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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 37. FINANCIAL INSTRUMENTS (continued) FAIR VALUE MEASUREMENTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION The table below analyzes the financial instruments remeasured subsequently at fair value, classified into three groups depending on the availability of indicators of fair value: 1. Level 1 observable indicators – indicators of fair value derived from (unadjusted) prices quoted in active markets for identical assets and liabilities are identical 2. Level 2 observable indicators – indicators of fair value derived from data other than quoted prices from Level 1 for observable assets or liabilities (i.e. their prices) or indirectly (derived from the price), and 3. Level 3 indicators – indicators derived from valuation techniques using as input data on the assets or liabilities that are not based on available market data (unobservable input). THE INDICATORS OF FAIR VALUE RECOGNIZED IN THE BALANCE 1st level 2nd level 3rd level Total HRK’000 HRK’000 HRK’000 HRK’000 2010 Assets available for sale 162,380 - - 162,380 Interest swap liability (current and non current portion) - 2,875 - 2,875 2009 Assets available for sale 152,797 - - 152,797 Interest swap liability (current and non current portion) - 6,284 - 6,284 38. APPROVAL OF THE FINANCIAL STATEMENTS These financial statements were approved by the Board and authorised for issue on 25 May 2011 Signed on behalf of the Management Board on 25 May 2011: Leo Begović Miljenko Pavlaković President of the Board Member of the Board 127 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS
128 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS HEP d.d. ∑ FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT To the Owner of Hrvatska elektroprivreda d.d.: We have audited the unconsolidated accompanying financial statements of Hrvatska elektroprivreda d.d. (the ‘Company’), which comprise the unconsolidated statement of financial position as at 31 December 2010 and the related unconsolidated statement of income, unconsolidated statement of comprehensive income, unconsolidated statement of changes in equity and unconsolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. MANAGEMENT’S RESPONSIBILITY FOR THE UNCONSOLIDATED FINANCIAL STATEMENTS Management is responsible for the preparation and fair presentation of these unconsolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of unconsolidated financial statements that are free from material misstatement, whether due to fraud or error. AUDITOR’S RESPONSIBILITY Our responsibility is to express an opinion on these unconsolidated financial statements based on our audit. Except as provided in paragraph a) below, we conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the unconsolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the unconsolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the unconsolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entities’ internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the unconsolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. MATTERS AFFECTING THE OPINION a) Prepayment to Hrvatske autoceste d.o.o. As described in Note 12, the Company advanced HRK 300 million to Hrvatske autoceste d.o.o. in December 2006 for the acquisition of electricity facilities on the Croatian motorways within two years from the date of the advance payment. As of the date of these financial statements, the legal title to those facilities has not yet been transferred to the Company. The Company is the economic beneficiary of the electricity facilities, which it uses for their intended economic purposes and in the supply of electricity to customers. As of the date of publication of these financial statements, the Company has not classified the advance payment by type of assets used in the Company’s business, and we have received no calculation of the economic impact of the reclassification of those assets from prepayments to assets in use and the related depreciation from the Management Board. As a result, we are unable to assess the impact of this matter on the Company’s financial statements. b) Impairment allowance on receivables The auditor’s opinion on the unconsolidated financial statements for the year ended 31 December 2009 was qualified in respect of the provision for bad and doubtful receivables. At 31 December 2009, a provision for doubtful receivables of approximately HRK 60 million and the related taxation effect of approximately HRK 12 million were not recorded. During 2010, the Company recognised a provision for those receivables in the statement of comprehensive income. Accordingly the result for the year ended 31 December 2009 and shareholder’s equity at 31 December 2009 were overstated by approximately HRK 48 million and the result for the year ended 31 December 2010 has been understated by the same amount.
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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 PRESIDENT’
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COMPANY PROFILE MISSION, VISION AND
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Plomin Holding d.o.o. develops loca
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