Slovenia: Big losses at HSE in 2020

, SEE Energy News

Slovenian state-owned electricity producer HSE said that it has recorded a net loss in the amount of 184.2 million euros in 2020, compared to 30 million euros profit recorded in 2019, mostly due to impairment of assets.

The company’s sales revenue reached 1.859 billion euros last year, compared to 1.73 billion euros in 2019, while its EBITDA increased to 187.8 million euro from 160.6 million euros in the year before.

However, in 2020, impairment of long-term financial investments in the total amount of 314.3 million euros was recognized on the basis of performed expert assessments in accordance with IAS 36 accounting standard. Without impairment of assets, HSE would have achieved a net profit of 60.7 million euros last year.

HSE is the largest producer of electricity from renewable sources in Slovenia: in 2020 we produced as much as 88 % of all electricity from renewable sources in the country. This production is mostly hydro-based, but recently HSE obtained a license for the construction of the largest solar power plant in Slovenia – 3.04 MW Prapretno solar power plant near Hrastnik.