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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 1. GENERAL (continued) GOVERNANCE AND MANAGEMENT General assembly The General assembly consists of the members representing the interests of the HEP d.d.: Đuro Popijač President Member since 21 November 2009 Miljenko Pavlaković President Member from 14 February 2008 until 30 October 2009 Supervisory Board of HEP d.d. Members of Supervisory Board in 2010 and 2009: Darko Horvat President Member since 30 June 2010, President since 20 July 2010 Branimir Horaček President Member from 19 October 2009 until 6 May 2010 Dražen Bošnjaković Member Member since 19 October 2009 Krešimir Dragić Member Member since 19 October 2009 Slavko Konfic Member Member since 28 April 2008 Gordana Obran Member Member since 19 October 2009 Zvonimir Sabati Member Member since 19 October 2009 Jadranko Berlengi Member Member since 3 June 2008 Leo Begović President Member from 28 April 2008 until 22 September 2009 Krešimir Ćosić Member Member from 28 April 2008 until 19 October 2009 Dasenko Baldasari Member Member from 28 April 2008 until 19 October 2009 Luciano Delbianco Member Member from 28 April 2008 until 19 October 2009 Zdenko Jurčić Member Member from 28 April 2008 until 19 October 2009 Slavko Konfic Member Member from 28 April 2008 Jadranko Berlengi Member Member from 03 June 2008 Management Board in 2010 and 2009: Leo Begović President Member since 25 September 2009 Dubravko Lukačević Member Member since 2 November 2009 Snježana Pauk Member Member since 2 November 2009 Miljenko Pavlaković Member Member since 2 November 2009 Damir Pečvarac Member Member since 2 November 2009 Velimir Rajković Member Member since 2 November 2009 Ivan Mravak President Member from 2004 till 25 September 2009 Željko Kljaković-Gašpić Member Member from 1 March 2008 until 25 September 2009 Darko Dvornik Member Member from 1 March 2008 until 25 September 2009 Stjepan Tvrdinić Member Member from 18 March 2008 until 25 September 2009 Željko Tomšić Member Member from 29 April 2008 until 25 September 2009 Nikola Rukavina Member Member from 29 April 2008 until 25 September 2009 71 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS
HEP ANNUAL REPORT 2010 72 CHAPTER 6 - FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the Group’s principal accounting policies which have been applied consistently in the current year and with the prior year, is set out below. PRESENTATION OF THE FINANCIAL STATEMENTS The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as published by the International Accounting Standards Board. The financial statements have been prepared on the historical cost basis, except for certain financial instruments that are presented at re valued amounts. The financial statements are presented in thousands of Croatian Kuna (HRK’000), since that is the currency in which the majority of the Group’s transactions are denominated. The financial statements have been prepared under the going-concern assumption. BASIS OF ACCOUNTING The Group maintains its accounting records in the Croatian language, in Croatian kuna and in accordance with Croatian law and the accounting principles and practices observed by enterprises in Croatia. The accounting records of the Group’s subsidiaries in Croatia and abroad are maintained in accordance with the requirements of the respective local jurisdictions. ADOPTION OF NEW AND REVISED STANDARDS Standards and Interpretations effective in the current period The following amendments to the existing standards issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Interpretations Committee are effective for the current period: - IFRS 1 (revised) “First-time Adoption of IFRS” (effective for annual periods beginning on or after 1 July 2009), - IFRS 3 (revised) “Business Combinations” (effective for annual periods beginning on or after 1 July 2009), - Amendments to IFRS 1 “First-time Adoption of IFRS” - Additional Exemptions for First-time Adopters (effective for annual periods beginning on or after 1 January 2010), - Amendments to IFRS 2 “Share-based Payment” – Group cash-settled share-based payment transactions (effective for annual periods beginning on or after 1 January 2010), - Amendments to IAS 27 “Consolidated and Separate Financial Statements” (effective for annual periods beginning on or after 1 July 2009), - Amendments to IAS 39 “Financial Instruments: Recognition and Measurement” – Eligible hedged items (effective for annual periods beginning on or after 1 July 2009), - Amendments to various standards and interpretations “Improvements to IFRSs (2009)” resulting from the annual improvement project of IFRS published on 16 April 2009 (IFRS 2, IFRS 5, IFRS 8, IAS 1, IAS 7, IAS 17, IAS 18, IAS 36, IAS 38, IAS 39, IFRIC 9 and IFRIC 16) primarily with a view to removing inconsistencies and clarifying wording, (most amendments are to be applied for annual periods beginning on or after 1 January 2010), - IFRIC 17 “Distributions of Non-Cash Assets to Owners” (effective for annual periods beginning on or after 1 July 2009), - IFRIC 18 “Transfers of Assets from Customers” (effective for transfer of assets from customers received on or after 1 July 2009) The adoption of these amendments to the existing standards and interpretations has not led to any changes in the Group’s accounting policies.
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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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Plomin Holding d.o.o. develops loca
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ELECTRICITY PRODUCTION The Governme
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In conclusion, I can say that busin
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FINANCIAL STATEMENTS INDEPENDENT AU
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Overseeing the quality of services
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DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

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