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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 24. NON-CURRENT BORROWINGS Interest rates 31 December 2010 31 December 2009 HRK’000 HRK’000 Domestic bank borrowings EURIBOR+ (1.00%-6.35%) 1,040,610 1,062,199 Foreign bank borrowings EURIBOR+ (0.50%-4.74%) 3,010,835 2,929,555 Liabilities to domestic companies EURIBOR+ 1.95% 4,661 13,835 Loan from RWE 12,369 19,577 Rescheduled debt - 36,048 Total long-term borrowings 4,068,475 4,061,214 Current portion (1,184,921) (947,747) Long-term portion 2,883,554 3,113,467 Loans from domestic banks are secured by bills of exchange and promissory notes. Loans from foreign banks are partly secured by state guarantees (loan for the project of special state care, and IBRD loan) and total assets of Plomin. During 2010, the following loan facilities, agreed in previous years, were fully utilised: - EBRD loan (EUR 24 million), for the purpose of the Termal Power Generation Project: HRK 38,368 thousand utilized in 2010; - EBRD loan (EUR 4.4 million), for the Energy Efficiency Project: HRK 1,745 thousand utilized in 2010; - Club loan (EUR 125 million), for the Capital Investment Project – Block C of the TPP Sisak: HRK 72,909 thousand utilized in 2010. Unutilized balances represent the loan facility of KfW Entwicklungsbank in the amount of EUR 50,000,000 for financing the projects of the subsidiaries HEP ESCO and HEP Renewable Energy Sources. The key lending terms and conditions are as follows: utilisation period of 5 years; quarterly repayment of the loan principal over a period of 10 years following the expiry of the utilization period. The amount drawn under the KfW loan at 31 December 2010 was EUR 470,000, i.e. the unused loan funds amounted to EUR 49,530,000. As the unfavourable economic trends in Croatia throughout 2010 prevented the utilization of the loan, intensified draw downs are expected in 2011. At the time of the conclusion of the agreement with KfW, which was in late 2008, a Financial Grant Agreement was concluded with the Government of the Federal Republic of Germany, under which Hrvatska elektroprivreda received a GEF grant in the amount of EUR 0.6 million. The total balance utilized as of 31 December 2010 was EUR 0.3 million. To finance investments and operations in 2010, HEP d.d. signed two bilateral long-term loan agreements during the year in the amount of EUR 10 million and EUR 100 million with SG- Splitska banka d.d. and Deutsche bank, respectively, such loans being guaranteed by the Government of the Republic of Croatia. The loans mature in 5 years.. Liabilities to domestic and foreign companies represent mainly extended payment terms for the purchases of tangible assets. If no repayment deadline has been specified in the underlying agreement any such liability is included within long-term liabilities. 109 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS
110 HEP ANNUAL REPORT 2010 CHAPTER 6 - FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE HEP GROUP (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2010 24. NON-CURRENT BORROWINGS (continued) The annual principal repayment schedule for the following five years is as follows: 2011 Amount 1,184,921 2012 1,152,849 2013 784,028 2014 342,016 2015 157,605 After 2015 447,056 Total 4,068,475 The covenants, as defined in the applicable loan agreements, specifically require the Group to meet certain prescribed levels of the following ratios based on consolidated financial statements: operating ratio, debt service coverage, internal cash generation, tangible net worth capital, and net borrowing. The analysis of long-term borrowings in various foreign currencies is provided below (in ‘000): Currency 31 December 2010 31 December 2009 USD - 7,083 EUR 549,223 548,245 RESCHEDULED DEBT The status of rescheduled debt is presented below: 2010 2009 Rescheduled London Club debt - 36,048 Total rescheduled debt - 36,048 LONDON CLUB DEBT During 2010 Company repaid last two instalments in accordance with long term rescheduled loans for NPPK – London Club Debt series “A” which amounted to USD 77,579,248, and ZERC –London club – series „A“ Splitska bank in amount of USD 335,082. By repayment of mentioned loans are filled all liabilities towards all members of London club taken in year 1997.
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DRAVA, KUPA, RJE»INA, LOKVARKA, LI
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HEP ANNUAL REPORT 2010 2 HEP GROUP
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HEP ANNUAL REPORT 2010 CHAIRMAN’S
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HEP ANNUAL REPORT 2010 PRESIDENT’
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COMPANY PROFILE MISSION, VISION AND
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BASIC VALUES COMPETENCE AND CREATIV
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Plomin Holding d.o.o. develops loca
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ELECTRICITY PRODUCTION The Governme
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SHORT HISTORICAL OVERVIEW 1895 Firs
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20 HEP ANNUAL REPORT 2010 CHAPTER 2
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HEP'S BUSINESS OPERATIONS IN 2010 B
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In 2010, the total electricity turn
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OPERATING EXPENSES The Group’s op
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ELECTRICITY SALES (GWh) 2010 2009 2
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CREDIT RATING In September 2010, St
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SUSTAINABLE DEVELOPMENT POLICY AND
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ECOLOGICAL NETWORK Upon the coming
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WASTE During 2010, the years-long t
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ACTIVITIES AND ACHIEVEMENTS IN HEP
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ORGANIZATION CHART ECONOMIC AFFAIRS
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MODIFIED OPINION In our opinion, ex
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ENERGY BALANCE (10 3 m 3 ) 2009 201
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