DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

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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
28. ISSUED BONDS
31 December 2010 31 December 2009
HRK’000 HRK’000
Nominal value of bonds 1,200,000 1,200,000
Repayment (46,690) -
Discount value (1,888) (2,423)
Current portion of bonds (93,380) (46,690)
1,058,042 1,150,887
Bonds in the amount of HRK 500,000 thousand, issued in 2006, are due in 2013, and bear interest at a fixed rate
of 5.00 percent. Bonds in the amount of HRK 700,000, issued at the end of 2007, are repayable in 15 semi-annual
instalments, commencing three years from the date of issue, and bear interest at a fixed rate of 6.50 percent. The
HEP d.d. bonds are listed on the Zagreb Stock Exchange.
29. OTHER NON-CURRENT LIABILITIES
31 December 2010 31 December 2009
HRK’000 HRK’000
Deferred income 4,753,554 4,683,583
Deferred recognition of income – clearing debt 414,938 239,926
Long-term debt under interest rate swap (Note 26) 672 3,513
Other 1,779 -
5,170,943 4,927,022
Deferred revenue is related to fixed assets contributed by customers and others without charge. The revenue is
recognized into income over the same periods as the related assets are amortized, which applies to contracts for
connection to the network concluded by 31 December 2009. After 1 January 2010 the fee for connection is recognized
as income in the amount of funds received from the customer in the period when the customer is connected to the
network or when permanent access to the delivery of the service is given.
Committee for the interpretation of International Financial Reporting Standards (IFRIC) has issued in January
2009 Interpretation of the 18 – Transfer of assets from customers (IFRIC 18), with mandatory application from 01
July 2009.
In Republic of Croatia mentioned interpretation has came into force as of 1 January 2010 by decision of
Standards of finance interpretation board as of 11 January 2010 (Official Gazette No. 18/2010).
Therefore, the HEP d.d. management made a decision to change accounting policy whereby the interpretation
of the Committee for the interpretation of International Financial Reporting Standards 18 “The transfer of assets from
the customer” applies from 1 January 2010.
The effect of adoption of IFRIC 18 as of 1 July 2009 on financial statements for year ended 31 December 2009
has not been done.