Croatia: Power utility company HEP injects 37, 6 MEUR in the state budget

, SEE Energy News

The session of the General Assembly of Croatia Electric Power Industry s.c. (the stock company)was held on June 5th 2014th within the Company’s headquarters in Zagreb.

Having reviewed the consolidated and non-consolidated annual financial reports of the Company and HEP group for 2013th with report of the independent auditor, Annual report on the status and operations of the Company and the HEP group in 2013th, and report of the Supervisory Board on the supervision in 2013th,the Assembly adopted the Decision on the profituse in the business in 2013th.

In accordance with the Law on the Trading Companies, the Statute of HEP s.c. and Croatia Government Decision on the adoption of the Assets Management Plan owned by the Republic of Croatia in 2014th, profit of 98.671.467 MEUR shall be allocated in: legal reserves (4.933.573MEUR), retained earnings in the amount of reinvested profits of HEP Distribution System Operator for 2012th(56.140.250 MEUR) and the payment on behalf of the RC State Budget (37.597.643MEUR).

Parliament adopted a decision on approval the work of the Management Board –to Chairman and Board members who held positions in 2013th including: Tomislav Seric- Chairman and members of the Board: Zvonko Ercegovac, Krunoslava Grgic Boljesic, Perica Jukic, Ivan Matasic and Zeljko Stromar.

By decision approving the work of the Supervisory Board, the Assembly of the Company has given clearance for the operational 2013th to the president and members of the 9th Session of the Supervisory Board.

The Assembly selected BDO CROATIA Ltd. and AUDIT Ltd. From Zagreb for the auditor of HEP s. c. and its subsidiaries for the year ended on December 31stof 2014.

Pursuant to the Decision of the RC Government, the Parliament adopted a decision on revoking a member of the Supervisory Board of HEP s. c. Ante Ramljak and chose Juraj Buksa as a member of the Supervisory Board. The selected decision came into force on the day of adoption and mandate of the newly elected member of the Supervisory Board will last until the ninth Session of the Supervisory Board of HEP s. c, elected by decision of the General Assembly on February 23rd2012th.