Elektro Gorenjska Group Consolidated Annual Report for Year 2013 LP EG13 - Platnica Prednja - Za Tisk.Qxd 11.6.2014 12:17 Page 1
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LP EG13 - ANGLESKO - platnica prednja - za tisk.qxd 7.8.2014 11:12 Page 1 pregiba 2013 Elektro Gorenjska Group Consolidated Annual Report For Year 2013 LP EG13 - platnica prednja - za tisk.qxd 11.6.2014 12:17 Page 1 pregib 2013 Skupina Elektro Gorenjska Konsolidirano letno poročilo 2013 Consolidated annual report 2013 Table of contents a. B U S I N E S S R E P O R T 11 1 important events and awards of elektro gorenjska group in year 2013 13 2 highlights of elektro gorenjska group operation in year 2013 and goals of the group companies 19 3 management report 25 3.1 corporate governance statement 29 3.2 supervisory board report 30 4 presentation of elektro gorenjska group 35 4.1 structure of elektro gorenjska group and associated companies 36 4.1.1 elektro gorenjska company identity card 36 4.1.2 elektro gorenjska prodaja company identity card 37 4.1.3 gorenjske elektrarne company identity card 38 4.2 other related companies or related legal entities 39 4.3 main activities and fields of business 39 4.4 main area of operation 40 4.5 main technical data 40 4.6 management and governance of companies in elektro gorenjska group 41 4.6.1 management and governance of elektro gorenjska company 41 4.6.2 management and governance of elektro gorenjska prodaja company 43 4.6.3 management and governance of gorenjske elektrarne company 44 4.7 share capital and ownership structure 44 4.7.1 share capital and ownership structure of elektro gorenjska company 44 4.7.2 share capital and ownership structure of elektro gorenjska prodaja company 45 4.7.3 share capital and ownership structure of gorenjske elektrarne company 45 4.8 vision, mission and values of the group 46 4.9 environment analysis and its impact on group's operation 46 4.9.1 general economic environment and forecasts of economic trends 46 4.9.2 key strategic guidelines of elektro gorenjska group 47 4.9.3 energy legal environment of group's operation in year 2013 47 4.9.4 contract with sodo 50 4.9.5 electricity losses in network 50 4.9.6 sodo supply 51 4.9.7 Schedule derogations 52 4.9.8 general conditions for the supply and consumption of electricity from the distribution network 52 4.9.9 water act 52 4.9.10 construction act 53 4.9.11 environment protection act 53 4.9.12 excise duty 53 5 management and quality systems 55 5.1. certification management systems 56 5.2. risk management 59 6 business analysis of the group 63 6.1 quantities of distributed electricity 64 6.2 quality of electricity supply 64 6.3 quantities of purchased and sold electricity 67 6.4 prices of electricity 69 6.5 production of electricity 70 6.6 investments 71 6.7 maintenance of energy facilities 72 6.8 development and design 74 6.9 financial performance criteria of the group 75 6.9.1 list of significant indicators 75 6.9.2 financing indicators 77 6.9.3 investment indicators 78 6.9.4 horizontal financial structure indicators 78 6.9.5 indicators of economy or return 78 6.9.6 asset turnover indicators 79 6.9.7 return indicators 79 6.9.8 structure of assets and liabilities 81 6.9.9 structure of revenue and expenditure 82 7 marketing and sales 85 7.1 services and products 86 7.2 buyers and customers 87 7.2.1 services for business customers 88 7.2.2 services for household customers 89 8 sustainable development 95 8.1 care for employees 96 8.1.1 demographic structure in the group 96 8.1.2 employment 98 8.1.3 employment of persons with disabilities 99 8.1.4 education 99 8.1.5 educational structure of employees 101 8.1.6 scholarships 102 8.1.7 employee motivation and remuneration 102 8.1.8 annual interviews 102 8.1.9 organizational culture 103 8.1.10 employee satisfaction and commitment 104 8.1.11 employee absence 105 8.1.12 relations between employees and management in the company 105 8.1.13 care for employees and related groups outside working hours 106 8.1.14 communication with employees 106 8.1.15 connecting the employees and wider community 107 8.1.16 health and safety at work 107 8.2 concern for the environment 109 8.2.1 environmental policy 109 8.2.2 achievements in the field of environment protection in year 2013 109 8.2.3 goals in environment protection in year 2014 110 8.2.4 management of various environmental aspects in year 2013 110 8.2.5 environmental communication 114 8.3 care for the public interest – social responsibility 114 8.3.1 communication with local community and social responsibility 115 8.3.2 communication with business partners 116 8.3.3 communication with media 116 8.3.4 communication with customers 116 8.3.5 communication with final customers 117 8.3.6 communication with shareholders and financial public 117 8.3.7 communication with influential public 117 8.3.8 communication with other interested public 118 9 events after the balance sheet date 121 10 management responsibility statement 125 B. F I N a N C I a L R E P O R T 129 11 auditor's report 131 12 financial statements of elektro gorenjska group for business year ended as at 31. 12. 2013 135 12.1 balance sheet of elektro gorenjska group as at 31. 12. 2013 136 12.2 profit or loss account of elektro gorenjska group for business year ended as at 31. 12. 2013 138 12.3 statement of other comprehensive income of elektro gorenjska group for business year ended as at 31. 12. 2013 139 12.4 cash flow statement of elektro gorenjska group for business year ended as at 31. 12. 2013 140 12.5 statement of changes in equity of elektro gorenjska group for the business year ended as at 31. 12. 2013 141 13 significant accounting policies 145 13.1 general accounting framework 146 13.2 recognizing exchange rate differences 146 13.3 reporting in geographical and business segments 146 13.4 significant accounting policies and estimates 147 13.4.1 intangible assets and long-term accruals and pre-paid expenditure 147 13.4.2 tangible fixed assets 147 13.4.3 investment property 148 13.4.4 long-term financial equity investments in other companies and interest rate swap 149 13.4.5 assets for sale 150 13.4.6 stocks 151 13.4.7 claims 151 13.4.8 monetary assets 152 13.4.9 short-term accruals and prepaid expenditure 152 13.4.10 capital 152 13.4.11 provisions and long-term accrued costs and deferred revenues 153 13.4.12 long-term debts 153 13.4.13 short-term debts 153 13.4.14 short-term accrued costs and deferred revenues 154 13.4.15 revenues 154 13.4.16 costs and expenditure 154 13.4.17 cash- flow statement 155 13.4.18 claims and liabilities for deferred tax 155 14 significant sources of uncertainty and assumptions and bases used in assessing these uncertainties and estimates 157 14.1 transactions with sodo company 158 14.2 disputes in progress and related provisions 159 14.3 accounts of electricity purchase for losses in network and for implementation of other activities under the contract with sodo 159 14.4 accounts of electricity purchase – derogations from schedules 160 15 notes to the balance sheet items 163 15.1 intangible assets and long-term accruals and pre-paid expenditure 164 15.2 tangible fixed assets 165 15.3 investment property 167 15.4 long-term financial investments 169 15.5 assets for sale 170 15.6 stocks 170 15.7 short-term financial investments 171 15.8 short-term operating receivables 171 15.9 monetary assets 172 15.10 short-term accruals and pre-paid expenditure 172 15.11 capital 173 15.12 provisions and long-term accrued costs and deferred revenues 175 15.13 long-term liabilities 176 15.14 short-term financial liabilities 177 15.15 short-term operating liabilities 178 15.16 short-term accrued costs and deferred revenues 178 15.17 potential assets, liabilities and off-balance sheet records 179 16 notes on profit and loss account items 181 16.1 net sales revenues 182 16.2 capitalized own products and own services 182 16.3 other operating revenues 183 16.4 financial revenues from shares 183 16.5 financial revenues from loans 183 16.6 financial revenue from operating receivables 184 16.7 costs of goods sold and materials used 184 16.8 costs of services 185 16.9 labor costs 186 16.10 amortization / depreciation expenses 187 16.11 other operating expenses 187 16.12 financial expenses from impairments and financial investment write-offs 187 16.13 financial expenses from financial liabilities 188 16.14 other expenses 188 16.15 breakdown of costs by functional groups 188 16.16 income tax 189 16.17 deferred tax liabilities and deferred taxes 189 17 notes on other comprehensive income items 192 18 notes on cash flow items 192 19 contingent liabilities 193 20 transactions with affiliates 193 20.1 transactions with group companies in year 2013 193 20.2 transactions with management, supervisory board and employees under contract for which tariff part of the collective agreement does not apply 194 21 auditing costs 197 22 events after the balance sheet date 197 7 42: changes in educational structure in elektro gorenjska group in INDEX OF FIGURES period from 2009 to 2013 101 43: average level of education in companies and elektro gorenjska group in 1: organization chart of elektro gorenjska group 36 the period from 2009 to 2013 101 2: elektro gorenjska company identity card 36 44: ideal organizational culture 103 3: elektro gorenjska prodaja controlled company identity card 37 45: average scores in the fields of the survey 104 4: gorenjske elektrarne controlled company identity card 38 46: commitment of employees in elektro gorenjska 104 5: area of supply of electricity distribution companies 40 47: number of accidents at work 108 6: organization chart in elektro gorenjska company 41 48: gravity of injuries 108 7: changes in the number of shareholders of elektro gorenjska company 49: frequency of injuries 108 from 31.