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EMPHASIS OF MATTER Revenue recognition The current regulatory framework does not provide details of allocation of the rewards pertaining to the electricity generation activity. In accordance with the Law on the Amendments to the Energy Law from December 2004, a model for determining the tariff systems for different customers was developed in December 2006, the application of which was postponed to July 2007. The Group developed the model that was applicable throughout the year 2007.In June 2008, the Government of the Republic of Croatia promulgated a „Decision on The Electricity Generation Tariff Model, with the exemption of eligible customers, with no tariff item amounts; The Electricity Transmission Tariff Model, with no tariff item amounts; The Electricity Distribution Tariff Model, with no tariff amounts; and the Electricity Supply Tariff Model, with the exemption of eligible customers, with no tariff amounts“. The Group has been applying the tariff models since 1 July 2008. Our opinion is not modified in respect of this matter. Accounting policy for leases As described in Note 1 to the accompanying unconsolidated financial statements, the Company has received in lease certain property, plant and equipment under finance lease agreements from HEP D.D. The leases bear interest to the extent of the rates applicable to external funding acquired by the HEP D.D to construct those assets. These lease liability are carried at nominal amounts because of the special organizational framework of the HEP Group. Our opinion is not modified in respect of this matter. Therefore, for a better understanding of the operations of the Company, the accompanying financial statements should be read in conjunction with the consolidated financial statements of the HEP Group. Deloitte d.o.o. Branislav Vrtačnik, Certified Auditor Zagreb, 25 May 2011 141 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS
142 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS HEP-PROIZVODNJA d.o.o. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2010 2010 2009 HRK’000 HRK’000 Electricity generation fee income and other income from related companies 3,931,476 3,902,843 Other operating income 37,672 21,553 3,969,148 3,924,396 Cost of energy sources, material and spare parts 1,704,769 2,175,127 Service cost 379,658 304,924 Staff costs 347,686 358,276 Depreciation and amortization 435,907 421,753 Administrative expenses – related companies 102,423 99,686 Other operating expenses 399,608 454,517 3,370,051 3,814,283 Profit from operations 599,097 110,113 Finance income 233 297 Finance expenses (62,530) (98,158) Net financial loss (62,297) (97,861) Profit from operations before tax 536,800 12,252 Income tax (expense) / income (108,046) 14,135 Profit for the year 428,754 26,387 Signed on behalf of the Company on 25 May 2011 by: Nikola Rukavina, President of the Board
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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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CREDIT RATING In September 2010, St
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ECOLOGICAL NETWORK Upon the coming
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