Croatia: Financial report of HEP, 9.5MEUR of HEP’s profit before taxes in 2012, investments budget for 2013

4. March 2013. / SEE Energy News

Croatia energy company HEP Group accomplished 72 million Croatian kunas profit in the last year according to preliminary unrevised data. This is a million Croatian kunas more than 2011, President of Hrvatska Privreda Administration (HEP) Zlatko Koracevic stated on press briefing.

Koracevic stressed that last year’s profit would amount 317 million Croatian kunas before taxes without reservation for reconstruction expenses but 245 million Croatian kunas of reconstruction expenses reservations decrease it.

This reservation mostly refers to care for 1.500 workers of HEP that will abandon the company this year and it is ensured with HEP’s assets.

Business incomes of HEP Group amounted 13,95 billion Croatian kunas last year, that is 795 million more than in 2011, while business expenses are increased for 866 million Croatian kunas to 13,58 billion HRK.

According to his words, the most important circumstances that influences financial result of HEP in 2012 are long drought that emptied HPPs’ accumulations what increased electricity import for 540 million Croatian kunas with reference to 2011 and energy fuel price increase what increased expenses for 398 million Croatian kunas.

Increase of HEP’s incomes for 780 million Croatian kunas owing to electricity price increase didn’t cover expenses because of energy fuel price increase and import growth that amounted 938 million Croatian kunas in total- he said.

1,4 billion Croatian kunas of rotational capital at the end of the first quarter of 2012 is the third important circumstance- he stressed.
New administration stabilized financial flows of the company by electricity prices harmonization with fuel expenses increase, short-term indebtedness that provided conditions for launching investment cycle and liabilities payment to suppliers with bonds issuance on world market in the value of 500 million dollars without state guarantee- Koracevic said.

All this resulted with the return of all short-term debts and temporary repayment of long-term debts by domestic amortizing bond in total amount of 3,6 billion Croatian kunas.

Koracevic says that HEP don’t have debts for suppliers and that it demanded 1,87 billion Croatian kunas from buyers which is 25% more than last year.

According to his words, electricity consumption in this year decreased for 2,5% and in leadership for 0,9% what resulted with 100 million Croatian kunas lower income than in 2011.

Talking about investments realization, HEP’s administration found the 2,34 billion Croatian kunas’ investment plan which increased to 3,47 billion Croatian kunas where 2,75 billion Croatian kunas had been arranged and 2,42 billion calculated and paid before. This is 18% more than last year. About 2 billion Croatian kunas of this have been paid to domestic business partners.
HEP plans 2,7 billion Croatian kunas’ investments for this year.

We’ll find a solution if HPP Ombla project, that HEP has already signed contract for, is quit, Koracevic said and announced the presentation of the study for biodiversity direction in 20 days.

He says that binding offers from strategic partners to Plomin C are expected in a month, and their selection is expected to happen by June.

Source Serbia Energy SEE Desk/HEP Group

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