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FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT To the owners of HEP-Operator distribucijskog sustava d.o.o.: We have audited financial statements of HEP – Operator distribucijskog sustava d.o.o (the “Company”), which comprise the statement of financial position as at 31 December 2010 and the related income statement, statement of comprehensive income, statements of changes in shareholder’s equity and 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 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 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 controls 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. BASIS FOR MODIFIED OPINION a) The application of IFRIC 18 Transfer of assets from the customer The Company has not applied IFRIC 18 Transfers of Assets from Customers, which specifies the accounting for assets transferred from customers, by which the income from such assets should be recognized immediately upon the transfer in the statement of comprehensive income rather than deferred over the useful life of the transferred asset. The Interpretation is in force since 1 July 2009, and the Management Board has decided to apply the Interpretation to periods subsequent to 1 January 2010. As of the date of publication of these financial statements, the Company has not quantified the effect of untimely adoption of the Interpretation on the financial statements. As a result, we are unable to assess the impact of this matter on the statement of the comprehensive income of the Company for the year ended 31 December 2009 and on shareholders’ equity for the year ended 31 December 2010. MODIFIED OPINION In our opinion, except for the effect of the matters discussed in paragraph a), financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2010, the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. EMPHASIS OF MATTER a) Accounting policy for leases As described in Note 1 to the accompanying unconsolidated financial statements, the Company has leased certain property, plant and equipment under finance lease agreements to its subsidiaries. The leases bear interest to the extent of the rates applicable to external funding acquired by the Company to construct those assets. These lease receivables 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. Deloitte d.o.o. Branislav Vrtačnik, Certified Auditor Zagreb, 25 May 2011 157 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS
158 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS HEP OPERATOR DISTRIBUCIJSKOG SUSTAVA d.o.o. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2010 2010 2009 HRK ‘000 HRK ‘000 Electricity distribution fee income – related companies 3,262,219 3,155,948 Services rendered 180,367 139,256 Other operating income 333,595 356,395 Total operating income 3,776,181 3,651,599 Cost of externally purchased energy (19,170) (12,054) Grid losses and balancing energy purchases (680,651) (663,420) Service expenses (243,438) (289,201) Staff expenses (1,181,872) (1,215,694) Depreciation and amortisation (768,409) (750,252) Administrative expenses – related companies (161,233) (176,233) Other operating expenses (577,402) (558,446) Total operating expenses (3,632,175) (3,665,300) Profit / (loss) from operations 144,006 (13,701) Financial income 706 1,550 Finance costs (37,083) (40,906) Net financial loss (36,377) (39,356) Profit / (loss) before tax 107,629 (53,057) Income tax expense (22,499) (11,281) Profit / (loss) for the year 85,130 (64,338) Signed on behalf of the Company on 25 May 2011 by: Mišo Jurković, Managing 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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SHORT HISTORICAL OVERVIEW 1895 Firs
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HEP'S BUSINESS OPERATIONS IN 2010 B
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In 2010, the total electricity turn
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CREDIT RATING In September 2010, St
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ECOLOGICAL NETWORK Upon the coming
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WASTE During 2010, the years-long t
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