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FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT To the Owner of HEP Operator prijenosnog sustava d.o.o.: We have audited the accompanying financial statements of HEP Operator prijenosnog sustava d.o.o. (the “Company”), which comprise the statement of financial position as at 31 December 2010 and the related statement of income, statement of comprehensive income, statement of changes in shareholders equity and 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 financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of 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 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 the financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2010, and their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards. EMPHASIS OF MATTER a) Revenue recognition accounting policy Without qualifying our opinion, we draw attention to Note 1 to the financial statements discussing the accounting policies for revenue recognition. The Company recognized revenue based on the decision of the Energy Regulation Council regarding the tariff system in October 2003. Under this decision, the Company is reimbursed for transmission services by its parent company, HEP d.d. This reimbursement is based on electricity invoiced by HEP Operator Distribucijskog sustava d.o.o. to the final customer multiplied by a fixed tariff. This policy is in accordance with the Croatian law. Such a policy is in accordance with applicable regulations and the laws regulations relating to tariffs. Our opinion is not modified in respect of this matter. b) 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 liabilities 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 149 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS
150 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS HEP OPERATOR PRIJENOSNOG SUSTAVA d.o.o. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2010 2010 2009 000’HRK 000’HRK Electricity transmission income – related parties 1,154,253 1,148,301 Income from balancing energy – related parties 61,281 - Income from sale of cross-border transmission capacity – related parties 87,186 22,964 Other income – related companies 1,486 1,902 Other operating income 112,261 55,884 1,416,467 1,229,051 Material and spare parts expenses (21,823) (20,584) Service expenses (86,560) (104,327) Staff expenses (186,884) (190,916) Depreciation and amortisation (230,465) (232,464) Support system services expenses (235,726) (232,723) Transmission grid losses (260,263) (224,854) Purchase of balancing energy (65,348) - Administrative expenses – related companies (52,065) (51,863) Other operating expenses (79,549) (79,676) (1,218,683) (1,137,407) Profit from operations 197,784 91,644 Financial income 806 556 Financial expenses (48,795) (50,673) Net financial loss (47,989) (50,117) Profit before taxation 149,795 41,527 Income tax (30,205) (8,596) Net profit for the year 119,590 32,931 Signed on behalf of the Company on 25 May 2011 by: Dubravko Sabolić Director
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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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HEP'S BUSINESS OPERATIONS IN 2010 B
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