ELECTRICITY AND HEAT PRODUCTION IN 2010 ELECTRICITY PRODUCTION In 2010 HEP-Proizvodnja power plants generated 11,585 GWh of electricity. Hydro power plants generated 8,309 GWh or 71.7 percent and thermal power plants generated 3,276 GWh or 28.3 percent. Thus, HEP Proizvodnja’s sources covered 58.3 percent of total electricity needs of Croatia. Compared to the 2010 planned production, the actual production of electricity was higher by 11.6 percent with hydro power plants producing 52.1 percent more and thermal power plants 33.4 percent less. Compared to 2009, total electricity production increased by 3.9 percent with hydro power plants generating 1,542 GWh or 22.8 percent more and thermal power plants 1,105 GWh or 25.2 percent less. GWh 12,000 10,000 8,000 6,000 4,000 2,000 0 GWh 12,000 10,000 8,000 6,000 4,000 2,000 0 2010 – PLAN 2010 – ACTUAL TPP 4,917 GWh 3,276 GWh HPP 5,462 GWh 8,309 GWh 2010 – plan 2010 – actual 5,462 47.4% 52.6% 8,309 4,917 3,276 28.3% 71.7% 10,379 HPP TPP TOTAL 11,585 139 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS
140 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS HEAT ENERGY PRODUCTION In 2010, HEP Proizvodnja combined-cycle plants generated a total of 2,493,349 MWh of heat energy, which is 3.6 percent more than the total planned annual production. Compared to the year before heat production was higher by 10.9 percent. Process steam production was 828,942, which is 96.8 percent of the planned production (856,569 t), and 1.4 percent less than the production in 2009 (840,493 t). Heat production in 2009 was 1,802,564 MWh or 6.4 percent more than the total planned production (1,694,082 MWh) and 7.6 percent more than the heat produced in 2009 (1,675,870 MWh). Combined-cycle plants in 2010 produced 90.9 percent of the total heat energy. POWER PLANT AVAILABILITY The availability of all plants (excluding Dubrovnik 2 HPP and TE Plomin d.o.o.) was 98.2 percent which is 0.3 percent lower than the availability level achieved in 2009. FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT To the Owners of HEP-Proizvodnja d.o.o.: We have audited financial statements of HEP-Proizvodnja d.o.o.. (the “Company”), which comprise the statement of financial position as at 31 December 2010 and the related statement of income, statements of changes in shareholder’s equity and of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. MANAGEMENT’S RESPONSIBILITY FOR THE 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 independent opinion on these financial statements based on our audit. 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 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 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 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion, financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2008, the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards.
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DRAVA, KUPA, RJE»INA, LOKVARKA, LI
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COMPANY PROFILE MISSION, VISION AND
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Plomin Holding d.o.o. develops loca
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