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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 8. FINANCIAL REVENUE AND COSTS 2010 2009 Financial income HRK’000 HRK’000 Foreign exchange gains 50,999 73,572 Interest expense 14,480 7,529 Total financial income 65,479 81,101 Finance costs Interest expense (272,471) (358,907) Foreign exchange losses (167,029) (82,419) Amortization of deferred interest (3,858) (3,686) Fair value of interest swap (1,871) (2,271) Financial expenses (445,229) (447,283) Capitalised interest 6,005 25,641 Total financial expenses (439,224) (421,642) Net finance loss (373,745) (340,541) 91 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS
HEP ANNUAL REPORT 2010 92 CHAPTER 6 - FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 9. INCOME TAX 2010 2009 HRK’000 HRK’000 Current taxes 440,880 126,470 Deferred tax expense/(income) relating to the origination and reversal of temporary differences (39,078) (53,783) Income tax expense 401,802 72,687 Adjustments to deferred tax assets were as follows: 2010 2009 HRK’000 HRK’000 Balance at 1 January 120,351 66,568 Reversal of deferred tax assets (21,345) (1,285) Deferred tax assets recognised 60,423 55,068 Balance at 31 December 159,429 120,351 Deferred tax assets have arisen on provisions for jubilee awards and regular retirement benefits not recognised for tax purposes, provisions for trade debtors – households and provisions for legal actions. The reconciliation between income tax and profit reported in the income statement is set out below: 2010 2009 HRK’000 HRK’000 Profit before taxation 1,837,168 227,109 Income tax at the applicable rate of 20% 367,433 45,421 Tax non-allowable expense/(income) (157,509) (52,527) Tax effect of permanent differences 39,078 53,783 Tax effect of losses brought forward - (90,089) Tax effect of Group entities operating with loss 152,800 116,099 Tax expense for the year 401,802 72,687 The Group and its subsidiaries are subject to income tax separately, according to the tax laws and regulations of the Republic of Croatia. Other subsidiaries in the Group reported total tax losses of HRK 626,588 thousand (2009: HRK 536,237 thousand), while the Group recorded a total income tax expense of HRK 440,880 thousand (2009: HRK 126,470 thousand) and reported deferred tax assets in the amount of HRK 39,078 thousand for the current year and HRK 53,783 thousand for prior years. Tax losses are available for carry forward and offsetting against the tax base in future taxation periods until their expiration as prescribed by law, which is 5 years following the year in which the tax losses were incurred.
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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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20 HEP ANNUAL REPORT 2010 CHAPTER 2
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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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EMPHASIS OF MATTER Revenue recognit
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HEP-PROIZVODNJA d.o.o. STATEMENT OF
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HEP-PROIZVODNJA d.o.o. STATEMENT OF
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In conclusion, I can say that busin
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FINANCIAL STATEMENTS INDEPENDENT AU
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HEP OPERATOR PRIJENOSNOG SUSTAVA d.
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HEP OPERATOR PRIJENOSNOG SUSTAVA d.
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Overseeing the quality of services
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FINANCIAL STATEMENTS INDEPENDENT AU
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HEP OPERATOR DISTRIBUCIJSKOG SUSTAV
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HEP OPERATOR DISTRIBUCIJSKOG SUSTAV
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ORGANIZATION CHART ECONOMIC AFFAIRS
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MODIFIED OPINION In our opinion, ex
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HEP TOPLINARSTVO d.o.o. STATEMENT O
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HEP TOPLINARSTVO d.o.o. STATEMENT O
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ORGANIZATION CHART LEGAL AND GENERA
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ENERGY BALANCE (10 3 m 3 ) 2009 201
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HEP PLIN d.o.o. INCOME STATEMENT FO
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HEP PLIN d.o.o. STATEMENT OF FINANC
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DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

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