Croatia: Power utility holding HEP records income growth and electricity sale increase, business report 2012/2013

14. May 2013. / SEE Energy News

9,3MEUR (71,2 million HRK) is achieved consolidated net income on the level of 2012 group.

Croatian energy Power Utility, according to revised financial reports on the level of 2012, accomplished consolidated net income of 71,2 million HRK where 62,5 million HRK was credited to capital owners- it is said in the report published on Zagreb stockmarket.

Achieved income represent meaningful improvement of result with the reference to 2011 when group accomplished net income of 7,8 million HRK. Total incomes are also increased for 6,4% so they amounted 14 billion HRK. Increase of business incomes is the reason for electricity sale incomes increase for 860,4 million HRK or 8% because of approved price increase for regular activities since 1 May 2012 and use of new technology for calculating the price to the privileged buyers of HEP-supply since 1 August 2012 and higher sale at foreign market for 270 GWH.

As it is stated in the report, the sale of heating energy and gas is decreased because of stagnation of economy activities and higher average temperatures, but income of gas sale is bigger for 14,8 million HRK because of approved gas sale price increase and introduction of monthly contribution since 1 May 2012. Increase of heating prices was approved on 13 December 2012 so the influence of this increase will be felt in income in 2013. All other business incomes are completely decreased for 28,7 million HRK- it is stated in HEP.

“HEP Group business in 2012 was proceeding in economy circumstances that are characterized by stagnation of economy activities and continuation of many years’ economy crisis which is an important factor in electricity consumption developing and it has influence on consumption of heating energy and gas. Very bad hydrology conditions with decreased water inflows that lasted the whole 2011 year have been continued until the last quarter of 2012.

Lacking electricity amounts for buyers’ needs were provided at market what required significant financial assets, especially because price of electricity had increased by 6,8% on foreign market with reference to last year- it is said in statement. Even 931 GWH more electricity with reference to the previous year is provided. Because of increase of average prices of natural gas for 31% and fuel oil for 23% with the reference to the previous year and optimizing costs of production and electricity supply, production of power plants is lower for 8,7%. Mentioned factors contributed to the expenses’ increase of 912,3 million HRK where variable expenses have increased by several billions HRK while fixed expenses have decreased- it is concluded in the statement.

Source; Serbia Energy See desk/HEP/ZSM

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