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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 25. LONG-TERM LIABILITIES TO THE GOVERNMENT The long-term debt to the Government in the amount of HRK 33,734 thousand relates to the obligation arising on the sale of housing units to employees under the Government program, which was discontinued in 1996. According to the law regulating housing sales, 65% of the proceeds from the sale of apartments to employees were payable to the state at such time as the proceeds were collected. According to the law, HEP d.d. has no liability to remit the funds, unless and until they are collected from the employee. Decrease of liabilities in comparison to 2009 year is caused by write off of receivables from banks based on sold apartments paid with old foreign-currency savings as well as liabilities towards State up to 65% of sold apartments also paid with old foreign-currency savings. 26. DERIVATIVE FINANCIAL INSTRUMENTS INTEREST RATE SWAP The Group has one interest rate swap contract which hedges the Group’s exposure to variable interest rate debt. Under the contract, the six-month interest rate payable by the Company is fixed at 5.39%, while the swapped interest rate is equal to the six-month EURIBOR rate, approximately 1.2019% at 31 December 2010 (2009: approximately 1.0075 %). Contract settlements are payable every six months. The contract matures on 25 October 2012. The notional principal amount of the interest rate swap contract at 31 December 2010 was EUR 10,226 thousand (2009: EUR 15,339 thousand). The fair value of the interest rate swap contract, representing a future obligation, at 31 December 2010 amounted to HRK 2,875 thousand (2009: HRK 6,284 thousand). The related deferred tax asset at 31 December 2010 amounted to HRK 575 thousand (2009: HRK 1,257 thousand). The non-current and the current portions of the obligation are presented below: 31 December 2010 31 December 2009 HRK’000 HRK’000 Long-term portion (Note 29) 672 3,513 Current portion (Note 33) 2,203 2,771 2,875 6,284 111 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS
112 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 27. LONG-TERM PROVISIONS 31 December 2010 31 December 2009 HRK’000 HRK’000 Litigation provision 162,443 145,335 Provision for retirement bonuses 302,157 233,949 Provision for jubilee awards 46,268 53,900 Thermal power plant decommissioning provision 93,121 92,280 Decommission costs of NPPK - 4,932 Provision for NPPK decommissioning (long-term) 53,838 - Provision according to damages contract 80,800 28,621 Provision for delivered electricity from wind power plants 22,031 - Provision for investment in HE Lešće 39,287 - 799,945 559,017 HRK’000 Legal actions The thermal power plant decommissioning provision in the amount of HRK 93,121 thousand represents a discounted value of the estimated decommissioning costs of the Group’s thermal power plants. Movements in the present value of defined benefit obligations in the current period were as follows: Retirement bonuses Jubilee awards Decommissioning – NPPK Decommissioning of TPPs Other Total At 1 January 2010 145,335 233,949 53,900 4,932 92,280 28,621 559,017 Current portion - - - - - - - New provisions made 75,986 85,360 1,402 53,838 5,548 113,497 335,631 Decrease in provisions (amounts paid) (58,808) (17,152) (9,030) (4,932) - - (89,922) Decrease in provision on valuation (70) - (4) - (4,707) - (4,781) At 31 December 2010 162,443 302,157 46,268 53,838 93,121 142,118 799,945
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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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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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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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DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

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