I Draw Energy from Here
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OPERATING HIGHLIGHTS IN 2010 1 I draw energy from here. ANNUAL REPORT 2010 ANNUAL REPORT 2010 Elektro Ljubljana d.d. 2 OPERATING HIGHLIGHTS IN 2010 OPERATING HIGHLIGHTS IN 2010 3 Positive Energy Networking Annual Report FOR THE YEAR 2010 LJUBLJANA, MARCH 2011 ANNUAL REPORT 2010 Elektro Ljubljana d.d. ANNUAL REPORT 2010 Elektro Ljubljana d.d. 4 OPERATING HIGHLIGHTS IN 2010 CONTENTS 5 C O N T E N T S Operating Highlights in 2010 ...........................................................................................8 Important Events in 2010 ...............................................................................................10 Main Goals in 2011 .......................................................................................................... 12 Management Board Report ........................................................................................... 14 Report of the Chairman of the Supervisory Board ................................................... 16 1. GENERAL INFORMATION ................................................................................ 19 1.1. Company Profile ..................................................................................................20 1.2. Organisation and Activities of the Company ................................................20 1.3. Management ........................................................................................................22 1.4. The Supervisory Board.......................................................................................23 1.5. Corporate Governance .......................................................................................23 2. BUSINESS REPORT .............................................................................................25 2.1. Mission and Vision ..............................................................................................26 2.2 General Operating Conditions ..........................................................................26 2.3. Distribution of Electricity ...................................................................................32 2.4. Sale of Electricity .................................................................................................40 2.5. Other Services ......................................................................................................44 2.6. Marketing ..............................................................................................................46 2.7. Performance Analysis ........................................................................................48 2.8. Financial Property Position ............................................................................... 51 2.9. Risk Management ...............................................................................................57 2.10. Investments ..........................................................................................................62 2.11. Information Technology .....................................................................................66 2.12. Quality Management ..........................................................................................67 2.13. Planning and Development ..............................................................................70 2.14. Information for Shareholders ...........................................................................72 2.15. Significant Events after the end of the Business Year ...............................73 3. CORPORATE SOCIAL RESPONSIBILITY ........................................................75 3.1. Concern for Employees ...................................................................................... 76 3.2. Concern for other Publics ................................................................................. 81 3.3. Concern for the Environment ..........................................................................82 3.4. Communication with Stakeholders ................................................................86 4. AUDITOR’S REPORT ...........................................................................................90 5. FINANCIAL REPORT ...........................................................................................92 ANNEX List of Abbreviations and Symbols ............................................................124 ANNUAL REPORT 2010 Elektro Ljubljana d.d. ANNUAL REPORT 2010 Elektro Ljubljana d.d. 6 OPERATING HIGHLIGHTS IN 2010 OPERATING HIGHLIGHTS IN 2010 7 Foreword I hear my body. I know my limits. And I know I can shift them. I can be better than myself. This gives me power. It gives me desire. I draw energy from here. ANNUAL REPORT 2010 Elektro Ljubljana d.d. ANNUAL REPORT 2010 Elektro Ljubljana d.d. 8 OPERATING HIGHLIGHTS IN 2010 OPERATING HIGHLIGHTS IN 2010 9 NET SALES REVENUES (EUR THOUSAND) NET PROFIT OR LOSS (EUR THOUSAND) Operating Highlights in 2010 NET SALES REVENUES/EMPLOYEE* (EUR THOUSAND) NET PROFIT MARGIN (%) 267,630 267,225 263,931 282,880 271,911 9,238 1,114 160 977 1,348 2006 2007 2008 2009 2010 Net sales revenues (EUR) 267,629,540 267,224,600 263,930,813 282,880,411 271,911,381 272 269 259 273 268 chain index — 99.8 98.8 107.2 96.1 Net profit or loss (EUR) 9,238,145 1,114,185 160,369 976,786 1,347,772 chain index — 12.1 14.4 609.1 138.0 EBIT (EUR) 7,034,543 838,545 7,568,049 2,294,692 4,570,743 3.5% 0.4% 0,1% 0.3% 0.5% chain index — 11.9 902.5 30.3 199.2 Value added (EUR) 53,780,825 48,310,347 60,126,808 57,158,258 60,324,985 chain index — 89.8 124.5 95.1 105.5 Investments (EUR) 41,893,040 42,200,842 45,517,557 47,524,310 23,011,282 chain index — 100.7 107.9 104.4 48.4 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Electricity intake (v MWh) 3,945,427 4,052,875 4,136,255 4,036,156 4,169,039 chain index — 102.7 102.1 97.6 103.3 Number of customers 309,155 315,945 320,639 323,997 326,520 chain index — 102.2 101.5 101.0 100.8 VALUE ADDED (EUR THOUSAND) INVESTMENTS (EUR THOUSAND) VALUE ADDED/EMPLOYEE* (EUR THOUSAND) INVESTMENTS/NET SALES REVENUES (%) Number of employees as at 979 1,004 1,027 1,028 984 31 December chain index — 102.6 102.3 100.1 95.7 53,781 48,310 60,127 57,158 60,325 41,893 42,201 45,518 47,524 23,011 Total assets as at 381,258,922 412,776,591 446,204,740 480,542,867 488,074,304 31 December (EUR) 15.7% 15.8% 17.2% 16.8% 8.5% chain index — 108.3 108.1 107.7 101.6 54.7 48.7 59.1 55.2 59.6 Equity as at 261,078,788 260,626,562 260,595,960 261,758,876 262,963,562 31 December (EUR) chain index — 99.8 100.0 100.4 100.5 Book value per share as at 6.67 6.66 6.65 6.68 6.72 31 December (EUR) chain index — 99.9 99.9 100.4 100.5 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 *Calculated from average number of employees ANNUAL REPORT 2010 Elektro Ljubljana d.d. ANNUAL REPORT 2010 Elektro Ljubljana d.d. 10 IMPORTANT EVENTS IN 2010 IMPORTANT EVENTS IN 2010 11 Important Events in 2010 Appointment of the President of the Board of Directors of Elektro six charging stations in CML, which were officially opened by the opening of the charge On 23 September Ljubljana point on the Miklošičeva cesta. All charge points are supplied by the Green Energy of 2010, the President of Based on the public tender for the appointment of the President of the Board of Elektro Ljubljana. By opening the charge points, the Company followed the needs of the Board of Directors, Directors of Elektro Ljubljana, the Supervisory Board, at its session on 4 February its consumers and development directions, since charge points for the electricity-driven together with the 2010, first appointed Mr Andrej Ribič as of 23 March 2010. vehicles represent a new direction in the exploitation of renewable sources. Vice-Mayor of the City Municipality The First Successful Application of the Temporary Quick- Return of the Overcharged Electricity Consumption of Ljubljana (CML), Installation Long-Distance Transmission HV-Pillar According to decisions of the Competition Protection Office of the Republic of Slovenia opened up the first In 2009, Elektro Ljubljana decided to purchase quick-installation 110 kV pillars, and of the Supreme Court of the Republic of Slovenia, the company returned the public electric-vehicle which are completely new in the Slovenian territory. This decision was mostly based overcharged electricity consumption to the household customers, who were our buyers charge point on the on the need to eliminate the consequences of breakdowns on the 110 kV network, in the period from 1 January 2008 to 31 October 2008. The returns were realised by CML territory. as quickly as possible. The workers successfully put up the first incidental pillar on credit notes, which also included the statutory default interests. The customers received 5 February 2010 in very difficult weather conditions on the 110 kV long-distance credit notes in the period between 10 September 2010 and 20 September 2010. transmission Hudo-Kočevje. In 2010, the incidental pillars were also used at the overhaul of connecting power-line pillars for the RTP Vič. Fast and Successful Intervention in the Flood Water Disaster On the 18th and 19th of September 2010, the area supplied with electricity by the World Energy Saving Day Elektro Ljubljana, was heavily affected. Upon requests of customers and fire squads, At the event of the At the event of the World Energy Saving Day, experts of Elektro Ljubljana, on Friday the low voltage outages and transformer substations were being shut down as a preventive World Energy Saving 5th of March 2010