Poslovno poročilo

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BUSINESS REPORT

The principal activity and mission of ELES is to ensure the secure and reliable operation of the Slovenian electricity system 24/7.

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OPERATIONINFRASTRUCTURESTRATEGIC INNOVATIONSECONOMICSPEOPLEENVIRONMENT

Our mainactivity and vision are to provide safe and reliable operation of theelectricity system in the Republic of Slovenia. We provide this service 24hours per day, all calendar days.

The value ofcreation in ELES results from the cooperation and synergies between the keyactivities which we are performing. Our sustainable operation is based on threepillars: economy, people and the environment.

OPERATION

Ensuring uninterrupted system operations. The system is managed optimally under normal operating conditions and effectively under critical conditions.

13.952

GWh was fed in by producersin 2017

13.149

GWh total energy input from the transmission system

Electricity offtake and input: Producers fed a total of 13,952GWh into the network, while the total energy offtake from the transmission network excluding losses amounted to 13,149GWh (3% more than in 2016).

747

MW of net transmission capacities from Austria to Slovenia

Congestion and right to use cross-border transmission capacities:
In 2017, net transmission capacities (NTC) from Austria to Slovenia amounted to 747MW on average, which is 13% more than in 2016 and 24% less than planned. Considering the allocation of cross-border transmission capacities, 2017 passed without any noteworthy incidents.

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INFRASTRUCTURE

Existing high-voltage transmission line links and pertaining power plants are in good condition. New links and plants needed for a reliable future supply to electricity customers are carefully planned and constructed.

49,5

million of investments

Investments: €49.5 million, which is 43% less than planned. Reasons: subsequent changes to the scope of implementation, the preparation of documents and the acquisition of approvals; opposition by civil initiatives.

2.893

km of transmission lines

Maintenance activities cover transmission lines in the length of 2,893 kilometres and 45 stations with pertaining power transformers and other high-voltage transmission facilities and are carried out by transmission network infrastructure centres in Maribor, Podlog, Ljubljana and Divača. In 2017, all maintenance works were done that could be done considering the electricity situation.

110 kV

takeover of 110kV network

Prevzem 110 kV omrežja: ELES took over the 110kV transmission equipment of the line, connecting and metering bays at 110kV switching substations and the 110kV transmission lines from sellers with whom an appraisal agreement was made.

The provision of an alternative supply for offtake: Due to emergency maintenance works on the 100kV link between Divača and Ajdovščina, the link was disconnected and offtake was provisionally supplied from an island operation established at the HPP on the Soča river.

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projects to construct and upgrade transmission links

The construction of transmission links: The Company implemented 21 projects to construct new and upgrade existing transmission links.

The management of damaged infrastructure:
‍Heavy winds in December caused damage to several transmission lines. In close cooperation with distribution companies, the consequences were eliminated in the shortest possible time.

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STRATEGIC INNOVATIONS

Due to major changes in the electricity ecosystem innovations are researched, developed and introduced prudently.
ELES’s strategic innovations are closely integrated and provide coordinated support to all key activities performed to realise the Company mission.

A map of the strategic innovative European and international development projects coordinated by ELES or involved in as a partner. The projects support the current operations of ELES while co-developing the strategic visions of our tomorrow.

Strategic innovations

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ECONOMICS:
FINANCIAL PERFORMANCE

Key performance indicators

INDICATORS	Unit	2013	2014	2015	2016	2017	LN 2017	LN 2018

INCOME STATEMENT
Operating revenue	€ million	138.9	140.9	152.7	162.8	185.8	169.0	175.8
Operating expenses	€ million	130.7	133.3	140.9	147.8	168.9	150.6	156.3
Net profit for the year	€ million	8.4	8.7	10.0	12.6	16.8	16.3	18.0
Earnings before interest and taxes (EBIT)	€ million	8.2	7.7	11.8	15.0	16.9	18.4	19.4
Earning before interest, taxes, depreciation and amortisation (EBITDA)	€ million	36.2	37.9	41.1	45.4	49.9	49.5	48.7

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BALANCE SHEET AS AT 31 DEC
Assets	€ million	623.9	656.3	674.1	648.9	677.2	684.9	682.2
Equity	€ million	381.7	379.8	324.4	313.7	331.7	357.6	348.2

PERFORMANCE INDICATORS
Return on equity (ROE)	%	2.2	2.3	2.9	3.7	5.4	4.7	5.4
Return on assets (ROA)	%	1.4	1.4	1.5	1.9	2.5	2.4	2.7
Operating efficiency		1.062	1.058	1.084	1.101	1.100	1.122	1.124
Net financial debt (NFD) *	€ million	119.3	125.2	142.5	166.5	143.5	222.2	197.3
NFD to equity		0.31	0.33	0.44	0.53	0.43	0.62	0,57
NFD to EBITDA		3.30	3.31	3.47	3.67	2.88	4.49	4.05

REGULATORY FRAMEWORK INDICATOR
Attainment of regulated return	%	49.98	56.79	65.36	74.04	89.54	97.94	95.10

OTHER IMPORTANT INFORMATION
Investments	€ million	46.2	37.9	37.3	34.6	49.5	87.3	72.5
NO. OF EMPLOYEES AS AT 31 DEC		538	532	546	566	566	550	554
Added value per employee	€ thousand	122.8	124.0	129.9	137.9	149.4	145.0	148.7

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PEOPLE:
RELATIONS WITH EMPLOYEES AND THE GENERAL PUBLIC

Employees are the key factor in value creation. By internalising values adopted at Company level, employees actively include them in their everyday business and private life, thus putting the Company mission and vision into effect.

Employee satisfaction measurements from various aspects of work

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ENVIRONMENT:
DUE DILIGENCE IN THE MANAGEMENT OF ENVIRONMENTAL AND SPATIAL IMPACTS

In 2017, most investment funds were spent on updating and installing devices for waste water drainage, energy efficiency improvement of buildings and provision of outdoor lighting. Most expenses related to utilities, supply of water from the public water distribution system and electromagnetic radiation measurements.

Expenses and investments

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