HEP to pour EUR 29.6 million into state budget from 2017 profit

Photo: Pixabay


June 11, 2018






June 11, 2018





Croatia’s state power utility, Hrvatska Elektroprivreda (HEP), will transfer HRK 218.4 million (about EUR 29.6 million) out of its 2017 net profit into the state coffers, in line with a requirement for strategic enterprises to set aside 60% of their profits for the state budget, local media reported, citing a decision from last week’s HEP shareholder meeting.

HEP’s shareholders also decided to keep HRK 127.4 million (about EUR 17.3 million) as retained earnings and HRK 18.2 million (EUR 2.47 million) as mandatory reserves.

HEP’s net profit dropped to HRK 364.02 million (about EUR 49.3 million) last year, from HRK 1.3 billion (EUR 180 million) in 2016, according to the company’s audited financial report for 2017. Last year, HEP paid HRK 794.3 million (about EUR 107.7 million) into the state budget based on the 2016 profit, according to reports.

In 2017, HEP’s operating revenues went down 1.7% year-on-year, to HRK 7.7 billion (EUR 1.04 billion), which the company attributed mainly to decreased revenues from the sales of natural gas on the wholesale market. At the same time, operating expenses rose 8.5%, to HRK 7.6 billion (EUR 1.03 billion), on higher costs of electricity purchases, according to HEP’s financial report.

HEP Group’s consolidated net profit in 2017 plunged 36.4% against 2016, to HRK 1.3 billion (EUR 180 million), according to reports.

The group’s consolidated operating revenues in 2017 rose 4% year-on-year, to HRK 14.97 billion (EUR 2.03 billion), while consolidated expenses increased 8.5%, HRK 12.67 billion (EUR 1.72 billion).

Apart from electricity generation and distribution, HEP Group also supplies heat energy and natural gas.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Egypt add 1 1 GW solar wind power cheapest rates Africa

Egypt to add 1.1 GW in solar, wind power with cheapest rates in Africa

02 December 2022 - Two giant solar and wind power plants in Egypt will supply electricity at the lowest rates in Africa, IFC said

Electricity prices to be increased in Republic of Srpska from New Year

Increase of electricity prices in the Republic of Srpska as of January 2023

02 December 2022 - A large part of electricity consumers in the Republic of Srpska will be getting higher bills after the New Year

EU Energy Community support Serbia energy transition Várhelyi

EU, Energy Community extend support to Serbia in its energy transition

02 December 2022 - Minister of Mining and Energy Dubravka Đedović met with top officials from the European Union and Energy Community Secretariat

Romania allows prosumers to install photovoltaic panels in several locations

Romania allows prosumers to install photovoltaic panels in several locations

01 December 2022 - The Government of Romania adopted an executive order to make it easier for prosumers to connect solar panels to the distribution grid