term financial
investments
31.12.2014
Investments in shares of group companies
31.12.2013
according to the Housing Act combined with operators of apartment buildings.
in EUR
E3, energetika, ekologija, ekonomija d.o.o.
6,522,017
6,522,017
Total
6,522,017
6,522,017
2.5. Stocks
Stocks consist of material and small tools in the warehouse.
Other shares
Informatika Maribor d.d.
240,755
240,755
Banka Koper d.d.
95,879
95,879
500 EUR and the duration of over a year. These are means of protection and small tools
Zavarovalnica Triglav d.d.
55,884
44,991
on the stock, which are kept off-balance according to the individual once issued in use.
1,808
1,808
Stocks are initially measured at purchase cost, consisting of purchase price and direct
106,395
106,395
Stelkom d.o.o. Ljubljana
57,837
57,837
VIRS
12,626
4,172
571,184
551,837
-72,904
-72,904
-6,209
-6,209
-79,113
-79,113
Materials
492,071
472,724
Small tools
7,014,088
6,994,741
Primorski tehnološki park d.o.o.
Eldom Ljubljana d.o.o.
Impairment of investment Eldom d.o.o.
Impairment of investment Stelkom d..o.o.
Total
Total long-term financial investments
Stocks also include small tools with a useful life of up to one year and small tools of up to
acquisition costs. Purchase price is reduced by obtained discounts.
Consumption of stocks is calculated at a moving average price method.
31.12.2014
in EUR
Total
907,395
788,906
58,445
69,549
965,840
858,455
Largest share of stocks are materials intended for the maintenance and construction of
electric power facilities and equipment. According to the previous year the stocks on the
Table 36:
Changes in financial
investments
Investments in
shares of group
companies
Other shares
in EUR
6,522,017
Increases
Balance 31.12.
6,522,017
last day were higher by 12.5 %.
Based on a comparison of the value of stocks with the latest known purchase prices, we
Changes in financial investments
Balance 1.1.
Total
472,724
6,994,741
19,347
19,347
492,071
7,014,088
performed impairment of stocks in the amount of 6,463 EUR. In the last year no changes
occurred in 53,107 EUR of stock value, which represents 5.5 % of stocks that are necessary for maintenance of energy facilities and were not impaired.
Inventory differences amounted to 36 EUR, while due to uselessness during the year by
10,232 EUR of stock values were written off.
Investment in 11.88 % of shares in Informatika, d. d., Maribor, Company is stable. Company complied the financial investment in the company Zavarovalnica Triglav, d. d. with
the market value. Revaluation is recognized in other comprehensive income within equity
items.
31.12.2013
Table 38:
Stocks
C
85
C
86
2.6. Short-term financial investments
Age structure of receivables:
Financial investments are financial assets the company has in order to increase its finan-
31.12.2014
cial revenue through income arising from it. These are investments in financial debts of
31.12.2013
in EUR
other companies.
Outstanding receivables
Amount 25,207 EUR represents a short-term deposit with a bank dedicated to the reconstruction of the building in post-earthquake reconstruction in Bovec. These assets will be
6,052,663
6,508,902
Receivables overdue from 30 days
454,467
651,441
Receivables overdue from 31 to 60 days
125,943
310,349
27,637
30,462
paid directly to the provider by the bank. Cost of reconstruction exceeding the amount of
184,995
116,977
the deposit is co-financed by the Government of the Republic of Slovenia.
Receivables overdue over 365 days
Table 39:
Short-term financial
investments
Short-term loans to
others
Total
514,561
480,001
7,360,266
8,098,132
Table 41:
Age structure of
receivables
in EUR
Balance 1.1.
129,145
Refunds
-103,938
Balance 31.12.
As at December 31 2014 the age structure of receivables was as follows:
25,207
2.7. Short-term operating receivables
All receivables are initially recognized with the amounts arising from the relevant do-
•
82 % of outstanding receivables,
•
6 % of overdue receivables up to 30 days,
•
2 % of overdue receivables from 31 to 60 days and
•
10 % of overdue receivables over 60 days in the amount of 727,193 EUR, for which
cuments under the assumption that they will be paid. Receivables for which there is a
by 626,180 EUR or 86 % value adjustments were formed as they are older than 365
presumption that they will not be settled or are not settled in due time, are recognized as
days or disputed or debtors are in in the insolvency proceedings and compulsory
doubtful and disputed.
settlements.
Doubtful and disputed receivables include:
31.12.2014
outstanding claims arising before year 2014,
•
disputed claims and
Value adjustment of short-term operating receivables
•
receivables of business partners in the insolvency proceedings and compulsory
Balance 1.1.
578,584
450,529
settlements.
Collected receivables written off
-21,600
-9,159
Final write-off of receivables
Table 40:
Short-term
operating
receivables
31.12.2014
Short-term receivables from sales:
- from group companies
- on domestic market
Value adjustment
31.12.2013
- from other buyers
Value adjustment
Advances
- from state and other institutions
-105,763
-52,829
Formation of value adjustments in the year
176,776
190,043
Balance 31.12.
627,997
578,584
69,489
56,587
7,211,977
7,957,707
Doubtful and disputed claims were impaired by the company according to the individual
-565,061
-522,528
claim and business partner. In year 2014 it thus formed by 2 % of value adjustments
6,716,405
7,491,766
according to the balance of receivables. From the value adjustment of short-term operating receivables balance in year 2014 there were by 4% of recovered and 19% of defini-
8
0
78,792
83,838
-61,119
-55,999
17,681
27,839
13,640
2,482
800
28,408
417,432
404,736
Other operating receivables:
in EUR
in EUR
Interest receivables:
- from employees
220,601
- from others
78,612
44,670
Value adjustment
-1,817
-57
495,027
698,358
7,242,753
8,220,445
Total
31.12.2013
•
tely written off. Receivables are not insured, but most of them are of such a nature that in
the event of default, after repeated reminders, we sanction them through the termination
of access to the distribution network.
In operating receivables from state and other institutions the largest portion of claims
represent claims for the refund of overpaid tax prepayments of corporate income tax in
the amount of 212,069 EUR and claims for the recovery of non-deductible VAT in the
amount of 175,223 EUR.
Operating receivables from others are mainly receivables from the company SODO for
overpayment of network charge, claims on behalf of SODO for the connection power
network charge and for services GJS SODO and other receivables.
Table 42:
Value adjustment
of short-term
operating
receivables
C
87
C
88
2.8. Monetary assets
Table 43:
Monetary assets
31.12.2013
in EUR
95,222
Short-term deposit
Total
31.12.2013
Share capital
78,562,832
78,562,832
Capital reserves
46,208,187
46,208,187
in EUR
31.12.2014
Cash in banks
31.12.2014
95,222
404,969
Statutory reserves
Other profit reserves
651,328
651,328
10,663,371
8,419,778
Revaluation surplus
-41,298
4,630,000
Net profit brought forward
5,034,969
Net profit for the financial year
Total
1,481,000
2,088,679
137,525,420
136,113,514
Monetary assets include cash in bank accounts.
Share capital of Elektro Primorska d. d. Company is divided in 18,826,797 ordinary reg-
2.9. Short-term accruals and prepaid expenditure
istered unit shares. Each share has an equal share and associated amount in the share
capital. Ordinary shares are shares that give their holders:
Table 44:
Short-term accruals
and prepaid
expenditure
31.12.2014
31.12.2013
•
right to participate in company management,
in EUR
•
right to profit (dividends),
•
right to an adequate share of the assets after the liquidation or bankruptcy of the
VAT from received advances
2,501
1,287
Short-term deferred costs
2,697
8,451
283,287
708,450
944
1,263
289,429
719,451
Short-term accrued revenues
Vouchers
Total
company.
All shares are of one class.
Capital reserves of the company originate from general equity revaluation adjustment,
which was during the transition to SRS 2006 transformed into capital reserves.
In short-term accruals and prepaid expenditure the company recognizes VAT from received advances and overpayments, and deferred costs from invoices received in year 2014
for expenses referring to the business year 2015.
Short-term accrued revenues refer to the preliminary account of SODO Company for rent
and services for year 2014 in the amount of 258,473 EUR, which was made in March
2015. In the same month the invoice was issued to SODO Company, and the revenues
were included in year 2014. Remaining amount of 24,814 EUR includes accrued revenues
from settlement of services to the subsidiary E 3, d. o. o., which were invoiced in year
2015, but accrued in year 2014.
Revaluation surplus refers to revaluation of financial investments to their fair value.
All elements of capital outside share capital belong to the owners of the share capital in
proportion to their equity share capital.
Result for the year 2014 is positive and amounts to 2,813,603 EUR. In accordance with
the powers laid down in the Companies Act-1 the management board allocated 47% of
net profit to other profit reserves in the amount of 1,332,603 EUR. Residue net profit for
2014 represents the distributable profit totaling to 1,481,000 EUR.
Following the decision of the general meeting as at July 4 2014 the company allocated
1,317,876 EUR of distributable profit in year 2013 to dividends of shareholders, while the
remaining amount of 910,991 to other profit reserves.
2.10. Capital
Capital of the company consists of:
42,522
140,188
Book value of the company's share as at December 31 2014 amounted to 7.3 EUR.
Based on SRS 8.30 the company must disclose the profit calculated on the basis of the
revaluation for maintaining the purchasing power of capital on the basis of consumer
•
share capital,
price index. In year 2014 it amounted to 0.2 %, therefore, in the case of revaluation of
•
capital reserves,
equity net profit of the company would amount to 2,541,376 EUR.
•
statutory reserves,
•
other profit reserves,
•
revaluation surplus,
•
net profit brought forward and
•
net profit for the financial year.
Statement of changes in equity shows changes in equity for the years 2013 and 2014.
Table 45:
Capital
C
89
C
90
In year 2014 the company formed long-term accruals and deferred income for free acquisiti-
2.11. Provisions and long-term accruals and
deferred income
ons of energy facilities of legal and natural persons.
Amount recognized as a provision is the best estimate of the expenditure required to set-
structions in the amount of 266,229 EUR represents the amount of annual depreciation, whi-
tle the existing long-term commitments on the balance sheet date. Value of the provision
ch is calculated from individual freely acquired or co-financed in share fixed asset.
Drawing of long-term accruals of fixed assets acquired free and co-financing of facility con-
must be equal to the present value of the expenditures expected to be required to settle
the obligation.
Average costs of connection are drawn for the actual charged depreciation for each individual energy facility. Depreciation of these facilities amounted to 110,299 EUR.
Company formed the long-term provisions for long service bonuses and for severance
pays at retirement as at December 31 2014 in accordance with SAS 10. Assumptions
In 2014 the company received state support for the earthquake reconstruction of the facility
based on which the actuary calculation was made, include data that companies submit-
in Bovec in the amount of 30,491 EUR and support from the European Union to the project
ted to the actuary, namely the data for five past years on employees and their changes,
SUNSEED. These two projects have not yet been completed in year 2014.
data on the salary growth, severance pays, long service bonus and provisions in the
collective agreement referring to the long-term benefits of the employees.
2.12. Long-term liabilities
Actuarial calculation takes into account uniform discount rate by reference to market
Long-term financial liabilities are long-term borrowings for investment.
interest rates on high-yield corporate bonds. Interest rate curve of the euro area is used
(from 0.12 % to 2.4 %).
Their book value is equal to their initial value, reduced by transfers to short-term liabilities.
Interests on long-term liabilities are recorded as financial expenses or increase the cost of
Long-term provisions are decreased directly by costs for which settlement they were
fixed assets in preparation to its working condition.
formed, and are formed by the differences according to the actuarial report on calculation
as at December 31 of the current year and balance in the accounting records.
2.11.1. Provisions
31.12.2014
Table 46:
Provisions
31.12.2014
31.12.2013
PROVISIONS
in EUR
Balance 1.1.
Formation
Drawing
Balance 31.12.
3,216,790
3,095,830
282,645
347,477
-214,706
-226,517
3,284,729
3,216,790
Long-term liabilities
in EUR
BKS Bank AG
8,400,000
SKB d.d.
9,669,328
14,513,331
Banka Sparkasse d.d.
7,500,000
1,270,966
Banka Celje d.d.
1,211,315
3,028,320
Nova Ljubljanska banka d.d.
1,333,333
9,633,333
Total
28,113,976
28,445,950
Short-term part of long-term liabilities
-7,803,317
-7,927,973
Total
20,310,659
20,517,977
Total long-term liabilities
20,310,659
20,517,977
2.11.2.Long-term accruals and deferred income
Long-term financial liabilities are secured by bills and represent borrowings that fall due after
Table 47:
Long-term accruals
and deferred
income
Assets acquired free
Average
connection
costs
Co-financing
of facilities
construction
Received
supports
Other
Total
2015. For all loans the Ministry of Finance issues consent to the borrowing of the company,
after the most favorable bidder was previously approved or selected.
in EUR
Balance 1.1.
7,163,250
Formation
151,874
Decrease due to write-off
-63,527
Drawing in revenues
Balance 31.12.
2,545,157
189,740
0
0
9,898,147
157,846
30,805
340,525
-63,527
-257,023
-110,299
-9,206
6,994,574
2,434,858
180,534
-376,528
157,846
30,805
9,798,617
31.12.2013
All loans are due and payable no later than April 2020. Long-term loan taken out in 2014 in the
Sparkasse Bank in the amount of 7,500,000 EUR, is payable in a period longer than 5 years
(contractually agreed installments falling due in the period of 5 years amount to 500,000 EUR).
Interest rates have a one-month, three-month or six-month EURIBOR and the bank's premium
range from 1.5 % to 3.2 %. Interest on borrowings is calculated and paid monthly.
Table 48:
C
91
C
92
2.13. Short-term liabilities
2.14. Short-term accrued costs and deferred
revenues
Short-term liabilities are disclosed separately for short-term financial liabilities and short-term operating liabilities.
31.12.2014
Table 49:
SHORT-TERM FINANCIAL LIABILITIES
Short-term part of long-term loans
7,803,317
7,803,317
Liabilities for payment of dividends
Total short-term financial liabilities
31.12.2014
in EUR
SKB d.d.
Total short-term fin. liabilities to banks
31.12.2013
in EUR
7,927,973
VAT from advances given
3,000,000
Short-term deferred revenues
10,927,973
1,057
345
378
97,471
196,750
Accrued expenses
533,455
441,667
Total
631,271
638,795
7,803,317
10,929,030
23,336
24,963
5,773,680
7,575,569
43,735
24,754
5,840,751
7,625,286
15,051
62,257
Liabilities to state and other institutions
1,190,055
1,560,478
112,712
756,667
Other liabilities
104,865
1,926
settlement for 2014. Advance payment of bonus has already been calculated and paid,
Total other short-term operating liabilities
1,422,683
2,381,328
while the difference to the final amount was included in the costs of year 2014, because
Total short-term operating liabilities
7,263,434
10,006,614
the company is obliged to pay it based on the agreement between the company mana-
15,066,751
20,935,644
SHORT-TERM OPERATING LIABILITIES
Liabilities to group companies
Liabilities to suppliers
Liabilities for advances
Total short-term operating liabilities to suppliers
Liabilities to employees
TOTAL SHORT-TERM LIABILITIES
Short-term accrued costs and deferred revenues disclose VAT from advances given.
Short-term deferred revenues are formed for the surplus of funds received for the years
2010 and 2011 on the basis of settlement for the regulatory year under the contract
between the two companies SODO and Elektro Primorska in the amount of 97,471 EUR.
Accrued expenses include accrued bonus at the end of the year on the basis of the
collective agreement in the amount of 268,326 EUR. Final profit of the company was
recognized only in the middle of March 2015, when company SODO sent a preliminary
gement and the trade union.
Among accrued expenses there are also recognized costs of purchasing the losses in the
amount of 247,754 EUR for 2014, for which the company will receive the final calculation
Short-term liabilities to banks include installments of long-term loans falling due in 2015.
Operating liabilities decreased compared to the previous year by 2,743,180 EUR. Liabilities to suppliers reduced by 1,784,535 EUR, while to employees by 370,423 EUR.
Short-term liabilities to employees include liabilities for the December payroll.
Liabilities to the state consist of liabilities for the value added tax and liabilities to the state
and other institutions from payroll.
31.12.2013
in 2015.
Table 50:
Short-term accrued
costs and deferred
revenues
C
93
C
94
3. Notes to the Profit and Loss Account
3.
Notes to the Profit and
Loss Account
No. 81/2012 as at October 29 2012), which was determined by the Energy Agency and
based on a decision issued under this Act. On December 16 2013 the Council of Energy
Agency adopted the Act amending the above mentioned Act, which in certain items is
retroactive.
Based on the new contract with SODO revenues of the current year include also final
settlement of regulatory year 2013 and preliminary account of year 2014.
Company comprises the statement of profit and loss, as defined under SAS 25, according to version I.
Revenues from capitalized own products and services result from the manufacturing documentation, construction, electrical installation and other works for the self-managed
Revenue is recognized if increases in economic benefits during the accounting period are
construction of facilities.
associated with increases in assets or decreases in liabilities, and those increases can be
measured reliably. Revenues and increases of assets or decreases in liabilities shall thus
Other operating revenue associated with business effects cover the disbursement of
be recognized simultaneously.
accruals, revaluation operating revenue arising from the disposal of tangible fixed assets
and the repayment of impaired assets, subsidies received, and compensation received
Company achieved revenues:
from insurance.
•
from electricity for losses,
•
from rent,
Financial revenues and expenses are made out or received accounts of interest and
•
sale of services,
dividend income.
•
capitalized own products and services,
•
other operating revenues,
•
financial revenues and
•
other revenues.
3.1. Operating revenues
Use of electricity network is charged to business customers through a special account
based on the amount of transmitted energy and capacity charges. Company charges for
the use of the energy network and DVE and SPTE contributions to its customers in the
2014
Revenues from sale of
in EUR
4,310,110
4,974,377
15,678,046
18,149,462
310,688
409,791
- SODO services
16,014,023
15,216,339
- other services
2,086,143
2,059,188
-7,984
-1,809
38,391,026
40,807,348
6,098,307
6,300,696
- drawing of accruals
376,528
1,194,399
In its revenues the Company discloses sale of electricity from losses in the electricity
- sale of fixed assets
9,491
95,588
network, rent of infrastructure and services for SODO in accordance with the contract
- collected written-off receivables
21,600
9,159
216,106
10,125
- received compensations
3,281,068
315,807
- other operating revenues
20,357
22,874
3,925,150
1,647,952
48,414,483
48,755,996
name and on behalf of SODO, d. o. o., in the framework of the services they perform for
this company.
- electricity
2013
- infrastructure rent
- other rent
Revenues from the sale of services include electrical installation services and maintenance of equipment owned by clients. Their volume depends on customer orders. Revenues
in 2014 were evaluated in accordance with the price list of services of complementary
activity, which changed in October 2013. Company also provides services for network
- settlement for past regulatory periods
users, which include connections and disconnections to the network, replacement of fu-
Total
ses and additional readings on demand, but from January 1 2013 are no longer included
Capitalized own products and services
in revenue of the company, but the company performs them on behalf of the company
SODO and transfers the charged funds monthly.
and the annexes to the contract. Amount of funds for losses, rent and services is based
on the regulatory framework for 2014, defined by the Act determining the methodology
for charging for the network charge, the methodology for setting the network charge, and
the criteria for establishing eligible costs for electricity networks (Official Gazette of RS
Otheroperating revenues from:
- received grants
Total
Total operating revenues
Table 51:
Operating revenues
C
95
C
96
Other operating revenues from the extraction of accruals consist of revenue from the
Production
costs
use of provisions for depreciation of fixed assets acquired free of charge in the amount
Sale costs
General activity costs
of 257,023 EUR, use of provisions for the average costs of connection in the amount
of 110,299 EUR, and other use of provisions for the co-financing of the construction of
Total
in EUR
Cost of goods
4,304,680
Cost of material
4,818,170
745,962
443,302
6,007,434
Revenues from sale of fixed assets represent surplus of sales over the carrying value of
Cost of services
5,738,820
127,004
761,462
6,627,286
fixed assets sold.
Labor costs
12,438,973
324,104
2,776,089
15,539,166
Depreciation
10,487,249
258,235
10,745,484
energy facilities.
Collected written off receivables include an amount of receivables for which a value adjustment was formed to the charge of expenses, and which were paid in 2014.
Table 52:
Analysis of costs by
functional groups
Other operating costs
Total
4,304,680
147,533
333
28,616
176,482
37,935,425
1,197,403
4,267,704
43,400,532
2014
2013
Received grants include received state support for partial reimbursement of the costs of
using aggregates at ice damage and employment of persons with disabilities over the
required quota.
Compensations received were recognized by the insurance companies for damage to
power plants and cars. In 2014, they were higher than the previous year due to the clearing of claims during ice damage.
Costs of material, goods and services
Revenues from sales decreased by 2,416,322 EUR in comparison with the previous
in EUR
Cost of electricity sales
4,304,680
4,934,540
rents are lower by 2,570,519 EUR, while revenues from services for SODO are higher by
Cost of material
6,007,434
4,037,127
797,684 EUR. Revenues from other services are higher by 26,955 EUR, while settlement
Cost of services
6,627,286
7,430,030
for previous regulatory period is slightly lower than in the previous year.
Total
16,939,400
16,401,697
year, of which revenue from electricity sold decreased by 664,267 EUR, revenues from
All revenues in 2014 were achieved with sales in the domestic market.
3.2. Operating expenses
Cost of goods sold covers exclusively costs of electricity purchase for losses in the amo-
Expenses are recognized if decreases in economic benefits during the accounting period
unt of 4,282,812 EUR, for supplies in the amount of 1,527 EUR and settlement of costs
are associated with decreases in assets or increases in liabilities and such decreases can
for year 2013 in the amount of 20,341 EUR. Costs of electricity purchase for losses are
be measured reliably. Expenses are recognized simultaneously with the recognition of
increased by the estimated value of energy undercharged by the supplier Holding Slo-
the decrease in assets or increase in debts.
venske elektrarne, for which the company will receive a debit note in the first half of 2015.
Cost of materials represent spare parts and materials for maintenance and the elimination
Operating expenses include all expenses incurred in the financial year, recorded by natu-
of damage, the cost of materials for the installation of services to their own needs and
re, such as costs of materials and services, labor costs, write-downs and other operating
market (4,398,990 EUR), cost of fuel consumed (1,146,582 EUR), electricity (138,540
expenses, on the basis of documents that prove that they are linked with the economic
EUR), office supplies (50,819 EUR), small tools (245,392 EUR), and the rest the costs of
benefits.
auxiliary materials.
Operating expenses from revaluation arise upon the impairment or disposal of tangible
Costs of services include costs of maintenance of fixed assets (2,223,781 EUR), cost of
fixed assets and intangible assets and in relation to current assets due to their impa-
health care, counseling, law and education services, as well as cost of computer pro-
irment.
grams and studies (804,545 EUR), insurance premiums and costs of banking services
(921,101 EUR), cost of computer processing (736,315 EUR), costs of telephone and pos-
Analysis of costs by functional group does not include revaluation expenses in the amo-
tal services (456,401 EUR) and other costs related to the ordinary operations (1,485,143)
unt of 897,019 EUR, which are shown in the income statement as write-offs.
EUR.
Table 53:
Costs by nature
C
97
C
98
Gross remuneration of members of the board, paid in the year 2014:
Costs of services include also payments to six members of the supervisory board, which
Fixed salary
Reimbursement of
Bruto prejemki članov uprave, izplačani vexpenses
letu 2014:
in year 2014 amounted to 95,155 EUR. This amount includes a net payment, income tax
and contribution. The Company did not grant any loans or issued guarantees for their
Bonus –
insurance
premium
Other revenue and other
bonuses
liabilities to the members of the supervisory board.
Total
Table 56:
Remuneration of
the management
board members
in EUR
Uroš Blažica
85,250
1,607
24
1,284
88,165
Payments to members of the supervisory board in year 2014:
Table 54:
Remuneration of
supervisory board
members
Supervisory board member
Gross revenue for the
accounting
year
Of which:
Bonus for
performing the
function in SB
Attendance
fee SB
Reimbursement of travel
expenses
Bonus for
performing
the function
in AC
Chairman of the Management Board and employees on individual contracts were not
Attendance
fee Audit
Committee
approved any loans or issued guarantees for their liabilities by the company.
in EUR
Uroš Saksida
18,272
15,537
2,640
Valter Vodopivec
14,034
11,394
2,640
Matjaž Bajec
13,306
10,358
2,640
308
Dejan Kocjančič
18,946
10,358
2,640
1,007
3,885
1,056
Massimo Makovec
17,599
10,358
2,640
955
2,590
1,056
Jernej Kenda
12,998
10,358
2,640
Total
95,155
68,363
15,840
2,365
6,475
2,112
Write-offs
95
Company uses the linear depreciation method. During the overall useful life of each asset
it consistently allocates its depreciable amount among the individual accounting periods
as depreciation at that time. All assets that are subject to depreciation are classified into
depreciation groups. Each group has a technical depreciable fixed period of life, from
which the depreciation rate is calculated. Fixed assets are depreciated individually.
Table below provides an overview of depreciation rates in percentages used for the calculation of depreciation in 2014.
Other two members of the audit committee were paid a total of 12,800 EUR in year 2014.
Costs of the audit, advisory and other financial services in the amount of 76,718 EUR
include by 8,850 EUR of costs for the service of auditing the annual report.
Intangible assets (excluding software)
Computer and software equipment
Table 55:
Labor costs
2014
Labor costs
2013
in EUR
Wage cost
Costs of supplementary pension insurance
11,391,828
10,892,670
566,045
575,110
33,3
0,00 - 5,00
Transformers
2,86 - 3,33
2,86 - 3,33
Electronic meters
4,17 - 6,67
4,17 - 6,67
8,33
8,33
Transport vehicles
Cars
1,856,986
1,790,765
1,724,307
1,881,337
Works of art
15,539,166
15,139,882
Other labor costs include reimbursement to employees, accident insurance, social
assistance, and the costs of long-term provisions for severance pay and long-service
Write-offs
bonuses to employees in the amount of 118,159 EUR. Costs of annual leave bonus in
Depreciation of intangible assets
2014 amounted to 375,833 EUR.
Depreciation of facilities
Depreciation of equipment
ement, the salary was received by seven employees, who in 2014 received a total of
478,676 EUR (management not included).
3,33 - 20,00
33,3
Other labor costs
ding to the agreements, which are not subject to the tariff part of the collective agre-
3,33 - 20,00
0,00 - 5,00
Cost of contributions and other duties from salaries
According to the collective agreement in 2014 482 employees received a salary. Accor-
2013
Properties (land and buildings)
Other tangible fixed assets
Total
2014
12,5
12,5
2,50 - 20,00
2,50 - 20,00
0,00
0,00
2014
2013
in EUR
349,994
291,301
5,698,021
5,730,588
4,697,469
4,987,808
10,745,484
11,009,697
- intangible and tangible assets
694,009
163,021
- current assets
203,010
225,114
Total depreciation
Revaluation expenses for:
Total revaluation expenses
Total write-offs
897,019
388,135
11,642,503
11,397,832
Table 57:
Depreciation rates
Table 58:
Write-offs
C
99
C
100
3.4. Financial expenses
Depreciation for the year 2014 was used to repay investment loans in the amount of
7,831,973 EUR, the remainder of the depreciation has been a source of investment financing.
2014
2013
Table 61:
Financial expenses
in EUR
In year 2014 the company has by 694,009 EUR of expenses from revaluation of intangible
Financial expenses from liabilities to banks
and tangible fixed assets as a result of inventory write-off of unserviceable assets, sales
Expenses from other financial liabilities
at the lower market price than the carrying value of the asset, but in particular from the
Expenses for operating liabilities
write-off as a result of the destruction of buildings and equipment caused ice damage.
803,109
5,058
51,400
877,941
797,612
Expenses from impairment of financial investments
Total
743,413
69,774
2,799
Operating expenses from revaluation of current assets in the amount of 186,314 EUR relate to the formed value adjustments of receivables for the use of networks and services,
Financial expenses from liabilities to banks are higher than in the previous year and re-
and receivables for accrued interest, while in the amount of 16,696 EUR they relate to the
present the bank charged interest on short-term and long-term loans. Part of the interest
impairment in value of material stocks.
of long-term loans increase the cost of investments and are not recorded in financial
expenses.
Table 59:
Other operating
expenses
2014
Other operating expenses
Expenses from other financial liabilities constitute interest from actuarial calculations.
2013
in EUR
Provisions for claims
22,821
Total provisions
22,821
Duties, independent of profit or loss
47,409
88,176
Other revenues and expenses are difficult to announce as they are not expected to occur
Environmental protection expenditure
98,123
98,829
regularly. Company thus discloses extraordinary revenues.
Scholarships
3.5. Other revenue
2,734
Rewards to learners on practice
8,129
Other
3,970
2014
11,091
Total other expenses
153,661
204,800
Total other operating expenses
176,482
204,800
2013
Table 62:
Other revenue
in EUR
Other revenue
3,465
3,346
Total
3,465
3,346
Among the duties, independent of profit or loss, the majority refers of the different types
Other revenues and expenses arise from events or transactions that do not occur regu-
of fees. Environmental protection expenditure includes compensation for the use of bu-
larly and frequently.
ilding land.
3.3. Financial revenue
3.6. Other expenses
Financial revenues arise in connection with financial investments and receivables in the
form of accrued interest. They are recognized when there is no doubt about their size
2014
and collectability.
2013
in EUR
Financial sanctions
Table 60:
Financial revenue
2014
Compensations
19,973
8,206
in EUR
Other expenses
58,654
57,576
51,857
Total
78,657
65,782
Financial revenues from shares
17,299
Financial revenues from given loans
12,655
Financial revenues from operating receivables
44,861
68,759
Total
74,815
120,616
Revenues from shares are paid dividends from financial investments of Bank Koper, d.
d., and Zavarovalnica Triglav, d. d.
Interest is charged to customers using the network and services, namely from late
payments and the balance of open receivables overdue as at December 31 2014.
30
2013
Compensations are charged for damage, which were caused during the construction or
maintenance, mainly to natural persons, on their land.
Other expenses are disclosed financial aid and donations in the amount of 22,256 EUR,
offset by hundredths and other expenses not indispensable for business.
Table 63:
Other expenses
C
101
C
102
4. Notes to the Cash Flow Statement
4.
Notes to the Cash Flow
Statement
3.7. Corporate income tax
Company charged the income tax in the amount of 425,011 EUR.
The Company does not recognize and does not eliminate receivables and deferred tax
liabilities if the amounts of receivables and deferred tax liabilities are irrelevant for the
company both individually and jointly. Amount of claims is essential if it exceeds 1% of
the value of total assets, the amount of liabilities if it exceeds 1% of liabilities.
Cash flow statement has been prepared using the direct method, version I. Data for the
statement of cash flows derived from records of cash receipts and payments from the
accounts of the company.
3.8. Net profit or loss
4.1. Receipts from operating activities
Receipts from operating activities consist of inflows to the accounts. These are the rece-
Table 64:
Net profit or loss
2014
2013
ipts from sales of products and services and other income from operations, like costs of
in EUR
network use, which company receives on the account of SODO, d. o. o., compensations,
Operating result
4,116,932
5,611,785
Financial result
-803,126
-676,996
-75,192
-62,436
3,238,614
4,872,353
-425,011
-694,996
2,813,603
4,177,357
Profit or loss from extraordinary
Profit before tax
The tax on income of legal persons
Net profit or loss
co-financing receipts and network charge for power consumption.
4.2. Expenditure for operating activities
Operating expenditure are outflows from accounts consisting of operating expenses paid
in the year such as materials, services, salaries, benefits and other outflows.
4.3. Receipts from investing activities
For business year 2014, the company income statement showed a net profit of 2,813,603
EUR. Profit before tax is by 1% lower than planned.
While compiling the annual accounts the management board of already allocated
1,332,603 EUR to other reserves from profit; the difference in the amount of 1,481,000
EUR remained unallocated.
Receipts from investing are inflows arising from interest paid and shares in profits, as well
as revenues from disposal of fixed assets.
4.4. Expenditure for investing activities
Expenditures for investing are measured by outflows of invoices paid for the acquisition
of tangible and intangible assets and financial investments.
3.9. Total comprehensive income for the period
4.5. Receipts from financing activities
Company has the positive surplus from revaluation of financial assets available for sale in
Receipts from the financing activities are amounts remitted to the long-term and shor-
the amount of 10,893 EUR, and the negative value of other components of comprehensi-
t-term loans.
ve income of actuarial earnings in the amount of 94,713 EUR.
Total comprehensive income for the period is thus 2,729,783 EUR.
4.6. Expenditure for financing activities
Payments for interest, dividends and repayment of loans are expenditures for financing
activities.
C
103
C
104
5. Disclosure of Events With Related Parties
6. Contingent Liabilities of the Company
4.7. Cash flow for the period
In year 2014 Elektro Primorska d. d. recorded in the income statement the following revenues and expenses to related companies:
Difference between the initial cash balance and closing balance is a negative cash flow
for year 2014 in the amount of 4,939,747 EUR.
2014
Company established net cash from operating activities. Net cash used in investing acti-
Revenues:
vities is a result of high investments, while net cash used in financing activities a result of
the repayment of bank loans.
Table 66:
Revenues and
expenses
in EUR
Net sales E3, d.o.o.
470,071
393,860
Net sales Stelkom, d.o.o.
107,016
113,769
Net sales Knešca d.o.o.
Total
5.
Disclosure of Events With Related
Parties
2013
362
577,449
507,629
2014
2013
Expenses:
in EUR
Costs for the purchase of materials and services E3, d.o.o.
151,339
185,118
Cost of services Informatika d.d.
991,528
939,792
1,142,867
1,124,910
Total
Management estimates that in the relationship with the parent company no transactions
were concluded, which would mean advantage or disadvantages arising from business
for any company.
As a related party company recorded assets and liabilities of the following companies:
•
E 3, d. o. o., Nova Gorica, which is 100 % owned,
•
Informatika, d. d., Maribor (11.9 % share in the capital),
•
Stelkom, d. o. o., Ljubljana (9.9 % share),
•
JOD, d. o. o., which is 100 % owned by the subsidiary E 3, d. o. o.,
•
ECO ATMINVEST, d. o. o., which is also 100 % owned by the subsidiary E 3, d. o. o.,
•
Knešca, d. o. o., from Most na Soči, which is associate company of the subsidiary
6.
Contingent Liabilities of the Company
JOD, d. o. o., and therefore indirectly related also to the parent company Elektro
Primorska d. d.
According to the assessment of legal experts disputes are not such as to have a significant impact on the economic outturn. Company assesses that provisions formed for
Elektro Primorska d. d. Company has as at 31. 12. 2014 in the balance sheet the following
these purposes are high enough and would cover contingent liabilities of the company.
receivables and payables to related companies:
Company keeps contingent liabilities in the off-balance sheet for a guarantee for a loan of
Table 65:
Receivables and
payables
31.12.2014
Receivables:
69,929
84,995
Receivables from company Stelkom, d.o.o.
32,441
33,730
368
2,198
Receivables from company Informatika d.d.
Total
1,915
104,653
120,923
31.12.2014
31.12.2013
Liabilities:
Liabilities from company E3, d.o.o.
Maribor, and issued bank guarantees for tender and for elimination of defects during
in EUR
Receivables from company E3, d.o.o.
Receivables from company ECO ATMINVEST d.o.o.
the subsidiary E 3, d. o. o., for the liens upon immovable property to Nova Kreditna Bank
31.12.2013
in EUR
38,387
87,220
Liabilities from Informatike, d.d.
135,485
90,778
Total
173,872
177,998
warranty period (in providing services to external customers).
31.12.2014
31.12.2013
in EUR
Liabilities for guarantee
Liabilities from pledged property
Bank guarantees
Total
272,727
1,500,000
4,671,176
4,671,176
464,613
24,215
5,408,516
6,195,391
Table 67:
Contingent liabilities
of the company
C
105
C
106
7. Events After the Balance Sheet Date
8. Notes to the Financial Statements According to Energy Act and the Companies Act
7.
Events After the Balance
Sheet Date
Amount of the share capital and capital reserves have been identified in the balance
sheet as at 31. 12. 2001 and remain unchanged. Other components of equity, reserves
and profit are changed.
In the balance sheet as at 31. 12. 2014 after the allocation of results and an unchanged
equity, receivables and liabilities are disclosed among activities that offset the sub-
After the end of the reporting period and before the conclusion of the financial statements
balance activities and are »consolidated« in the balance sheet for the company.
there were no events that could influence the financial statements for year 2014.
8.2. Notes to the profit and loss account
In the profit and loss account revenues and expenditure of the individual activity are
8.
Notes to the Financial Statements
According to Energy Act and the
Companies Act
disclosed. These are direct revenues and expenses of each activity and revenues and
expenses of general activities distributed on the basis of agreed criteria displayed.
8.3.Criteria for allocating revenues and
expenses, assets and liabilities of joint
activities to individual activities
In accordance with Article 38 of the Energy Act, a company must prepare accounts
specifically for the energy market activities and especially for the other activities of the
company. Individual activities are business segments that the company must, in accor-
Key 1
share of labor costs
Key 2
share of current value of intangible assets and
tangible fixed assets
Key 3
share of revenues
Key 4
share of material consumption
Key 5
share of the cost of materials and services
dance with the general disclosure under the Companies Act, specifically disclose in the
no. employees from working hours in activity ×100
no. of all employees from working hours
annual report.
At the end of the year Elektro Primorska d. d. composes financial statements for the
current value of fixed assets in activity ×100
current value of all fixed assets
company as a whole. As an annex to the notes to the financial statements it attaches
the statements in accordance with Article 38 of the Energy Act. In this respect the company must distinguish the activity of electricity supply from other activities.
Following are the criteria for:
•
calculating indirect costs for the allocation to individual activities and
•
criteria according to which assets, liabilities, revenues and expenses are allocated
to individual activities.
8.1. Notes to the balance sheet
Balance sheets show assets and liabilities referring to the balance as at 31. 12. 2014.
Physical division of assets in a particular activity was carried out in 2001. It was done
by the company appointed group of experts from technical field in cooperation with the
financial sector.
Division of assets and liabilities of joint activities is carried out and distributed to the
individual activities according to agreed criteria on the balance sheet date. Method of
calculation of criteria is described in the report below.
revenues in activity×100
all revenues
consumption of material from the warehouse for activity
entire consumption of material from the warehouse
consumption of material and services in activity ×100
entire consumption of material and services
C
107
C
108
8.4. Sub-balance sheet according to the
Energy Act as at 31. 12. 2014
Liabilities
ED infrastructure and
services for
SODO
Market
activities
Total
Capital:
Table 68:
Sub-balance sheet
according to the
Energy Act (assets))
Assets
ED
infrastructure
and services
for SODO
Market
activities
Total
A. Long-term assets:
in EUR
I. Intangible assest
1,913,813
251
1,914,064
1. Long-term rights
1,852,210
198
1,852,408
19,414
19,414
1,692
1,692
40,497
53
40,550
167,655,521
1,395,001
169,050,522
5,116,950
688,351
5,805,301
113,945,180
650,078
114,595,258
45,779,371
52,119
45,831,490
2,814,020
4,453
2,818,473
III. Long-term financial investments 7,012,545
1,543
7,014,088
6,520,582
1,435
6,522,017
491,963
108
492,071
20,318
4
20,322
20,318
4
20,322
176,602,197
1,396,799
177,998,996
1. Land
2. Buildings
3. Equipment
I. Stocks 965,604
236
965,840
1. Material
965,604
236
965,840
II. Short-term financial investments 25,202
5
25,207
25,202
5
25,207
6,746,774
495,979
7,242,753
1,133
69,164
70,297
6,273,514
404,715
6,678,229
472,127
22,100
494,227
91,089
4,133
95,222
7,828,669
500,353
8,329,022
288,240
1,189
289,429
711,571
711,571
2,609,912
187,329,018
1. Short-term operating claims on group companies
2. Operating accounts receivable
3. Operating claims on others
IV. Monetary assets Total short-term assets
Č. Claims on other activites
TOTAL ASSETS
184,719,106
in EUR
I. Called-up capital
78,185,730
377,102
78,562,832
1. Share capital
78,185,730
377,102
78,562,832
45,787,692
420,495
46,208,187
9,833,957
1,480,742
11,314,699
741,732
-90,404
651,328
9,092,225
1,571,146
10,663,371
-41,289
-9
-41,298
1,317,879
163,121
1,481,000
135,083,969
2,441,451
137,525,420
13,061,478
21,868
13,083,346
1. Provisions
3,284,007
722
3,284,729
9,777,471
21,146
9,798,617
V. Net profit or loss of the business year
Total capital
C. Long-term liabilities 20,310,659
20,310,659
I. Long-term financial liabilities 20,310,659
20,310,659
20,310,659
20,310,659
Č. Short-term liabilities 14,922,703
144,048
15,066,751
I. Short-term financial liabilities 7,803,318
7,803,318
7,803,318
7,803,318
II. Short-term operating liabilities
7,119,385
144,048
7,263,433
36,299
2,088
38,387
5,675,674
141,740
5,817,414
1,407,412
220
1,407,632
48,294,840
165,916
48,460,756
628,726
2,545
631,271
E. Liabilities to other activities 711,571
1. Short-term operating liabilities to group companies
Total liabilities
TOTAL LIABILITIES
184,719,106
711,571
2,609,912
187,329,018
Table 69:
Sub-balance
sheet according
to the Energy Act
(liabilities)
C
109
C
110
C
111
Pojasnila k računovodskim izkazom po ZGD in SRS | 8. Pojasnila k računovodskim izkazom po energetskem
zakonu in zakona o gospodarskih družbah
8.5. Profit or loss account according to the
energy act for year 2014
Table 70:
Profit or loss
account according
to the Energy Act
Assets
ED infrastructure and
services for
SODO
Market
activities
Total
in EUR
36,303,540
2,087,486
38,391,026
36,303,540
2,087,486
38,391,026
2. Capitalized own products and services 6,098,307
3. Other operating revenues
3,922,538
2,612
3,925,150
-15,881,686
-1,057,714
-16,939,400
a. costs of goods sold and material used
-9,540,776
-771,338
-10,312,114
b. costs of services
-6,340,910
-286,376
-6,627,286
-14,930,013
-609,153
-15,539,166
-10,950,523
-441,305
-11,391,828
-553,469
-12,576
-566,045
c. social security costs
-1,784,673
-72,313
-1,856,986
č. other labor costs
-1,641,348
-82,959
-1,724,307
-11,591,810
-50,693
-11,642,503
-10,708,262
-37,222
-10,745,484
b. operating expenses from revaluation in intang. and tang.
fixed assets
-680,545
-13,464
-694,009
c. operating expenses from revaluation in current assets
-203,003
-7
-203,010
-175,737
-745
-176,482
17,295
4
17,299
17,295
4
17,299
12,652
3
12,655
12,652
3
12,655
35,437
9,424
44,861
35,437
9,424
44,861
-866,647
-6,236
-872,883
4. Costs of goods, material, and services
5. Labor costs
a. costs of salaries
b. costs of additional pension insurance of employees
a. depreciation
7. Other operating expenses 8. Financial revenues from shares a. in other companies
9. Financial revenues from given loans a. given to others
10. Financial revenues from operating claims a. on others
a. from loans, received from banks
b. from other financial liabilities
6,098,307
-803,109
-803,109
-63,538
-6,236
-69,774
-4,609
-449
-5,058
-4,163
-405
-4,568
-446
-44
-490
13. Other revenues
3,464
1
3,465
14. Other expenses
-78,650
-7
-78,657
2,864,081
374,533
3,238,614
-360,376
-64,635
-425,011
2,503,705
309,898
2,813,603
12. Financial expenses from operating liabilities a. from liabilities to suppliers and bill of exchange liabilities
b. from other operating liabilities
15. Income tax 16. NET PROFIT OR LOSS OF THE ACCOUNTING
PERIOD
D
Business Report of
Elektro Primorska Group
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Business Report of Elektro Primorska Group | 1. Presentation of the Group
1.
Presentation of the Group
1.1. Composition of the group
Elektro Primorska group is composed of:
•
Elektro Primorska d. d. as the controlling company
•
E 3, d. o. o., as the controlled company in 100 % ownership of the parent company
•
JOD, d. o. o., in 100 % ownership of company E 3, d. o. o.
•
ECO ATMINVEST, d. o. o., in 100 % ownership of company E 3, d. o. o.
•
Knešca, d. o. o., from Most na Soči, in 47.27 % ownership of company JOD,
d. o. o., as the associate company.
Consolidation includes parent company Elektro Primorska d. d., controlled companies
E 3, d. o. o., JOD, d. o. o., and ECO ATMINVEST, d. o. o., which are fully consolidated
and associate company Knešca, d. o. o., which is consolidates under the equity method.
As at December 312014 the parent company Elektro Primorska d. d. had 137,525,420
EUR of capital among the liabilities. In year 2014 it operated positively and made
2,813,603 EUR of net profit.
Controlled company E 3, d. o. o., ended the 2014 business year with a net profit in the
amount of 1,319,963 EUR. As at 31. 12. 2014 the company disclosed 13,443,877 EUR
of capital.
Company JOD, d. o. o., ended the business year with a net profit in the amount of 72,283
EUR. As at 31. 12. 2014 the company disclosed capital in the amount of 1,115,783 EUR.
Company ECO ATMINVEST, d. o. o., ended the business year with a loss in the amount
of 154,684 EUR and as at 31. 12. 2014 it disclosed negative value of capital in the amount of 244,591 EUR.
Knešca, d. o. o., operated positively in year 2014 and made 336,702 EUR of net profit. As
at 31. 12. 2014 it disclosed capital in the amount of 1,199,621 EUR.
D
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1.2. Presentation of controlled company
E 3, d. o. o.
licenses for carrying out energy activities in the field of electricity production, production
Company E 3 energetika, ekologija, ekonomija, d. o. o., was established on November
At the end of year2014 there were 41 employees in the company, which are four employe-
15 2004. Founder and sole shareholder is Elektro Primorska d. d. Company. Basis for the
es more than in the previous year.
and distribution of heat, and supply, trade, representation and mediation in the electricity
market.
foundation of the company was the Energy act, which required legal spin-off of regulated
activities from market and production activities.
Basic indicators of economy and return are favorable. Company operated with a net
profit in the amount of 1,319,963 EUR.
Name:
E 3 energetika, ekologija, ekonomija, d. o. o.
Abbreviated name:
E 3, d. o. o.
Business address:
Nova Gorica, Erjavčeva 24
17851262
2010593
Bank accounts:
04750-0001095763 Nova KBM, d. d.
1.3. Presentation of associate company
Knešca, d. o. o.
In June 2006 E 3, d. o. o., Company repurchased 23.61 % share in Knešca, d. o. o.,
Company, while in July of the same year also shares of four (4) natural persons in the
02945-0259665734 NLB, d. d.
amount of 23.66 % (total share of the company is 47.27 %). In year 2012 the share was
Company is registered in the Companies Register at the District Court of Nova Gorica, No. 1/04504/00.
transferred as a contribution in kind to a subsidiary JOD, d. o. o.
Share capital of company:
6,522,016.72 EUR
In comparison with the other ten (9) individual owners Company JOD, d. o. o., has an
Owner:
Elektro Primorska d. d., 100 %
important 47.27 % share capital of Knešca, d. o. o. Company.
Company represented by:
Darko Pahor
Controlled company
Jod, d. o. o.
100 %
Eco Atminvest, d. o. o.
100 %
Associate company:
KNEŠCA, d. o. o.
Name:
KNEŠCA, d. o. o., Proizvodnja električne energije
Abbreviated name:
KNEŠCA, d. o. o.
JOD, d. o. o., Nova Gorica
47,27 %
Business address:
Kneža 78, Most na Soči
(9) fizičnih oseb
52,73 %
92002307
5617383
Bank account:
27000-0000204363
E 3, d. o. o., began with regular operations on January 1 2005. On December 3 2004 it
acquired a license for carrying out energy activities of production and trading of electri-
Company is registered in the Companies Register at the District Court of Nova Gorica, No.
RC-065-2005/224.
city.
Within the company E 3, d. o. o., is organized into three organizational units, namely:
•
Department of electricity purchase and sale
•
Department of production and services and
•
General Service department.
129,361 EUR
Owners:
JOD, d. o. o.
47,27 %
Natural persons
52,73 %
Director of the company:
Vincenc Hozjan
On May 1 2010 the company began to pursue an economic public service activity of the
distribution system operator of heat in Šempeter – Vrtojba municipality. In accordance
In year 2014 company operated positively and made 405,904 EUR of profit. It was char-
with the concession agreement the company took over the heating of a residential com-
ged with 69,202 EUR of corporate income tax, and net profit of the year amounted to
plex Podmark.
336,702 EUR. As at 31. 12. 2014 capital of the company amounted to 1,199,621 EUR.
On January 1 2011 the company was merged with the spine-off part of Elektro Primor-
In consolidated accounts it is presented as associate company and included in the con-
ska d. d. Company, which deals with the purchase and sale of electricity. Company has
solidation of the group according to the equity method in accordance with the SRS.
D
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1.4. Presentation of the controlling company
JOD, d. o. o.
1.5. Presentation of the controlling company
ECO ATMINVEST, d. o. o.
On August 4 2011 Company E 3, d. o. o., founded JOD, d. o. o. Company. Share capital
In September 2013 company E 3, d. o. o., bought 50 % share of the company, and in
was paid on July 15 2011.
December 2013 the remaining part.
Name:
JOD, družba za inženiring in izgradnjo energetskih
objektov, d. o. o.
Abbreviated name:
JOD, d. o. o.
Business address:
Ulica 15. maja 15, 6000 Koper
13492233
6009441
Bank account:
047500001863518
Name:
ECO ATMINVEST, energija, okolje, ekonomija, d.o.o.
Abbreviated name:
ECO ATMINVEST, d. o. o.
Business address:
Bidovčeva ulica 1, 5000 Nova Gorica
79068090
3326489
Bank account:
SI56 0475 0000 1795 521
Company is registered in the Companies Register at the District Court of Koper, No. Srg 2011/29737.
Company is registered in the Companies Register at the District Court of Nova Gorica, No. Srg
2014/11036
1,043,500 EUR
7,500 EUR
Owners:
E 3, d. o. o., Nova Gorica (100 %)
Owners:
E 3, d. o. o., Nova Gorica (100 %)
Director of the company:
Darko Pahor
In year 2014 company made 72,283 EUR of net profit. Company did not operate, so no
operating revenues were generated. All revenues were of financial nature, namely from
received dividends of the associated company Knešca, d. o. o.
In year 2014 the company operated with a loss in the amount of 154,684 EUR.
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Business Report of Elektro Primorska Group | 2. Risk Management
Business Report of Elektro Primorska Group | 2. Risk Management
2.
Risk Management
Credit risks are the result of losses due to untimely performance or even failure to fulfill obligations of the buyer of electricity to the company. Company limits credit risk by
Risk management is defined by COT methodology, which is valid for Elektro Primorska
Group. Subsidiary E3, d. o. o., buys and sells electricity and is thus extremely exposed
to the market risks, which indirectly worsen capital adequacy of Elektro Primorska d. d.
Company.
carefully checking the creditworthiness of customers, continuously monitoring, and managing credit exposures of individual customers according to their limits and by monitoring outstanding receivables. To reduce such risk sale transactions in electricity field are
largely secured by instruments that include adequate insurance. Risk management is not
only associated with insurance, but rather with exactly defined purchase contracts, which
Elektro Primorska Group meets different risks, monitors them regularly and submits
the company claims in all types of transactions with electricity.
appropriate measures to control them and thus establishes more stable operating conditions.
Liquidity risks arise, if the company would not be able to meet its financial obligations as
they fall due. By daily monitoring and planning of short- and long-term solvency provided
Risk management is one of the key tasks of the Elektro Primorska group's management.
by up to date coordination and planning of cash flows, the company ensures that the risk
of a liquidity capacity is in the range of acceptable parameters and that it is manageable.
Market risks arise from the uncertain changes in prices on the domestic and foreign
electricity markets, where the company is present, as well as from the open position
of the trading portfolio of the company. Open position, which is exposed to market risk
arises when the aggregate quantity of electricity purchased at a fixed price within a given
accounting period deviates from the quantities sold at a fixed price. In doing so, the risk is
Regulatory risks result from changes in market rules or legislation on the Slovenian market or foreign electricity markets and may affect business results. Company actively
monitors developments in the legislation both through the parent company as well as
independently according to activities of the controlled company E 3, d. o. o., to be able to
promptly respond to such changes by adjusting trades and production activities.
controlled to the maximum extent so that each sale is marked by the appropriate counter
purchase and conversely. In order to hedge open positions, in addition to contracts with
the obligation to supply at a fixed price, the company also uses the option of purchasing
electricity through several »open« contracts that allow optimal purchase of electricity in
In addition to external risks arising from the contracts concluded, the company must also
manage internal risks arising from operational business of the company and its organization.
several markets, and by limiting the open position not to exceed the percentage amounts
of electricity provided by Regulations.
Operational risk is present in all business operations performed by the company. The
risk is reflected in the fact that due to insufficient efficacy of information technology,
Quantity risks are the result of the risks arising from the difference between the forecast
(leased) and the actual delivered quantity of electricity. Quantity risks are borne by the
company in open contracts, that is in all contracts with final customers and qualified
producers. Company manages this risk through a comprehensive information support
for long- and short-term forecasting of consumption profiles and delivery of electricity,
and through active daily monitoring of deviations of all measurement points included in
the balance subgroup E3.
quality processes and control processes, the company could suffer financial damage.
Company limits these risks with a control system based on the principle that all major
operations are carried out with control of at least two persons as well as with continuing
improvements in upgrading information infrastructure and automatic control of individual
phases of the process. In addition, the company seeks to limit this risk by identifying all
the processes, clearly defining the roles of individuals, including their powers, responsibilities and policies. Operational risks are reduced by highly professional, experienced
and motivated employees. From the latter it is expected to continuously upgrade existing
Price risks are associated with increased competition in the electricity market and uncertainty in market prices. EP group manages price risks through appropriate pricing
policies and coordinated maturity of the sales and purchase contracts.
and acquire new knowledge, as well as dynamism, multidisciplinary activities, teamwork
and own-initiative. Also, the provision of adequate working conditions and environment
must prevent the possible loss of key employees, which is the essence of the staff risk.
D
121
D
122
Business Report of Elektro Primorska Group | 3. Consolidated Financial Statements
3.
Consolidated Financial
Statements
Consolidated balance sheet as at December 31 2014
Liabilities
Assets
Note
31/12/14
A. Long-term assets:
I. Intangible assest
31/12/13
in EUR
2,394,084
974,999
4.2.1.1.
2,233,242
776,623
2. Goodwill
89,907
89,907
19,413
99,189
1. Long-term rights
1,692
49,830
9,280
178,085,210
177,615,806
5,905,500
5,895,970
119,343,119
116,591,165
49,318,381
50,798,795
3,518,210
4,329,876
III. Long-term financial investments
1,911,796
1,911,796
1,399,725
1,324,664
512,071
492,725
69,642
16,965
69,642
16,965
4.2.4.
655,399
670,355
4.2.1.
183,116,131
181,095,514
4.2.1.2.
1. Land
2. Buildings
3. Equipment
4.2.3.
V. Deferred tax assets
I. Stocks in EUR
4.2.5.1.
1. Material
II. Short-term financial investments
4.2.5.2.
4.2.5.3.
1. Operating accounts receivable
2. Operating claims on others
IV. Monetary assets 4.2.5.4.
I. Called-up capital 78,562,832
78,562,832
1. Share capital
78,562,832
78,562,832
46,208,187
46,208,187
17,571,277
13,347,083
768,501
768,501
16,802,776
12,578,582
-35,997
42,522
V. Net profit or loss from previous periods
763,796
755,497
2,086,817
3,549,759
VI. Net profit or loss of the business year
Total capital
4.2.7.
145,156,912
142,465,880
4.2.8.
14,130,053
14,184,876
3,484,839
3,411,933
10,645,214
10,772,943
20,868,992
21,445,704
I. Long-term financial liabilities
20,868,992
21,445,704
20,868,992
21,445,704
29,687,239
38,526,676
I. Short-term financial liabilities 8,348,080
11,515,741
8,106,913
11,514,684
241,167
1,057
II. Short-term operating liabilities
21,339,159
27,010,935
19,382,785
23,956,726
1,956,374
3,054,209
64,686,284
74,157,256
899,391
1,034,077
210,742,587
217,657,213
1. Provisions
C. Long-term liabilities Č. Short-term liabilities 4.2.9.
4.2.10.
2. Other short-term financial liabilities
Total liabilities
TOTAL LIABILITIES
4.2.11.
870,006
967,296
870,006
40,623
194,561
Explanatory notes are part of the financial statements and should be read in conjunction
40,623
194,561
with them.
24,568,467
28,123,350
22,593,405
26,493,803
1,975,062
1,629,547
868,441
6,488,438
4.2.5.
26,444,827
35,676,355
4.2.6.
1,181,629
885,344
210,742,587
217,657,213
31/12/13
in EUR
967,296
Total short-term assets
TOTAL ASSETS
31/12/14
A. Capital:
3.1. Consolidated balance sheet as at
December 31 2014
Table 71:
Consolidated
balance sheet as at
December 31 2014
(assets)
Note
Table 72:
Consolidated
balance sheet as at
December 31 2014
(liabilities)
D
123
D
124
3.2. Consolidated profit or loss account for
business year ended as at December 31 2014
Table 73:
Consolidated profit
or loss account
for business
year ended as at
December 31 2014
3.3. Consolidated statement of comprehensive
income for year ended as at December 31 2014
2014
Assets
Note
2014
2013
4.3.1.
92,558,815
114,119,766
18. NET PROFIT OR LOSS OF THE ACCOUNTING PERIOD
89,559,539
105,725,368
Changes in the surplus from the revaluation of financial assets available for sale
2,999,276
8,394,398
Other components of comprehensive income
6,127,555
6,381,552
Total comprehensive income of the accounting period
in EUR
in EUR
b. on foreign market
2. Capitalized own products and services 4.3.1.
3. Other operating revenues 4.3.1.
4,717,350
2,286,524
4. Costs of goods, material, and services 4.3.2.
-67,242,378
-84,717,574
-58,426,372
-74,971,681
-8,816,006
-9,745,893
-16,912,474
-16,403,690
-12,409,457
-11,844,823
-611,587
-621,212
c. social security costs
-2,021,731
č. other labor costs
-1,869,699
a. costs of goods sold and material used
b. costs of services
5. Labor costs
4.3.2.
a. costs of salaries
b. costs of additional pension insurance of employees
4.3.2.
a. depreciation
b. operating expenses from revaluation in intang. and tang.
fixed assets
c. operating expenses from revaluation in current assets
185,211,582
206,949,458
-1,946,341
a. Receipts from sales of products and services
159,983,781
180,897,350
-1,991,314
b. Other operating receipts
25,227,801
26,052,108
-13,203,378
-12,580,930
2. Operating expenditure
-174,267,066
-190,689,575
-11,411,019
-11,692,566
a. Expenditure for purchase of material and services
-81,679,534
-98,998,268
-694,009
-163,021
b. Expenditure for salaries and employees profit shares
-17,725,682
-16,294,521
-1,098,350
-725,343
-748,832
-289,111
4.3.3.
167,997
205,601
150,698
153,049
17,299
49,655
c. from other investments
2,897
4.3.3.
a. given to others
10. Financial revenues from operating claims 4.3.3.
214,697
214,697
4.3.4.
-2,799
4.3.4.
a. from loans, received from banks
b. from other financial liabilities
13. Financial expenses from operating liabilities 253,852
-108,000
b. from others
253,852
-110,799
a. from group companies
-918,211
-762,883
-844,793
-762,883
-73,418
4.3.4.
a. from liabilities to suppliers and bill of exchange liabilities
-37,601
-37,111
b. from other operating liabilities
Note
A. OPERATING CASH-FLOW
v EUR
c. Expenditure for duties of all kinds
-9,326,117
-8,040,860
-65,535,733
-67,355,926
10,944,516
16,259,883
4. Receipts in investing activities
326,077
319,080
a. Receipts from received interest and profit shares
315,455
230,423
10,622
88,657
-11,042,276
-11,251,391
č. Other operating expenditure
3. Excess of operating receipts B. CASH FLOWS IN INVESTING ACTIVITIES
b. Receipts from disposal of tangible fixed assets
5. Expenditure in investing activities
13,339
a. on others
11. Financial expenses from impairment and financial investment
write-offs
13,339
a. Expenses for acquisition of long-term intangible assets
b. Expenses for acquisition of tangible fixed assets
-237,699
-831,631
-10,709,688
-10,311,760
c. Expenses for acquisition of long-term financial investments
-8,454
č. Expenses for acquisition of short-term financial investments
-86,435
-108,000
-10,716,199
-10,932,311
228,317
5,327,572
8. Receipts in financing activities
38,957,000
31,949,000
a. Receipts from long-term loans
21,060,000
9,800,000
6. Excess of expenditure in investing activities 7. Excess of operating and investing receipts
C. CASH FLOWS IN FINANCING ACTIVITIES
-164,354
b. Receipts from short-term loans
-164,354
9. Expenditure in financing activities a. Expenditure for given interest
-490
17,897,000
22,149,000
-44,825,450
-31,436,454
-896,732
-927,806
-21,719,246
-8,223,336
-20,897,000
-20,967,000
14. Other revenues
4.3.5.
3,576
60,679
b. Expenditure for repayment of long-term loans
15. Other expenses
4.3.6.
-84,646
-70,877
c. Expenditure for repayment of short-term loans
4,655,809
8,207,756
č. Expenditure for dividend
-1,312,472
-1,318,312
561,452
1,007,539
10. Excess of expenditure in financing activities
-5,868,450
512,546
14,955
-298,793
11.Total excess of receipts or expenditure
-5,640,133
5,840,118
830,086
6,470,219
6,470,219
630,101
-5,640,133
5,840,118
830,086
6,470,219
16. Income tax 4.3.7.
17. Deferred tax
18. NET PROFIT OR LOSS OF THE ACCOUNTING
PERIOD
4.3.8.
4,079,402
with them.
7,499,010
Table 74:
Consolidated
statement of
comprehensive
income for year
ended as at
December 31 2014
3.4. Consolidated cash flow statement for
year ended as at December 31 2014
1. Operating receipts 4.3.2.
9. Financial revenues from given loans 4,000,884
2013
8. Financial revenues from shares b. in other companies
10,893
-89,411
2014
7. Other operating expenses a. associate companies
4,079,402
Č. CLOSING BALANCE OF CASH AND CASH EQUIVALENTS
X. Opening balance of cash and cash equivalents
Y. CASH FLOW FOR THE PERIOD Cash at end of period as at 31.12.
4.4.
with them.
Table 75:
Consolidated cash
flow statement for
year ended as at
December 31 2014
D
125
-78,519
42,522
42,522
78,562,832
46,208,187
46,208,187
768,501
768,501
768,501
III/1
Statutory reserves
12,578,582
3,409,296
3,409,296
9,169,286
9,169,286
III/1
Other profit
reserves
Profit reserves
IV
42,522
7,797
7,797
34,725
34,725
Revaluation
surplus
-35,997
755,497
755,497
1,943,508
1,943,508
0
-1,317,876
-1,317,876
129,865
129,865
V/1
Net profit
brought forward
Net profit or loss
from previous
periods
763,796
763,796
-910,991
2,237,167
1,326,176
0
-1,317,877
-1,317,877
755,497
755,497
V/1
Net profit
brought forward
Net profit or loss
from previous
periods
3,549,759
3,549,759
-3,409,296
-1,943,508
-5,352,804
7,499,010
7,499,010
1,403,553
1,403,553
VI/1
Net profit of the
business year
Net profit or loss
of the business
year
2,086,817
2,086,817
-3,313,203
-2,237,167
-5,550,370
4,079,402
4,079,402
3,557,785
8,026
3,549,759
VI/1
Net profit of the
business year
Net profit or loss
of the business
year
4,305,256
142,465,880
0
0
0
7,797
7,499,010
7,506,807
-1,317,876
-1,317,876
136,276,949
136,276,949
Total capital
Table 77:
Consolidated
statement of
changes in equity
for year ended as at
December 31 2013
2,850,613
145,156,912
0
0
0
0
-89,410
10,891
4,079,402
4,000,883
-1,317,877
-1,317,877
142,473,906
8,026
142,465,880
Total capital
Table 76:
Consolidated
statement of
changes in equity
for year ended as at
December 31 2014
a) Dividend payment
78,562,832
46,208,187
II
I/1
78,562,832
Capital reserves
Share capital
in EUR
Called-up capital
Consolidated statement of changes in equity for year ended as at December 31 2013
Explanatory notes are part of the financial statements and should be read in conjunction with them.
16,802,776
910,991
c) Allocation of part of net profit for additional provisioning under the
decision of the annual general meeting
3,313,203
2013
4,224,194
12,578,582
IV
Revaluation
surplus
-89,410
768,501
768,501
12,578,582
III/1
Other profit
reserves
c) Other items in comprehensive income of reporting period
46,208,187
46,208,187
768,501
III/1
Statutory
reserves
Profit reserves
10,891
78,562,832
78,562,832
46,208,187
II
I/1
78,562,832
Capital reserves
Share capital
Called-up capital
a) Dividend payment
a. Retrospective conversion (error correction)
in EUR
2014
3.5. Consolidated statement of changes in equity
for year ended as at December 31 2014
D
126
D
127
D
128
3.6. Indicators in Elektro Primorska Group
Main indicators of financing (investing)
Contextually they define relations among liabilities, so they are used to establish the
Main indicators of economy
structure of financing the assets, and at the same time they express the degree of
The operating efficiency ratio shows that the profit of the group companies is positive.
financial independence.
Table 78:
Main indicators of
financing
Seq.
No
Description
2014
2013
2012
2011
2010
2009
2008
1.
Equity financing rate
capital / liabilities
0,689
0,655
0,649
0,629
0,644
0,625
0,654
2.
Long-term financing rate
capital, long-term debts and long-term
provisions / liabilities
0,855
0,818
0,804
0,785
0,809
0,804
0,818
Seq.
No
Description
1.
2.
1.
Operating efficiency ratio
operating revenues / operating expenses
1,054
1,077
1,021
1,020
1,000
1,010
1,050
Entire efficiency ratio
revenues / expenses
1,047
1,071
1,016
1,013
1,003
1,010
1,035
1.
0,006
0,006
0,808
0,824
2011
2010
2009
2008
Operating fixed assets rate
fixed assets / assets
0,845
0,816
0,840
0,823
0,819
0,802
2.
Financial investment rate
long-term and short-term financial
investments / assets
0,009
0,009
0,008
0,006
0,006
3.
Long-term assets rate
fixed assets, long-term financial
investments and l.t. oper. claims / assets
0,854
0,828
0,085
0,829
0,824
These indicators show how individual categories of assets are financed and how the
Elektro Primorska group is able to settle its short-term financial liabilities.
1.
2008
0,818
2012
Description
2009
Description
2013
Seq.
No
2010
Seq.
No
2014
Main horizontal financial structure indicators
Table 80:
Main indicators of
financial structure
2011
Table 81:
Main indicators of
economy
due to a positive operating result.
assets and what structure of assets it has according to these investments.
Description
2012
By analyzing the ratio of profitability we establish that the group's operation is viable
These indicators are used to establish where Elektro Primorska Group invested its
Seq.
No
2013
Main indicators of return
Main investment indicators (investing)
Table 79:
Main investment
indicators
2014
2014
2013
2012
2011
2010
2009
2008
Equity to operating fixed assets
capital / fixed assets
0,815
0,802
0,772
0,765
0,786
0,779
0,801
2.
Immediate solvency ratio
liquid assets / short-term liabilities
0,029
0,168
0,016
0,029
0,025
0,164
0,064
3.
Quick ratio
liquid assets and short-term claims / shortterm liabilities
0,857
0,898
0,712
0,715
0,799
0,905
0,946
4.
Current ratio
short-term assets / short-term liabilities
0,891
0,926
0,737
0,747
0,838
0,944
0,993
2014
2013
2012
2011
2010
2009
2008
Level of revenue profitability
net profit or loss / sale revenues
0,044
0,066
0,016
0,011
0,002
0,008
0,030
2.
ROA
net profit or loss / average assets
0,019
0,035
0,010
0,006
0,001
0,005
0,020
3.
ROE
net profit or loss / average capital (excl. net
profit or loss of business year)
0,029
0,054
0,015
0,010
0,002
0,008
0,031
Table 82:
Main indicators of
return
D
129
D
130
Business Report of Elektro Primorska Group | 4. Financial Report of Elektro Primorska Group
4.
Financial Report of Elektro Primorska
Group
Consolidation procedures relate to the following:
•
calculation of financial investment of the parent company with a capital of the controlled company,
4.1. General notes and disclosures
•
elimination of intercompany receivables and payables,
•
elimination of intercompany revenues and expenses,
•
elimination of intercompany inflows and outflows,
•
increase of investment in the associate company for the corresponding amount of
capital, reduced by dividends paid and related financial income and expenses.
Accounting policies and accounting notes described in the Elektro Primorska d.d. also
apply to Elektro Primorska Group.
4.2. Notes to the consolidated balance sheet
Below we state only that information important for disclosure and draw up of consolida-
In accordance with the SAS 24, which is related to the legal provisions on the scope of
ted accounts.
data on the balance sheet, order and required breakdown of asset and liabilities items
for large companies have been considered, as well as provisions of the SAS defining
Consolidated financial statements are comprised according to the provisions of the
consolidation of balance sheets for external reporting.
Companies Act and in accordance to Slovenian Accounting Standards 2006.
Consolidated balance sheet includes assets and liabilities of the parent company Elektro
Consolidation includes parent company Elektro Primorska d. d., controlled company E
Primorska d. d., controlled company E 3, d. o. o., controlled company JOD, d. o. o., and
3, d. o. o., controlled company JOD, d. o. o., controlled company Eco Atminvest and
controlled company Eco Atminvest.
associate company Knešca, d. o. o.
During the consolidation procedures 7,687,785 EUR of assets and liabilities have been
Consolidated financial statements include:
eliminated in the following items:
•
consolidated balance sheet,
•
receivables and payables in the amount of 450,681 EUR
•
consolidated profit or loss account,
•
long-term financial investments in the amount of 7,137,586 EUR
•
consolidated cash flow statement,
•
goodwill in the amount of –89,907 EUR
•
consolidated statement of changes in equity and
•
equity in the amount of 7,047,679 EUR
•
notes to the consolidated financial statements.
•
receivables and payables for short-term loans 164,234 EUR and
•
accrued and deferred income in the amount of 25,191 EUR.
Companies in Elektro Primorska Group are subject to individual method of determining
the corporate income tax.
4.2.1. Long-term assets
Reported long-term assets of Elektro Primorska Group are:
In group statements Elektro Primorska Group is presented in such a way as to deal with
a single company. Group financial statements are comprised based on the original financial statements of the companies, including the appropriate consolidation adjustments,
Long-term assets
31.12.2014
which are not subject to accounting in accounts of the considered companies.
31.12.2013
in EUR
Consolidated accounts are comprised based on the full consolidation of subsidiaries E 3,
1.1. Intangible assets
d. o. o., JOD, d. o. o., and Eco Atminvest and with the use of equity method for associate
1.2. Tangible fixed assets
company Knešca, d. o. o.
1.3. Long-term financial investments
1.4. Long-term operating claims
1.5. Deferred tax asset
Total
2,394,084
974,999
178,085,210
177,615,806
1,911,796
1,817,389
69,642
16,965
655,399
670,355
183,116,131
181,095,514
Table 83:
Long-term assets
statements of
Elektro Primorska
Group
D
131
D
132
4.2.1.1. Intangible assets
Following table shows changes in intangible assets in year 2013:
Intangible assets of the parent company include deferred expenses of development studies and rights to use holiday facilities and land, as well as use of space in the transformer
2013
station facility. In the intangible assets we also report rights to computer software use of
Deferred
development
studies costs
the controlled and parent companies.
Long-term
rights
Intangible
assets in
acquisition
Goodwill
Acquisition cost
Cost of the intangible asset is comprised of its purchase price or costs of manufacture.
Balance 1.1.2013
Group recognizes its intangible assets according to the acquisition cost model. Value of
Increases in year
intangible long-term assets increased in year 2014 for the purchase of long-term rights
in EUR
1,466,478
in the amount of 1,882,247 EUR. Disposals of intangible assets in acquisition constitute
Decreases in year
activation in development studies or long-term rights.
Value adjustments on studies in acquisition are values of invested assets, related to plan-
Value adjustment
ned investment in the construction of wind power plants, which the group forms since
Balance 1.1.2013
2014 due to complaints in the process of obtaining a building permit.
Decreases in year
712,926
1,114,297
0
4,226,163
712,926
89,907
802,833
-712,926
0
-222,109
1,244,369
2,358,314
1,114,297
89,907
4,806,887
1,216,573
1,174,814
1,105,017
0
3,496,404
150,715
406,877
557,592
-222,108
Balance 31.12.2013
of studies and not as depreciation cost in the amount of 20 % per year, according to
1,645,388
-222,109
Balance 31.12.2013
Development studies are disclosed at their acquisition costs and are charged to costs
-222,108
1,145,180
1,581,691
1,105,017
0
3,831,888
249,905
470,574
9,280
0
729,759
99,189
776,623
9,280
89,907
974,999
Carrying amount
the estimated useful life, which is five years for these assets. Individual book values of
Balance 1.1.2013
intangible assets are not significant for the accounts as a whole.
Balance 31.12.2013
Company has no intangible assets with limited ownership rights.
Following table shows changes in intangible assets in year 2014:
4.2.1.2. Tangible fixed assets
Tangible fixed assets of the group companies are land, buildings and equipment and
Table 84:
Changes in
year 2014
2014
Deferred
development
studies costs
Long-term
rights
Other
long-term
accruals
and pre-paid
expenditure
Intangible
assets in
acquisition
Goodwill
amount, which represents the difference between the acquisition and the written down
value. Group has no investment property and evaluates the tangible fixed assets according to the acquisition cost model.
in EUR
1,244,369
2,358,314
Increases in year
0
1,114,297
1,710
1,882,247
Transfer
Balance 31.12.2014
1,841,697
-427,555
816,814
-1,841,697
-18
4,200,011
1,692
1,154,847
Value adjustment
Balance 1.1.2014
89,907
0
Decreases in year
these assets under construction. They are disclosed in the balance sheet at their carrying
Total
Acquisition cost
Balance 1.1.2014
1,145,180
1,581,691
79,776
385,078
0
1,105,017
4,806,887
Cost of the tangible fixed assets is comprised of its purchase price and all costs that can
1,883,957
be directly attributed to its restoration for use.
0
0
Acquisition cost of facilities built on its own is cost price, which does not exceed the price
-427,573
of the same kind of things on market. Cost price is comprised of direct material costs of
89,907
6,263,271
0
0
0
3,831,888
0
464,854
Write-off in year
0
0
Increases in year
0
0
0
-427,555
0
0
Decreases in year
-427,555
Transfer
Balance 31.12.2014
797,401
1,966,769
0
1,105,017
Carrying amount
Table 85:
Changes in
year 2013
Total
3,869,187
0
0
Balance 1.1.2014
99,189
776,623
0
9,280
89,907
974,999
Balance 31.12.2014
19,413
2,233,242
1,692
49,830
89,907
2,394,084
manufacturing and services, direct labor costs and general production costs.
D
133
D
134
Changes in tangible fixed assets of the group in year 2014:
Tabela 86:
Spremembe
opredmetenih
sredstev v letu 2014
2014
Land
Facilities
Changes in tangible fixed assets of the group in year 2013:
Equipment
Fixed assets
in acquisition and
advances
Acquisition cost
Balance 1.1.2014
5,895,970
9,530
Decreases in year
5,905,500
in EUR
Acquisition cost
149,168,157
5,145,447
536,976,051
Balance 1.1.2013
144,112
23,705
12,157,252
12,325,069
Increases in year
9,148,224
3,741,462
-12,899,216
0
-8,112,664
-2,960,663
-56,241
-11,129,568
24,610
-24,610
377,970,759
149,948,051
Transfer
Balance 31.12.2014
2013
376,766,477
Increases in year
Total
0
4,347,242
538,171,552
Value adjustment
Land
Decreases in year
260,175,311
98,369,363
815,571
5,876,903
5,149,038
11,025,941
-7,427,304
-2,886,001
-10,313,305
Increases in year
359,360,245
Balance 31.12.2014
Fixed assets
in acquisition and
advances
2,730
-2,730
0
258,627,640
100,629,670
829,032
360,072,881
5,850,827
45,143
Decreases in year
Balance 31.12.2013
5,895,970
372,233,127
147,264,786
6,057,820
531,406,560
333,716
141,818
10,399,732
10,875,266
6,285,356
4,830,530
-11,161,029
0
-2,085,722
-3,068,977
-151,076
-5,305,775
376,766,477
149,168,157
5,145,447
536,976,051
256,290,507
95,827,333
815,571
352,933,411
5,909,468
5,442,713
11,352,181
-2,024,664
-2,900,683
-4,925,347
260,175,311
98,369,363
815,571
359,360,245
Value adjustment
Decreases in year
Balance 31.12.2013
Balance 1.1.2013
5,850,827
115,942,620
51,437,453
5,242,249
178,473,149
Balance 31.12.2013
5,895,970
116,591,166
50,798,794
4,329,876
177,615,806
Carrying amount
Balance 1.1.2014
5,895,970
116,591,166
50,798,794
4,329,876
177,615,806
Balance 31.12.2014
5,905,500
119,343,119
49,318,381
3,518,210
178,085,210
95 % of tangible fixed assets of the group belong to the parent company Elektro Primorska d. d. Tangible fixed assets of the group increased due to new acquisitions in year
2014 by 12,325,069 EUR. 95 % of the increase value belongs to the parent company, 4
% to controlled company E 3, d. o. o., while the rest to company Eco Atminvest, d. o. o.
In year 2014 parent company realized its investment plan by 100%. It realized by
13,100,450 EUR of new investments.
In 2014 controlled company E 3, d. o. o., earmarked 558,220 EUR for investments.
Value adjustments of tangible fixed assets of the group increased in year 2014 by calculated depreciation in the amount of 11,025,941 EUR and reduced by asset eliminations.
Value adjustments of fixed assets in acquisition are adjustments of investments for construction of wind power plants formed in the previous years. In year 2014 an adjustment
was additionally formed in the amount of 13,461 EUR.
Elektro Primorska Group has no fixed assets obtained by financial lease. Part of real
estate was pledged in year 2013 in return to the received bank guarantee to secure the
payment in E3 company. Estimated value of all pledged real estate is 8,325,948 EUR.
Table 87:
Changes in tangible
assets in year 2013
Total
Carrying amount
13,461
Transfer
Equipment
in EUR
Balance 1.1.2013
Balance 1.1.2014
Facilities
4.2.2. Long-term financial investments
In accordance with SAS 3, which deals with financial investments, they are classified as
assets available for sale.
Long-term financial investments of Elektro Primorska Group include investments of the
parent company in shares and other companies in the amount of 492,071 EUR, investment of controlled company E 3, d. o. o., in the Aeronautical Museum in Nova Gorica
in the amount of 20,000 EUR and investment of controlled company JOD, d. o. o., in the
associate company Knešca, d. o. o., in the amount of 1,399,725 EUR.
D
135
D
136
4.2.5. Short-term assets
Investments of the group are:
Short-term assets of the group are:
Table 88:
Investment
categories
31.12.2014
Investments in shares associate companies
31.12.2013
in EUR
Knešca d.o.o.
1,399,725
1,324,664
Total
1,399,725
1,324,664
Other shares:
Informatika Maribor d.d.
31.12.2014
in EUR
2.1. Stocks
967,296
870,006
2.2. Short-term financial investments
40,623
194,561
2.3. Short-term operating receivables
24,568,467
28,123,350
868,441
6,488,438
26,444,827
35,676,355
240,756
240,756
Banka Koper d.d.
95,879
95,879
Zavarovalnica Triglav d.d.
55,884
44,992
1,808
1,808
106,395
106,395
Stelkom d.o.o. Ljubljana
57,837
57,837
VIRS
12,626
4,172
All stocks belong to the parent company. They are represented by material intended
Aeronavtični muzej Nova Gorica
20,000
20,000
for maintenance and construction of electricity facilities, and small tools not exceeding
591,185
571,839
-72,905
-72,905
-6,209
-6,209
-79,114
-79,114
Stocks are initially measured according to their purchase price, while their consumption
512,071
492,725
is calculated according to the moving average valuation method.
1,911,796
1,817,389
Primorski tehnološki park d.o.o.
Eldom Ljubljana d.o.o.
Impairment of investment Eldom d.o.o.
Impairment of investment Stelkom d..o.o.
Total
Total long-term financial investments
2.4. Monetary assets
Total
4.2.5.1. Stocks
the amount of 100 euro. Stocks also include protective equipment and small tools with
a useful life longer than one year and value of up to 500 euro. When issued to use such
equipment is then kept off-balance by individual user.
4.2.5.2. Short-term financial investments
Parent company discloses a short-term deposit earmarked for the reconstruction of the
4.2.3. Long-term operating receivables
Long-term operating receivables in the amount of 69,642 EUR represent claims for facilities maintenance funds that are joined at facility operators according to the Housing Act,
and long-term receivables from Eco Gorenje electricity package.
4.2.4. Deferred tax assets
Deferred tax assets in the amount of 655,399 EUR were disclosed by the group as long-term operating receivables. In year 2014 these receivables reduced by 14,956 EUR.
Effects of differences between the accounting value of items disclosed in the balance
sheet and their tax base are calculated in accordance with the balance sheet liability
method for all temporary differences. Deferred tax assets are the amounts of tax accrued
from long-term provisions and value adjustments on claims that will be recoverable in future periods depending on their deductible temporary differences and unused tax losses.
31.12.2013
building in the amount of 25,207 EUR, while Eco Atminvest a short-term loan in the amount of 15,416 EUR.
Table 89:
Short-term assets
of the group
D
137
D
138
4.2.5.3.Short-term operating receivables
Elektro Primorska Group forms value adjustments on claims according to the individual
claim and individual business partner for receivables believed not to be settled. They are:
Table 90:
Short-term
receivables of the
group
31.12.2014
Short-term receivables from sales:
- on domestic market
- on foreign market
Value adjustment
31.12.2013
in EUR
Value adjustment
Advances
Value adjustment
outstanding claims before 2014,
•
defendant claims and
•
claims of business partners in bankruptcy and receivership.
24,379,021
27,620,781
664,584
973,673
In Elektro Primorska Group value adjustments on claims were formed by the parent com-
-2,630,356
-2,296,755
pany as well as controlled company E 3. Share of claims formed in such way amounts to
22,413,249
26,297,699
449,023
436,598
-294,391
-264,484
154,632
172,114
39,924
23,990
11 % according to the balance of claims.
Interest receivables:
- from other buyers
•
In Elektro Primorska Group 3 % of short-term trade receivables are in foreign market.
They are receivables of E 3, d. o. o. Company.
Among short-term trade receivables to others in the amount 1,975,062 EUR the largest
part are receivables from the state VAT refund and overpaid advance income tax in the
amount of 1,849,703 EUR, while receivables from operations for the account of third
-14,400
25,524
parties amount to 63,382 EUR, the rest are other claims.
23,990
4.2.5.4. Monetary assets
Other operating receivables:
- from state and other institutions
1,880,319
- from employees
disclosed.
236,226
- from others
111,700
125,265
Value adjustment
-16,957
-8,642
1,975,062
1,629,547
24,568,467
28,123,350
Skupaj
Among monetary assets cash on the commercial bank accounts of group companies is
1,276,698
31.12.2014
Table 92:
Monetary assets of
the group
in EUR
Cash in banks
Short-term operating receivables in the group are by 13 % lower than in the previous
31.12.2013
868,441
year. Receivables are not insured, but its nature is such that in the event of default, after
Short-term deposit
repeated reminders, they are sanctioned with the suspension of access to the network,
Total
1,848,438
4,640,000
868,441
6,488,438
supply of electricity or heat.
4.2.6. Accruals and prepaid expenditure
Receivables from sale and interest receivables:
Short-term accruals and pre-paid expenditure amounted to 1,181,629 EUR. Predominant
part refers to the accrued cost of electricity purchase from controlled company E 3, d.
Table 91:
Outstanding
receivables from
sale and for interest
of the group
31.12.2014
o. o., in the amount of 717,387 EUR, 258,473 EUR refer to accrued income of the parent
31.12.2013
company from the preliminary account on year 2014, 135,827 EUR to VAT on advances
in EUR
Outstanding receivables
18,479,033
21,737,586
2,108,631
2,830,137
747,019
1,035,109
268,932
384,422
1,291,710
748,548
Receivables overdue over 365 days
2,597,303
2,295,250
25,492,628
29,031,052
Receivables overdue to 30 days
Total
received, and remaining to other short-term deferred costs.
31.12.2014
31.12.2013
in EUR
VAT on advances received
Short-term deferred costs or expenses
Accrued revenues
Vouchers
Total
135,827
109,151
4,826
8,451
1,040,032
766,479
944
1,263
1,181,629
885,344
Tabela 93:
Aktivne časovne
razmejitve
D
139
D
140
4.2.7. Capital
4.2.8. Provisions and long-term accruals and deferred income
Capital of the group consists of:
In Elektro Primorska Group long-term provisions for long service bonuses and for seve-
•
share capital,
rance pays at retirement in accordance with SAS 10 were formed by the parent company
•
capital reserves,
Elektro Primorska d. d. and controlled company E 3, d. o. o. Assumptions based on
•
statutory reserves,
which the actuary calculation was made, include data that companies submitted to the
•
other profit reserves,
actuary, namely the data for five past years on employees and their changes, data on
•
revaluation surplus,
the salary growth, severance pays, long service bonus and provisions in the collective
•
retained net profit from previous periods and
agreement referring to the long-term benefits of the employees.
•
net profit of the business year.
Actuarial calculation takes into account uniform discount rate by reference to market
interest rates on high-yield corporate bonds. Interest rate curve of the euro area is used
Table 94:
Capital of the group
31.12.2014
(from 0.12 % to 2.4 %).
31.12.2013
in EUR
share capital
78,562,832
78,562,832
capital reserves
46,208,187
46,208,187
768,501
768,501
16,802,776
12,578,582
revaluation surplus
-35,997
42,522
retained net profit from previous periods
763,796
755,497
2,086,817
3,549,759
145,156,912
142,465,880
statutory reserves
other profit reserves
net profit of the business year
Total
Long-term provisions are decreased directly by costs for which settlement they were
formed, and are formed by the differences according to the report on calculation as at
31.1 of the current year.
4.2.8.1. Provisions
31.12.2014
REZERVACIJE
company, which is divided in 18,826,797 ordinary registered unit shares. Each share has
an equal share and associated amount in the share capital.
Table 95:
Provisions of the
group
in EUR
Balance 1.1.
Share capital of Elektro Primorska Group is comprised of the equity capital of the parent
31.12.2013
Formation
Drawing in revenues
Balance 31.12.
3,411,933
3,331,378
300,059
314,478
-227,153
-233,923
3,484,839
3,411,933
Capital reserves of the company originate from the general capital revaluation adjustment
of the parent company, which was transformed in capital reserves when transferring to
the use of SAS 2006.
4.2.8.2. Long-term accruals and deferred income
Undistributed net profit of the business year in the amount of 2,086,817 EUR consists of
the profit of the parent company and controlled companies E 3, d. o. o., and JOD, d. o. o.,
Assets
acquired free
loss of the company Eco Atminvest and associated profit of associate company Knešca,
d. o. o., in the amount of 159,159 EUR, reduced by paid dividends in the business year
Average
connection
costs
Co-financing
of facilities
construction
Compensation claims
Received donations and
supports
in the amount of 75,637 EUR and paid bonus to the director in the amount of 8,461 EUR.
Group adjusted the initial balance of the profit from previous years in the amount 8,026
EUR because of the subsequent correction of the revenue tax return for year 2013 in
in EUR
Balance 1.1.
7,163,249
Formation
151,874
Statement of changes in equity shows changes in capital of the group for years 2013
Decrease due to write-off
-63,527
and 2014.
Drawing in revenues
company JOD. Company carried out the correction after the completed consolidation.
Balance 31.12.
Total
2,545,157
189,740
1,181
873,616
10,772,943
30,805
157,846
340,525
-63,527
-257,023
-110,299
-9,206
6,994,573
2,434,858
180,534
31,986
-28,199
-404,727
1,003,263
10,645,214
Table 96:
Long-term accruals
and deferred
income
D
141
D
142
In year 2014 the parent company formed long-term accruals and deferred income for
4.2.10.Short-term liabilities
free acquisitions of energy facilities of legal and natural persons and average connection
costs. Average connection costs are drawn for actual depreciation of individual power
31.12.2014
facility, which amounted to 110,299 EUR for year 2014.
SHORT-TERM FINANCIAL LIABILITIES
in EUR
Short-term financial liabilities to companies
Drawing of long-term deferred income of free acquisitions of fixed assets and co-financing of building constructions is formed by annual depreciation, which is calculated from
Short-term financial liabilities to banks
individual freely acquired assets or in the share of the co-financed fixed asset.
Short-term part of long-term loans
For long-term accruals for claims the group formed by 30,805 EUR of liabilities. Entire
Liabilities for payment of dividends
amount refers to the parent company.
31.12.2013
21,500
5,000
3,254,438
8,326,579
8,255,246
1,057
Total short-term financial liabilities
8,348,079
11,515,741
18,578,292
23,289,608
804,494
650,406
19,382,786
23,940,014
1,286,437
1,697,846
534,637
1,334,078
Other liabilities
135,300
38,997
1,956,374
3,070,921
Received donations refer to controlled company Eco Atminvest, which received funds
Liabilities to suppliers
from the Ministry of Economy RS to co-finance project of wood biomass district heating.
Liabilities for advances
Total short-term operating liabilities to suppliers
4.2.9. Long-term liabilities
Table 97:
of the group
Liabilities to employees
31.12.2014
31.12.2013
in EUR
Total other short-term operating liabilities
28,945,036
29,700,950
Total
21,339,160
27,010,935
Short-term part of long-term liabilities
-8,076,044
-8,255,246
Total short-term liabilities
29,687,239
38,526,676
Long-term financial liabilities
20,868,992
21,445,704
Total long-term liabilities
20,868,992
21,445,704
Due to consolidation in Elektro Primorska Group short-term liabilities in the amount of
Long-term liabilities include liabilities to banks for borrowings for investments in the pa-
450,681 EUR were offset with the short-term claims in the same amount. Entire amount
rent company and controlled company Eco Atminvest.
are short-term operating liabilities.
All loans are due and payable no later than in April 2020.
Short-term financial liabilities of the group include short-term loan of the controlled company Eco Atminvest and installments of the long-term loans of the parent company and
Long-term loan, raised in 2014 at Bank Sparkasse in the amount of 7,500,000 EUR, falls
controlled companies E 3 and Eco Atminvest, due for payment in year 2015.
due in the period longer than5 years (contractually agreed installments which fall due in
the period longer than 5 years amount to 500,000 EUR). Interest rates have a one-month,
Short-term payables in the group of companies are lower by 4,711,316 EUR, which re-
three-month or six-month EURIBOR and the bank's premium range from 1.5 % to 3.2 %.
presents 20 % less than in the previous year. Obligations to the state are lower than in
Interest on borrowings is calculated and paid monthly.
the previous year.
Short-term liabilities to employees are obligations for the December payroll, for part of
the bonuses for successful business in year2014.
Table 98:
of the group
D
143
D
144
4.2.11. Accrued expenses and deferred revenues
Due to consolidation there was 732,159 EUR of net sales revenue excluded from operating revenues.
Majority of accrued expenses and deferred revenues belong to the parent company.
Table 99:
Accrued expenses
and deferred
revenues of the
group
31.12.2014
In year 2014 consolidated net sales revenues were by 21,560,951 EUR lower than in
31.12.2013
previous year.
in EUR
VAT from advances given
373
406
97,471
251,530
belong mainly to the parent company. Revenues from capitalized own products and
Accrued expenses
801,547
782,141
services are revenues from accounts of prepared documentation and participation in
Total
899,391
1,034,077
construction of facilities for investments. Other operating revenues are comprised of re-
Short-term deferred revenues
Revenues from capitalized own products and services and other operating revenues
venues from the extraction of accruals for amortization of free acquisitions, co-financings
of facility construction and average connection costs.
Accrued expenses represent the accrued bonus at the end of the year on the basis of the
46 % 47,996,713 EUR of the total operating revenue of the group belong to the parent
collective agreement in the amount of 290,962 EUR. Advance payment of the bonus has
company, while 53% to the E3 subsidiary in the amount of 55,198,570 EUR, of which 5
already been calculated and paid, while the difference to the final amount was included
% were realized on the foreign markets.
by the company to costs for year 2014, as based on the agreement between the management board and the union it should be paid.
4.3.2. Operating expenses
Accrued expenses also include costs of loss purchase of the parent company in the amount of 247,754 EUR, accrued expenses for payment of grants in the amount of 181,262
EUR, for which conditions were met and contracts signed in E 3 Company in year 2014,
2014
but the company has not carried out the payment yet.
2013
in EUR
Cost of electricity sold
51,098,643
69,377,245
funds for years 20110 and 2011 based on the offset of the regulatory year under the con-
Cost of material and services
16,143,735
15,340,329
tract between SODO and Elektro Primorska in the amount of 97,471 EUR.
Labor cost
16,912,474
16,403,690
Write-offs
13,203,378
12,580,930
748,832
289,111
98,107,062
113,991,305
Short-term deferred revenues are formed in the parent company for surplus of received
Other operating expenses
Total
4.3. Notes to the consolidated profit or loss
account
In the process of consolidation of the profit or loss for year 2014 868,596 EUR of all
Operating expenses are costs, recorded by type, like electricity purchase, material and
revenues and 745,758 EUR of all expenses were excluded. Revenues were increased
services, labor costs, write-offs and other operating expenses.
by the associated profit of the associate company Knešca, d. o. o., in the amount of
159,159 EUR and reduced by the payment of bonuses to the director of this company in
Due to consolidation there was 732,159 EUR of expenses value excluded from operating
the amount of 8,461 EUR.
expenses, namely by 249,499 EUR of costs of material and purchase value of sold goods
and by 482,660 EUR of costs of services.
4.3.1. Operating revenues
Table 100:
Operating revenues
of the group
Operating expenses in Elektro Primorska Group are lower than in the previous year by
2014
2013
in EUR
Net sales revenues
92,558,815
114,119,766
Capitalized own products and services
6,127,555
6,381,552
Other operating revenues
4,717,350
2,286,524
103,403,720
122,787,842
Total operating revenues
15,884,243 EUR, which represents a 14 % reduction.
Table 101:
Operating expenses
of the group
D
145
D
146
4.3.3. Financial revenue
Expenses of Elektro Primorska Group also include costs of supervisory board meetings
attendance fees. In year 2014 payments to members amounted to 95,155 EUR; all were
Financial revenue of Elektro Primorska group amounted to 396,033 EUR of which 167,997
paid in the parent company.
EUR refer to revenues from shares, the rest on interest revenues. Compared to the previous year they are by 63,420 EUR lower.
Costs of annual report auditing in the group amounted to 14,385 EUR.
4.3.4. Financial expenses
Companies in the group have one member each in the management board. They received a total of 164,666 EUR.
Financial expenses in the amount of 955,812 EUR consist of interest on short-term and
long-term loans, default interest on the late payment of supplier liabilities as well as in-
Members of the board and employees on individual contracts were not approved any
terest from actuarial calculations. Compared to the past year financial expenses from
loan or given any surety for their obligations by the companies.
banking loans are higher by 81,910 EUR, while default interest of suppliers are lower by
127,243 EUR. Parent company's participation in financial expenses is 92 %.
Depreciation in the group is calculated in the amount of 11,411,019 EUR of which
4.3.5. Other revenues
10,745,485 EUR belong to the parent company.
Other revenue arises from events and transactions, which are not expected to occur
Write-offs in the amount of 1,792,359 EUR refer to revaluation expenses. Of which
regularly and often.
694,009 EUR are revaluation expenses of fixed assets and 895,340 EUR are value adju4.3.6. Other expenses
stments on receivables and value adjustment on stocks. Other expenses in the amount of 84,646 EUR refer to the accrued compensation for
Analysis of costs by functional groups
damage, which Elektro Primorska Company caused during the construction or maintenance, mainly to natural persons, on their land, financial aid and grants and other expenses that are not necessary for business. 93 % of other expenses belong to the parent
Table 102:
Analysis of group's
costs
Production
costs
Cost of sales
Cost of management
Total
company. 4.3.7. Corporate income tax
in EUR
Cost of goods
51,098,643
Cost of raw material
6,203,821
799,540
484,317
7,487,678
Cost of services
6,021,308
967,452
1,827,246
8,816,006
Labor costs
12,670,548
1,009,429
3,232,498
16,912,475
Depreciation
11,049,947
69,894
291,177
11,411,018
Other operating costs
153,296
Total
87,197,563
51,098,643
20,829
2,867,144
574,707
748,832
6,409,945
96,474,652
Analysis of costs by functional groups does not include revaluation expenses in the amount of 1,792,359 EUR, which are shown under write-offs in the profit or loss account.
In Elektro Primorska Group corporate income tax was charged by the parent company in
the amount of 425,011 EUR and controlled company E 3 in the amount of 136.441 EUR.
In the controlled company E 3 disclosure of deferred tax assets in the amount of 14,955
EUR was eliminated.
4.3.8. Net profit or loss
In year 2014 realized profit or loss, before tax return on income of legal persons, amounted to 4,655,809 EUR.
Net profit or loss amounted to 4,079,402 EUR.
4.4. Notes to the consolidated cash flow
statement
Group cash flow statement is comprised according to direct method from data on transactions and balances on bank accounts. It presents the changes in monetary assets in
the accounting period. In accordance with the SAS the consolidated cash flow statement
does not include items of inflows and outflows among companies in the group in the
amount of 1,261,739 EUR.
Difference between initial and closing cash balance in the group is the negative cash flow
for year 2014 in the amount of 5,640,133 EUR. In the previous year cash flow result was
positive.
Operations show a positive cash flow, while at investing and financing cash flow is negative.
D
147
D
148
Business Report of Elektro Primorska Group | 5. Management Responsibility Statement – Group Operations
5.
Management Responsibility
Statement – Group Operations
4.5. Contingent liabilities of Elektro Primorska
Group
According to the assessment of legal experts disputes are not such as to have a significant impact on the economic outturn. Group assesses that provisions formed for these
purposes are high enough and would cover contingent liabilities of the company.
Group has contingent liabilities for issued bank guarantees for tender, for performance
Management board hereby approves the financial statements of the group companies
(electricity supply), for elimination of defects during warranty period (in providing services
for year 2014 and business report of the group for the period between January 1 and De-
to external customers).
cember 31 2014, as well as used accounting policies and notes included in the proposed
annual report.
Management is responsible for preparing the annual report and hereby declares that the
Table 103:
Contingent liabilities
of the group
31.12.2014
31.12.2013
report provides a true and fair picture of the financial condition of the company and its
operating results for year 2014.
in EUR
272,727
1,500,000
Management board hereby certifies that relevant accounting policies were used consis-
Liabilities from pledged property
8,325,948
8,325,948
tently and that accounting estimates were prepared according to the principles of pru-
Bank guarantees
8,832,986
9,134,980
17,431,661
18,960,928
Liabilities for guarantee
Total
dence and due diligence. At the same time it certifies that the financial statements and
notes were prepared on a going concern basis and in accordance with the relevant legislation and Slovene Accounting Standards.
Management board is also responsible for appropriate accounting, for adoption of
appropriate measures to protect the property and prevent and detect fraud and other
irregularities.
4.6. Events after the balance sheet of Elektro
Primorska Group
In its operation the group strictly abides by the laws and tax regulations, so the management of the company does not expect any significant obligations in this respect.
In year 2015 controlled company ECO ATMINVEST, d. o. o., merged by acquisition with
company E 3, d. o. o.
Nova Gorica, April 10 2015
Uroš Blažica,
D
149
appendix
Area of Elektro Primorska d.d.
Company is 4,335 km2.
Kazalo grafov
Table 39: Short-term financial investments
86
Graph 1: Age structure of employees
31
Table 40: Short-term operating receivables
86
Graph 2: Structure of employees according to the years of service
32
Table 41: Age structure of receivables
87
Graph 3: Structure of employees according to gender
32
Table 42: Value adjustment of short-term operating receivables
87
Graph 4: Number of accidents at work in Elektro Primorska d. d. in the period from 2010 to 2014
35
Table 43: Monetary assets
88
Graph 5: Achieved financial effects according to individual OU in year 2014 and 2011 (December 2014)
38
Table 44: Short-term accruals and prepaid expenditure
88
Graph 6: Monthly electricity consumption peaks in year 2014
50
Table 45: Capital
89
Graph 7: Monthly acquired electricity quantities in year 2014
50
Table 46: Provisions
90
Table 47: Long-term accruals and deferred income
90
Table 48: Long-term liabilities
91
Index of tables
Table 1: Employees overview
30
Table 49: Short-term liabilities
92
Table 2: Number of employees in individual age class
31
Table 50: Short-term accrued costs and deferred revenues
93
Table 3: Number of employees according to the years of service
31
Table 51: Operating revenues
95
Table 4: Number of employees according to gender
32
Table 52: Analysis of costs by functional groups
97
Table 5: Educational structure of employees
33
Table 53: Costs by nature
97
Table 6: Fizični obseg elektroenergetskih naprav na dan 31. 12. 2014
39
Table 54: Remuneration of supervisory board members
98
Table 7: Realization of services for SODO in year 2014
39
Table 55: Labor costs
98
Table 8: Investments according to main investment groups
40
Table 56: Remuneration of the management board members
99
Table 9: Physical indicators of constructed and reconstructed facilities
42
Table 57: Depreciation rates
99
Table 10: Overview of investment plan realization for year 2014
46
Table 58: Write-offs
99
Table 11: Monthly quantities of delivered electricity
47
Table 59: Other operating expenses
100
Table 12: Revenues from network use and supports for year 2014
49
Table 60: Financial revenue
100
Table 13: Peak and annual operating hours of Elektro Primorska in year 2014
51
Table 61: Financial expenses
101
Table 14: Production of electricity according to primary energy sources
52
Table 62: Other revenue
101
Table 15: Number of interruptions, longer than three minutes
53
Table 63: Other expenses
101
Table 16: SAIFI – System Average Interruption Frequency Index
53
Table 64: Net profit or loss
102
Table 17: SAIDI – System Average Interruption Duration Index
53
Table 65: Receivables and payables
104
Table 18: Realization of services for external customers in year 2014
54
Table 66: Revenues and expenses
105
Table 19: Balance sheet (assets)
64
Table 67: Contingent liabilities of the company
105
Table 20: Balance sheet (liabilities)
65
Table 68: Sub-balance sheet according to the Energy Act (assets))
108
Table 21: Profit and loss account
66
Table 69: Sub-balance sheet according to the Energy Act (liabilities)
109
Table 22: Statement of comprehensive income
67
Table 70: Profit or loss account according to the Energy Act
110
Table 23: Cash flow statement
68
Table 71: Consolidated balance sheet as at December 31 2014 (assets)
122
Table 24: Statement of changes in equity 2014
69
Table 72: Consolidated balance sheet as at December 31 2014 (liabilities)
123
Table 25: Statement of changes in equity 2013
70
Table 73: Consolidated profit or loss account for business year ended as at December 31 2014
124
Table 26: Main indicators of financing
71
Table 74: Consolidated statement of comprehensive income for year ended as at December 31 2014
125
Table 27: Main investment indicators
71
Table 75: Consolidated cash flow statement for year ended as at December 31 2014
125
Table 28: Main horizontal financial structure indicators
72
Table 76: Consolidated statement of changes in equity for year ended as at December 31 2014
126
Table 29: Main indicators of economy
72
Table 77: Consolidated statement of changes in equity for year ended as at December 31 2013
127
Table 30: Main indicators of return
73
Table 78: Main indicators of financing
128
Table 31: Changes in intangible assets in year 2014
81
Table 79: Main investment indicators
128
81
Table 80: Main indicators of financial structure
128
Table 33: Changes in tangible fixed assets in year 2014
82
Table 81: Main indicators of economy
129
Table 34: Changes in tangible fixed assets in year 2013
83
Table 82: Main indicators of return
129
Table 35: Long-term financial investments
84
Table 83: Long-term assets statements of Elektro Primorska Group
131
Table 36: Changes in financial investments
84
132
Table 37: Long-term operating receivables
85
133
Table 38: Stocks
85
Table 86: Changes in tangible assets in year 2014
134
Table 87: Changes in tangible assets in year 2013
List of Abbreviations
135
Table 88: Investment categories
136
AUKN
Table 89: Short-term assets of the group
137
BDP
gross domestic product
Table 90: Short-term receivables of the group
138
CUO
use of network price
Table 91: Outstanding receivables from sale and for interest of the group
138
COT
comprehensive risk management
D
Capital Assets Management Agency of Republic of Slovenia
electricity distribution
Table 92: Monetary assets of the group
139
Tabela 93: Aktivne časovne razmejitve
139
Table 94: Capital of the group
140
Table 95: Provisions of the group
141
Table 96: Long-term accruals and deferred income
141
Table 97: Long-term liabilities of the group
142
Table 98: Short-term liabilities of the group
143
ERP
enterprise resource planning
Table 99: Accrued expenses and deferred revenues of the group
144
EBIT
earnings before interest and tax
Table 100: Operating revenues of the group
144
GIS
geographic information system
Table 101: Operating expenses of the group
145
GIZ
economic interest grouping
Table 102: Analysis of group's costs
146
I
Table 103: Contingent liabilities of the group
148
DE
DCV
DV
DVPLM
DVE
EIMV
remote control center
power line
remotely controlled switch point
domestic energy sources
Milan Vidmar Electric Power Research Institute
investments
IIS
integrated information system
JR
public lighting
KBV
cable conduit
KEE
quality of electricity
NIS
network information system
NN
low voltage
NR
internal audit
OVE
RAST
REDOS
renewable energy sources
program of operating costs rationalization
development of Slovenian electricity distribution network
RP
substation
RS
Republic of Slovenia
RTP
transformer station
SAIDI
average interruption duration index
SAIFI
average interruption frequency index
SCADA
SDH
distribution networks system monitoring
Slovenian Sovereign Holding
SM
standing place
SN
medium voltage
SOD
SODO
SODO EP
SPTE
TP
Slovenian Compensation Fund
distribution network system operator
activity of Elektro Primorska d. d., implementing a service for SODO
cogeneration of heat and electricity
transformer station
UDO
distribution network management
URE
efficient use of electricity
UMAR
UKV
Oblikovanje: WOAF Design studio, Andraž Filač / Fotografija: Arhiv Elektro Primorska / Tisk: Color Print Nova Gorica
distribution unit
Institute of Macroeconomic Analysis and Development
ultra short waves
VN
high voltage
VZD
maintenance
ZSDH
Slovenian Sovereign Holding Act

Annual Report of Elektro Primorska d.d. Company and Elektro

Transcription

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