DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

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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.