O namaThe founder of the newly established company is Hrvatska elektroprivreda d.d.. In terms of supply, HEP Elektra is a legal. New (additional) customer communication points will be established in four regional centers of HEP Elektra (Zagreb, Split, Osijek, Rijeka). In order to provide its customers with a faster ...
Hrvatska elektroprivreda (HEP Group) is a national power company in Croatia which has been engaged in electricity production, transmission and distribution for more than one century, and with heat supply and gas distribution for the past few decades. HEP Group is organized in the form of a holding company with a ... Click to Play!
Hrvatska Elektroprivreda (HEP) IPO - Renaissance CapitalLearn about working at HEP. Join LinkedIn today for free. See who you know at HEP, leverage your professional network, and get hired.
(1) 6450000; fax ( 1 ) 6452 100; internet www.ina.hr; subsidiary of Indus- trija Nafte d.d.; exploration of petroleum, natural-gas and geo- thermal energy; agreement on purchase of 25% of shares by the Hungarian Oil and Gas Co Ltd signed in July 2003; Chair. TOMISLAV DRAGICEVIC. Water Hrvatske Vode: 10000 Zagreb, ...
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HEP-Distribution system operator. (HEP-ODS). Sole distributor in Croatia. Generation. HEP-Supply (Unregulated. Supply), HEP Elektra. (Regulated Supply):.. TE TO Zagreb. Hydro. Thermal. Nuclear. Generation area South. Generation area West. Generation area North. EL TO Zagreb. Source: HEP. 1 Of which 50% is ...
(d.d. = dionicko drustvo (joint-stock company); cap. = capital; res = reserves; dep. = deposits; m. = million; amounts in kuna, unless otherwise indicated; HRD = Croatian dinars; brs = branches) BANKING Central Bank National Bank of Croatia: 10000 Zagreb, trg hrvatskih velikana 3; tel. (1) 4564555; fax (1) 4550726; e-mail ...
(1) 6450000; fax (1) 6452100; internet www.ina.hr; subsidiary of Indus- trija Nafte d.d.; exploration of petroleum, natural-gas and geo- thermal energy; agreement on purchase of 25% of shares by the Hungarian Oil and Gas Co Ltd signed in July 2003; Chair. TOMISLAV DRAGICEVIC. Water Hrvatske Vode: 10000 Zagreb, ...
Zagreb - Centar, Croatia. Information provided on this web page is aggregated encyclopedic and bibliographical information relating to the named institution. Information provided is not approved by the institution itself. The institution's logo (and/or other graphical identification, such as a coat of arms) is used only to identify ...
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RWE Hrvatska d.o.o.. The business activities of innogy in Croatia since 2013 are managed by RWE Hrvatska d.o.o., headquartered in Zagreb. RWE Hrvatska participates in the energy value chain through sale of electricity (RWE Energija d.o.o.), sale of gas (RWE Plin d.o.o., Koprivnica Opskrba d.o.o.), gas distribution ...
Authors: Davor Palle (Rugjer Boskovic Institute, Zagreb, Hrvatska). (Submitted on 5 Jun 1997 (v1), last revised 2 Apr 2013 (this version, v2)). Abstract: Relationships between gauge, conformal and discrete symmetries in particle physics are analysed. We study also the effect of the electroweak mixing on the cancellation of ...
Dežurni stupac. Vecernji list - Hrvatska - 2017-09-09 - Zagreb -. Rođeni. KBC Sestara milosrdnica: Valentina Škrbec, Anamarija Kušt i Petra Zemljić rodile su djevojčice, a Ivana Carević Krtolica, Anica Imaš Lukec, Sara Horvat, Marina Zebec, Tamara Tadić, Katarina Ded i Andrea Topovnik dječake. KB Merkur: Nikolina Simić.
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The LGD4 assessment of HEP's senior unsecured notes remains unchanged.
The outlook remains stable.
A full list of affected ratings is provided towards the end of this press release.
RATINGS RATIONALE Today's rating affirmation reflects Moody's expectation that HEP will be able to maintain a financial profile commensurate with the current ratings, despite the current constrained power prices and risks that these could continue, given its modest debt leverage and its business mix.
More particularly, the rating affirmation recognises HEP's financial flexibility to withstand a potential prolonged period of lower power prices.
As seen elsewhere in Europe, Balkan power prices have declined with HUPX prices dropping by some 12% since November 2015but remain somewhat higher than those in Western Europe, given the very limited interconnector capacity.
HEP is the dominant power supplier in Croatia, with an approximately 84% share in the domestic retail electricity market.
Similarly to many other Balkan countries, Croatia has a short generation position, which mitigates its exposure to lower power prices.
Nevertheless, a high percentage of HEP's generation is hydro-based and it currently has a material capital expenditure programme.
HEP's generation fleet is predominantly fixed-cost in nature, with approximately 60% of total installed capacity represented by hydro and nuclear assets, albeit low carbon in nature.
Hence, fixed-cost generation accounts for the vast majority of HEP's generation EBITDA.
Nevertheless, regulated electricity distribution and transmission activities contribute approximately 45% of group EBITDA.
This should afford a stable and reliable cash please click for source to offset the more volatile generation and sales business.
Moody's guidance of a minimum of 4.
This should allow the company to absorb significant cash flow pressures in the medium-term at the current rating level.
HEP's CFR continues to reflect 1 the vertically integrated position in the Croatian electricity market, where the group benefits from an 84% market share; 2 its electricity-generation mix, with a high share of low cost and low carbon hydro and nuclear output; and 3 the group's sound financial profile with low leverage levels and strong credit metrics.
However, the ratings are significantly constrained by 1 HEP's lack of diversification in terms of market presence; 2 the developing profile of the regulatory framework in Croatia, with a limited track record of transparent and consistent application; 3 HEP's underlying earnings volatility driven by its dependence on volatile hydro-based electricity generation; and 4 its considerable investment programme, which includes new generation capacity and replacement of an aging asset base.
The ratings incorporate one notch of uplift given the Croatioan government's 100% ownership.
RATIONALE FOR THE STABLE OUTLOOK The stable outlook on HEP's Hrvatska elektra zagreb ratings reflects Moody's view that 1 the group will manage its financial profile in line with the current rating http://victory-jackpot.top/cup/sania-mirza-ranking.html and 2 its rating would remain unchanged should limited negative pressure develop on the Croatian sovereign rating.
Nevertheless, HEP's rating could come under positive pressure if the company is able to demonstrate a more stabilised operating and cash flow profile.
HEP's earnings remain exposed to a number of factors outside of management control, most notably domestic rainfall, commodity and regional power prices.
As the dominant energy company in the country, HEP is also exposed to any additional loss of hrvatska elektra zagreb share in the supply segment as a result of market liberalisation.
The methodologies used in these ratings were Unregulated Utilities and Unregulated Power Companies published in October 2014, and Government-Related Issuers published in October 2014.
Please see the Ratings Methodologies page on www.
LIST OF AFFECTED RATINGS Issuer: Hrvatska Elektroprivreda d.
LT Corporate Family Rating, Hrvatska elektra zagreb Ba2.
Probability of Default RatingAffirmed Ba2-PD.
Outlook, Remains Stable Headquartered in Zagreb, Croatia, HEP is the holding company for Croatia's incumbent vertically integrated utility group.
HEP operates across three main energy industry segments of 1 electricity generation, transmission, distribution and supply; 2 district heating generation, distribution and supply; and 3 natural gas distribution and supply.
HEP have ryder cup live coverage opinion 100% owned by the Government of Croatia Ba1 negative.
For the six months ended 30 June 2015, HEP generated 6.
For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating.
For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
For any affected securities or rated entities receiving direct credit support from the primary entity ies of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity.
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Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
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Additional terms for Japan only: Moody's Japan K.
Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings.
Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not continue reading for certain types of treatment under U.
MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner Ratings No.
MJKK or MSFJ as applicable hereby disclose that most issuers of debt securities including corporate and municipal bonds, debentures, notes and commercial paper and preferred stock rated by MJKK or MSFJ as applicable have, prior to assignment of any rating, hrvatska elektra zagreb to pay to MJKK or MSFJ as applicable article source appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.
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