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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 21. OTHER SHORT-TERM RECEIVABLES 31 December 2010 31 December 2009 HRK’000 HRK’000 VAT receivable 27,560 19,555 Advances for working capital 26,196 18,865 Receivables from the State in respect of employees 6,403 7,950 Interest receivable 3,564 2,714 Demand and time deposits 1,735 8,362 Accrued electricity sales – households 380 87,058 Income tax prepayments - 5,750 Receivables for Government bonds - 22,641 Other short-term receivables 78,226 52,564 144,064 225,459 The adjustment to the household electricity sales at 31 December 2010 has been determined using a logarithmic curve using grid losses of 8.74 percent, whereas the grid loss percentage used in the calculation for the year ended 31 December 2009 was 8.46 percent. The above-mentioned percentage change resulted in a decrease in receivables and revenue in amount of HRK 86.6 million compared to the prior year. 22. CASH AND CASH EQUIVALENTS 31 December 2010 31 December 2009 HRK’000 HRK’000 Current accounts – HRK 71,510 61,810 Current accounts – Foreign 27,352 22,436 Current accounts for special purposes 5,710 11,407 Petty cash registers – HRK 287 418 Deposits due till 90 days 559,800 13,865 Daily deposits 97,498 33,898 762,157 143,834 107 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS
108 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 23. CAPITAL AND RESERVES The original registration of share capital on 12 December 1994 was made in German Marks (DEM 5,784,832 thousand). On 19 July 1995, the share capital was reregistered in Croatian Kuna in the value of HRK 19,792,159 thousand. The share capital consists of 10,995,644 ordinary shares, with a nominal value of HRK 1,800 each. The value adjustment of the investment in NPPK in respect of exchange differences was charged to equity. Exchange differences in NPPK as of 31 December 2010 amounted to HRK 131,472 (HRK 17,354 thousands in 2010, HRK 4,005 thousands in 2009). Retained earnings in the amount of HRK 816,246 thousand comprise prior year profits in the amount of HRK 118,245 thousand, transferred loss in the amount of HRK 723,302 thousands, profit for the year in the amount of HRK 1,421,303 thousand. The non-controlling interest attributable to RWE amounts to HRK 76,993 thousand of which HRK 14,063 thousand represent dividends attributable to the foreign equity holder. CAPITAL RESERVES 31 December 2010 31 December 2009 HRK’000 HRK’000 Opening balance of reserves (2,038,472) (1,891,069) Transfer from retained earnings 1,008,073 - Exchange differences – NPPK 17,354 (148,826) Fair valuation of shares 7,499 1,423 (1,005,546) (2,038,472) RETAINED EARNINGS 31 December 2010 31 December 2009 HRK’000 HRK’000 Opening balance 403,018 267,174 Correction of opening balance (2) - Transfer to reserves (1,008,073) - Profit for the year 1,421,303 135,844 816,246 403,018 Based on General Assembly decision dated from June 30,2010 about distribution of profits from 2009 and retained earnings from prior year transfer in amount of HRK 1,008,073 thousand was done to cover negative reserves from previous years. On 2 April 2011, the Government of the Republic of Croatia adopted a decision on the distribution of profit, that a minimum of half of the current year’s profit of companies owned by the Republic of Croatia that operate with profit should be distributed. The decision should be ratified in the General Shareholders’ Meeting of the Company.
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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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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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ECOLOGICAL NETWORK Upon the coming
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WASTE During 2010, the years-long t
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ACTIVITIES AND ACHIEVEMENTS IN HEP
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FINANCIAL STATEMENTS INDEPENDENT AU
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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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ENERGY BALANCE (10 3 m 3 ) 2009 201
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DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

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