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

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MODIFIED OPINION In our opinion, except for the effect of the matters discussed in paragraph a) above, the financial statements present fairly, in all material respects, the financial position of the Company 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) Going concern Without qualifying our opinion, we draw attention to Note 2 to the financial statements, describing the matters regarding the ability of the Company to continue as a going concern. The explanation provided shows that the business operations could be maintained in the longer term with continuous support of the Parent. As a result, the accounting principles applied are based on the assumption that the Company will be able to continue as a going concern. Our opinion is not modified in respect of this matter. b) Accounting policy for leases As described in Note 1 to the accompanying financial statements, the HEP d.d. 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 HEP d.d. 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, Certificated Auditor Zagreb, 25 May 2011 165 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS
166 HEP ANNUAL REPORT 2010 CHAPTER 7 - REPORTS BY HEP GROUP COMPANIES WITH FINANCIAL STATEMENTS HEP TOPLINARSTVO d.o.o. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2010 2010 2009 HRK’000 HRK’000 Income from thermal energy sale 572,718 556,684 Income from sale of electric energy to eligible customers 8,026 - Income from thermal energy and other income – related companies 3,791 3,802 Restaurant income 530 750 Other operating income 44,647 49,184 629,712 610,394 Energy, material and spare parts expenses (101,517) (77,881) Service expenses (27,791) (26,413) Staff expenses (47,141) (52,428) Depreciation and amortisation (56,240) (54,882) Expense in respect of electricity generation and other expenses – related companies (484,075) (419,831) Other operating expenses (55,540) (83,347) (772,304) (714,782) Loss from operations (142,592) (104,388) Financial revenues 7,567 5,930 Financial expenses (12,171) (15,072) Net financial loss (4,604) (9,142) Loss before tax (147,196) (113,530) Income tax - - Loss for the year (147,196) (113,530) Signed on behalf of the Company on 25 May 2011 by: Robert Krklec 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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OPERATING EXPENSES The Group’s op
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ELECTRICITY SALES (GWh) 2010 2009 2
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CREDIT RATING In September 2010, St
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SUSTAINABLE DEVELOPMENT POLICY AND
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ECOLOGICAL NETWORK Upon the coming
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WASTE During 2010, the years-long t
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ACTIVITIES AND ACHIEVEMENTS IN HEP
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DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

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