National Report of the Slovak Republic - Radiation and Nuclear Safety , September 1998

4.2.1 Operation and Safety Improvement Program Financing

The nuclear and radiation safety concept adopted by the Board of Directors of the Joint Stock Company Slovenské elektrárne includes the principal commitment to have available funds necessary to meet the main principles of nuclear and radiation safety and to provide for continuous improvement in the education and qualification levels of the employees. To be able to fulfill this commitment, the Company had to develop its financial strategy which, in addition to the above mentioned tasks, would enable the fulfill ment of and technological base development program (for a short description, see Section 1.2.).

The financial strategy of the Company has been defined as the method of providing for optimum financing of operation-related and capital investment needs of the Company. The strategic objectives of the operator in the field of finances include:

Acquiring trust of banks and financial institutions is a long-term process requiring consequential analysis of the performance achieved by the Company, analysis of the environment in which the Company is doing business (position on the market, market stability, development and provision for supplies and sales), and development of a transparent projection of future means. The period within which the Joint Stock Company Slovenské elektrárne endeavored to acquire the trust of banks, were the years 1994 - 1995, when several dozens of employees were directly or indirectly participating in the development and presentation of background materials. The results became evident in the subsequent years, when sufficient funds could be raised not only to cover the costs of the extension and implementation of safety measures at the Nuclear Power Plant Mochovce, reconstruction and modernization of Bohunice V-1 units but also to cover environmental projects associated with the fitting of conventional thermal sources of the Company.

The most important results achieved include:

(Investičná a rozvojová banka)

In this way, SE, a.s. succeeded in securing transactions in a summary financial volume exceeding Sk 50 billion, the restructuring of the loans resulted in an improvement of the balance sheet structure, and in a reduction of the average interest rates from originally 14.3% to 11.6%.

The funds raised from own performance of the Company and from the above mentioned financial transactions enabled to implement demanding safety improvement projects in existing as well as newly constructed nuclear installations, in addition to current repairs of nuclear installations. In recent years, Slovenské elektrárne, a.s. has invested:

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