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

NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS OF THE HEP GROUP (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2010
30. SHORT-TERM BORROWINGS
31 December 2010 31 December 2009
HRK’000 HRK’000
Borrowings from domestic banks and branch offices of foreign banks,
denominated in various currencies on the following terms:
282,252 761,320
Interest rates ranging from EURIBOR + (1.50 – 5.90%) - -
Interest rates on Ministry of Finance Treasury Bills + (1.00 – 2.00%) - -
Secured by bills of exchange - -
Borrowings from domestic companies on the following terms: 2,805 2,805
Secured by bills of exchange - -
Current portion of RWE loan 7,436 3,680
292,493 767,805
During 2010, the Group used short-term loans from domestic banks for working capital purposes and for the settlement
of trade payables. Due to improved liquidity situation during the year, the Group has reduced short term debt
by 75% over the previous year.
31. LIABILITIES FOR TAXES AND CONTRIBUTIONS
31 December 2010 31 December 2009
HRK ‘000 HRK ‘000
Liabilities for income tax 357,228 116,563
Utility and other fees 25,596 28,573
Contributions on salaries 23,953 24,217
Liabilities for custom 20,153 5
Contributions and taxes for benefits in kind 14,880 -
Other 3,175 1,722
444,985 171,080
115
HEP ANNUAL REPORT 2010
CHAPTER 6 - FINANCIAL STATEMENTS