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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 35. CONTINGENT LIABILITIES AND COMMITMENTS LEGAL ACTIONS In 2010, the Group established a provision for legal actions estimated to be ruled against HEP d.d.. The Group has long-term financial investments in the territory of Bosnia and Herzegovina, and Serbia which in 1994 had a historical cost of HRK 1,243,970 thousand. At the time of the transformation of the Company into a joint stock company in 1994, this amount was excluded from the net asset value. OPERATING COMMITMENTS As at 31 December 2010, as part of its investing activities, the Group has concluded contracts under which the construction of a number of significant facilities and other investments has commenced but has not been completed. The unrealised contract value for most significant projects amounts to approximately HRK 1,986,175 thousands (2009: HRK 2,163,949 thousand). Most significant investments refers to investments in HEP Proizvodnja d.o.o., HEP Operator prijenosnog sustava d.o.o. and HEP Operator Distribucijskog sustava d.o.o ENVIRONMENTAL MATTERS The principal activities of the Group are generation, transmission and distribution of electricity, and the control of the electric power systems. In addition to these main activities, the HEP Group deals with the production and distribution of thermal power through the district heating systems in Zagreb in Osijek, and the distribution of gas in Osijek and Đakovo. These principal business activities can have inherent effects on the environment in terms of emissions into soil, water and air. The environmental effects of the Company’s and Group’s activities are monitored by local management and environmental authorities. Croatia requested membership to the European Union. As part of the succession process environmental regulations similar to those at other EU countries might be introduced in Croatia. Such environmental regulations might have an impact on environmental liabilities for the Group. 119 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS
120 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 36. SUBSIDIARIES As at 31 December 2010, the Group had the following subsidiaries: Subsidiary Country Interest in (%) Main activity HEP-Proizvodnja d.o.o. Croatia 100 Electricity generation and heating HEP-Operator prijenosnog sustava d.o.o. Croatia 100 Electricity transmission HEP-Operator distribucijskog sustava d.o.o. Croatia 100 Electricity distribution HEP Opskrba d.o.o. Croatia 100 Electricity supply HEP-Toplinarstvo d.o.o. Croatia 100 Thermal power generation and distribution HEP-Trgovina d.o.o. Croatia 100 Electrical energy trading and optimization of power plants production HEP-Plin d.o.o. Croatia 100 Gas distribution TE Plomin d.o.o. Croatia 50 Electricity generation Agencija za posebni otpad d.o.o. Croatia 100 Special waste management HEP ESCO d.o.o. Croatia 100 Financing of energy efficiency projects Plomin Holding d.o.o. Croatia 100 Development of infrastructure in area around Plomin Buško Blato d.o.o. BiH 100 Maintenance of hydro power plants HEP-Odmor i rekreacija d.o.o. Croatia 100 Accommodation and recreation services HEP-NOC Velika Croatia 100 Accommodation and training HEP-Obnovljivi izvori energije d.o.o. Croatia 100 Electricity generation The majority of these subsidiaries were created for the purpose of reorganization and re-structuring the core business activities driven by the new energy legislation, which came into effect as of 1 January 2002, as indicated in Note 1.
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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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ENERGY BALANCE (10 3 m 3 ) 2009 201
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