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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 15. INVESTMENT IN TPP PLOMIN In November 1996, HEP d.d. entered into a Joint Venture Agreement with RWE Energie Aktiengesellschaft, Germany (‘RWE’) regarding the completion and operation of TPP Plomin II. Consequently, a joint venture, TE Plomin d.o.o. (‘Plomin’) was formed in December 1996, with each partner holding 50 % of the equity of the new entity. A number of agreements were entered into, which regulate the relationship between the joint venture partners and their respective relationships with the new groups. In accordance with the 1996 Asset Contribution Agreement, HEP d.d. contributed property, plant and equipment previously acquired for the project valued (by Croatian valuation experts) at DEM 50,000 thousand (HRK 179,138 thousand) as a contribution in kind to Plomin. Of this amount, HRK 50 thousand was allocated as share capital, while HRK 179,088 thousand was allocated to reserves. In accordance with the Joint Venture Agreement, RWE contributed an equal amount of cash over the period of construction. The initial cash contribution of HRK 50 thousand was allocated as share capital and the remainder to reserves. The RWE capital contributed is distributed back to RWE over the term of the joint venture of 15 years, starting from the date of operation of the power plant at 30 April 2000. In 2010 the distribution of RWE invested equity amounted to HRK 12,382 thousand (2009: HRK 12,677 thousand). The remaining undistributed RWE invested capital amounted to HRK 63 million at 31 December 2010 (2009: HRK 75 million). Under the Statute of Plomin, RWE is entitled to an annual return during the term of the joint venture of 14% to 17% on invested capital (based on the actual number of hours of peak exploitation during the year). The invested capital includes RWE undistributed equity contribution as the unpaid portion of the accrued cumulative interest earned on investment during construction. During the period of construction, the accrued cumulative interest on the RWE capital amounted to HRK 54,717 thousand (EUR 7,536 thousand) and is payable on a straight-line basis during the period of exploitation. At 31 December 2009, accrued undistributed interest amounted to HRK 16,076 thousand (2009: HRK 19,577 thousand). The RWE annual return on invested capital, effectively a preferred dividend, is paid out from net profit of Plomin. The rate for 2010 and 2009 is 17% and 16%. The amount paid out in 2010 in respect of 2009 profits was HRK 15,674 thousand and in 2009 HRK 19,442 thousand in respect of 2008 profits. These distributions have priority to HEP d.d. interest in the results of the joint venture and any other payments to HEP d.d.. Since HEP d.d. share has been used to pay RWE interest on capital since 2000, HEP d.d. has not realized any portion of profits earned by Plomin. The joint venture partners entered into a number of agreements necessary for power plant operations, including: operation and maintenance agreements, a joint use and supply agreement and a power purchase agreement (‘PPA’). The PPA agreement regulates the sale of electric energy to the Group by Plomin d.o.o. HEP d.d. is obliged to purchase all energy produced by TE Plomin d.o.o. at prices calculated in accordance with specified formulas in the PPA, which are designed to cover all costs of operations of Plomin, and ensure the guaranteed return on capital to RWE. In these financial statements, the Group has presented its interest in TE Plomin using the method of full consolidation. 2010 2009 HRK ‘000 HRK ‘000 Opening balance of the non-controlling share 91,409 106,821 Interest payment (12,382) (12,677) Dividend payment (16,583) (19,442) Increase for current year profit 14,063 18,578 Correction of tax liabilities through retained earnings - (1,995) Exchange differences 486 124 Closing balance 76,993 91,409 101 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS
102 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 16. LONG-TERM LOAN RECEIVABLES AND DEPOSITS 31 December 2010 31 December 2009 HRK’000 HRK’000 Loans given 1,318 1,794 Current portion of loans given (135) (311) Long-term portion 1,183 1,483 Loans given to third parties Year loan approved Repayment period Loan amount 31 December 2010 31 December 2009 HRK’000 HRK’000 Town of Pregrada 2006 10 years 1,358 950 914 Did d.o.o. 2007 4 years 1,010 368 880 Total 1,318 1,794 Current portion (135) (311) Non-current portion 1,183 1,483
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DRAVA, KUPA, RJE»INA, LOKVARKA, LI
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HEP ANNUAL REPORT 2010 2 HEP GROUP
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HEP ANNUAL REPORT 2010 CHAIRMAN’S
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HEP ANNUAL REPORT 2010 PRESIDENT’
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COMPANY PROFILE MISSION, VISION AND
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BASIC VALUES COMPETENCE AND CREATIV
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Plomin Holding d.o.o. develops loca
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ELECTRICITY PRODUCTION The Governme
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SHORT HISTORICAL OVERVIEW 1895 Firs
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20 HEP ANNUAL REPORT 2010 CHAPTER 2
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HEP'S BUSINESS OPERATIONS IN 2010 B
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In 2010, the total electricity turn
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OPERATING EXPENSES The Group’s op
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ELECTRICITY SALES (GWh) 2010 2009 2
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CREDIT RATING In September 2010, St
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SUSTAINABLE DEVELOPMENT POLICY AND
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HEP OPERATOR PRIJENOSNOG SUSTAVA d.
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HEP OPERATOR PRIJENOSNOG SUSTAVA d.
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Overseeing the quality of services
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FINANCIAL STATEMENTS INDEPENDENT AU
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HEP OPERATOR DISTRIBUCIJSKOG SUSTAV
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HEP OPERATOR DISTRIBUCIJSKOG SUSTAV
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ORGANIZATION CHART ECONOMIC AFFAIRS
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MODIFIED OPINION In our opinion, ex
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HEP TOPLINARSTVO d.o.o. STATEMENT O
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ORGANIZATION CHART LEGAL AND GENERA
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ENERGY BALANCE (10 3 m 3 ) 2009 201
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HEP PLIN d.o.o. INCOME STATEMENT FO
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HEP PLIN d.o.o. STATEMENT OF FINANC
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