Hi INFRASTRUKTURA d.o.o., Zagreb Sustainable Croatian Railways Project in Europe (IBRD loan no. 8500-HR) Project financial statements on cash receipts and expenditures for the period from 1 January to 31 December 2021 CONTENTS Page Independent Auditor's Report 1 Statement on sources and use of project funds 3 Designated account statement 5 Expenditure statement 6 Notes to the financial statements 8 Payments for eligible expenditure during the period 10 Appendix 1 - Funds Received from IBRD 11 Appendix II - Financial debt as at 31 December 2021 12 7` Tel: +385 1 2395 741 5DO Croatia d.o.o. 1Fax: +385 1 2303 691 10000 Zagreb E-mail: bdo-croatia.hr Radni&ka cesta 180 INDEPENDENT AUDITOR'S REPORT To the Management Board of the company HZ Infrastruktura d.o.o., Zagreb: Opinion We have audited Statement on sources and use of project funds, Designated account statement, Expenditure statement of the company HZ Infrastruktura d.o.o., Zagreb, (,,the Company"), for the year ended 31 December 2021 and notes to the financial statements including a summary of significant accounting policies (here and after "Project financial statements") In our opinion, the accompanying Project financial statements of the Company for the year ended 31 December 2021 have been prepared, in all material respects, in accordance with accounting basis of cash receipts and expenditures as described in Note 2. Basis for Opinion We conducted our audit in accordance with the International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Project Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code") and we have fulfilled our ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of matter - Accounting framework We draw attention to Note 2 to the Project financial statements, which describes the Accounting framework. The Project financial statements have been prepared to provide information to the International Bank for Reconstruction and Development ("IBRD"). As a result, the Project financial statements may not be suitable for another purpose. Our opinion has not been modified on this issue. Responsibilities of the Management Board and Those Charged with Governance for the Project financial statements Management is responsible for preparing the Project financial statements in accordance with the basis of cash receipts and expenditures as described in Note 2, for determining the adequacy of the accounting basis, and for such internal control as the Management Board determines is necessary to enable the preparation of Project financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Project financial statements, the Management Board is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management Board either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. Registrirano kod Trgovakog suda u Zagrebu pod brojem 080044149 018 76394522236 1 BDO Croatia d.o.o. INDEPENDENT AUDITOR'S REPORT (CONTINUED) Auditor's Responsibilities for the audit of the Project financial statements Our objectives are to obtain reasonable assurance about whether the Project financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Independent Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Project financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the Project financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management Board. * Conclude on the appropriateness of the Management's Board use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Independent Auditor's Report to the related disclosures in the Project financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Independent Auditor's Report. However, future events or conditions may cause the Company to cease to continue as a going concern. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Zagreb, 29 July 2022 DO BDO Croatia d.o.- .11^ Zagreb, Radnika costa 180 otg 76394522236 Ivan Cajko, merpnt of the Management Board an-ertified auditor 2 HZ INFRASTRUKTURA d.o.o. STATEMENT ON SOURCES AND USE OF PROJECT FUNDS As at 31 December 2021 (in EUR)Plan for the (in EUR) Cumulative to 31 Note 2021 duration of December 2021 thprjc the project Initial project balance on Designated Account (IBRD) ,895 Sources of funding 12,212,000 67,919,814 79,000,000 Counterpart funds IBRD Loan funds 12,212,000 67,919,814 79,000,000 Front-end fee 197,500 Advances on a Designated Account 4 12,212,000 47,899,000 Reimbursement 19,823,314 Direct payments Less: Project expenditures by loan categories 5 13,167,832 67,432,888 79,000,000 Goods, non-consulting services, consultants services and training for Part A of the Project - cat 1. 60,159 601,228 1 2,110,355 HZI retrenchment compensations - cat 6. 1,259,053 5,869,359 7,900,000 Goods, works, non-consulting services, consultants services and Training for Part D of the Project - cat 7. 11,848,620 60 764,801 68,792,145 Front-end fee - cat 8. 197,500 197,500 Designated account-interest income -14 -152 Closing project balance on Designated account (IBRD) 487,078 487,078 Source: FinanciaL statements for the period ended 31 December 2021 The notes accompanying the financial statements form an integral part of these financial statements. 3 HZ INFRASTRUKTURA d.o.o. STATEMENT ON SOURCES AND USE OF PROJECT FUNDS As of 31 December 2021 (in HRK) CPlan for the (in HRK) 2021 Cumulative to 31 duaino 22Deebr2021 duration of December 2021 thprjc the project Sources of funding 98,441,615 505,850,142 600,147,670 Own funds IBRD loan funds 98,441,615 505,850,142 600,147,670 Front-end fee 1,490,022 - Advances on a Designated Account 98,441,615 354,009,486 Reimbursement 150,350,634 Direct payments Less: Project expenditures by loan categories 1 98,441,615 505,850,142 600,147,670 Goods, non-consulting services, consuLtants services and training for Part A of the Project - cat 1 448,485 1 4,456,370 16,038,698 HZI retrenchment compensations - cat 6. 9,425,000 43,756,725 60,040,000 Goods, works, non-consulting services, consultants' services and Training for Part D of the Project - cat 7. 88,568,130 456,147,025 525,578,950 Front-end Fee - cat 8. 1,490,022 1,490,022 Source: Financial statements for the period ended 31 December 2021 The notes accompanying the financial statements form an integral part of these financial statements. 4 HZ INFRASTRUKTURA d.o.o. DESIGNATED ACCOUNT STATEMENT Name of the project: Sustainable Croatian Railways Project in Europe Loan number: 8500-HR Borrower: HZ Infrastruktura d.o.o. Depository bank: Hrvatska pogtanska banka d.d. Account number: HR 1923900011300034560 Loan currency: EUR (in EUR) From the beginning of the Project Opening balance at the beginning of the period 3 1,442,895 - Add: World Bank advances on Designated accounts during the 4 12,212,000 47,899,000 period Interest income (if credited to a Designated account) 14 152 Funds available during the period 12,212,014 47,899,152 Less: Payments for eligible expenditure during the period 5 13,167,832 47,412,074 Refunds to the World Bank from the Designated account during the period Service charges (if debited to Designated account) Closing balance at the end of the period 3 487,078 487,078 Source: Financial statements for the period ended 31 December 2021 The notes accompanying the financial statements form an integral part of these financial statements. 5 _ _ s� [а ,д л г о оо о и �- о г� г о:� г� v и и v г•i оо fl• 1� н LY_ о 1� N V О о0 г.г5 а] tT SS Р �' .Са f� п � � �, f� .р м М � Cj •о �; .О м ,о .а .о �т м .гi аз р+ м� .о �г r.i а� �т гТ ai ,� !L, о кt rn Q r- 1� О �; � N и и с� м .О � и t�. 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Under the SUCRE project, the World Bank approved a loan to H21 (IBRD Loan No. 8500-HR) in the amount of EUR 79.0 million as assistance in financing the restructuring of HL The main development goaL of the SUCRE project is to support HZI in improving its operational.-efficiency and financial sustainabitity through restructuring, contributing to the restoration of the physical condition of infrastructure and security, and improving the working conditions of clients. This includes measures in terms of cost (tabour) structure and funding (including retroactive financing) foremergency reconstruction or security measures, as well as studies to improve the network and operational efficiency. The first amendment to the Loan agreement was conctuded on 22 November 2021. Budget chances accordinR to the initial contract and the first chanRe are shown in the table below: .. .... .. .. ....... ......... .... .. .. . .. .. .. ... ... ... Category Initial Fi rst Last Change Change contract change chan e i n EUR .. ... ....... . .. .... 1 2 3 4 5=4-3 6=513 Goods, non-consuLting services, consultants' 2,600,000 4,100,000 2,110,355 (1,989,645) (49%) services and training for Part A of the Project cat 1. H21 retrenchment compensations - cat 6. 13,700,000 1 7,900,000 7,900,000 Goods, works, non-consulting services, 1 62,502,500 66,802,500 68,792,145 1,989,645 3 5% consultants' services and Training for Part D of the Project - cat 7. Front-end Fee - cat 8. 197,500 197,500 197,500 Total 79,000,0000 79,000,000 79,000,000 2. SUMMARY OF ACCOUNTING POLICIES Basis of assembly The financial statements of the project have been prepared on a cash basis and are based on a cash basis of International Public Sector Accounting Standards ("Cash basis IPSAS") showing the sources of cash received during the period, their use and cash balance at the reporting date according to IBRD payments and disbursements loan. Transactions and events are recognized only if H21 disburses or receives cash. The financial statements of the project prepared in accordance with the cash basis provide readers with information on the sources of funds collected during the period in question, the purpose of their use and the balance of funds at the reporting date. Consequently, project financing is considered a source of project funds when funds are received, while project costs are considered to be the use of project funds when they are disbursed. Accounting policies are applied consistently throughout the period. Reporting entity and period H2 Infrastruktura d.o.o. prepared financial statements for the Sustainable Croatian Railways in Europe Project in the reporting period for the year from 1 January to 31 December 2021. Reporting currency The reporting currency is the currency in which the financial statements of the project are presented. The financial statements of the project are presented in euros, white the Report on the sources and use of project funds is presented in EUR and HRK rounded to the nearest HRK or EUR. 8 HZ INFRASTRUKTURA d.o.o. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 3. CASH Cash includes funds deposited in a special purpose account in the bank Hrvatska pogtanska banka d.d. In EUR 31 December 2021 31 December 2020 Account number Accuntnumer487,078 1,442,895 HR 1923900011300034560 4. LOANS The loans include cash inflows from the IBRD. The Loan agreement was signed in 2015 to finance the Sustainable Croatian Railways Project in Europe in the amount of EUR 79.0 million (Note 1). During 2021 the amount withdrawn is 12.21 million euros. Cash receipts for 2021 are shown in Annex II. 5. PAYMENTS Payments include goods, non-consulting services, consulting services, training for A and D part of the project and severance pay for H21, which is in accordance with the loan agreement. Retrenchment compensations are social benefits that HZI gives to its employees in order to reduce the number of employees or Lay off redundancy including the provision of care and training services and the provision of advice and support. Payment of eligible expenditure in 2021 is EUR 13,167,832. The list of payments in 2021 can be found in the financial report of the project. 6. WITHDRAWN LOAN FUNDS Movement of undrawn loan funds In euros 2021 2020 Undrawn funds on 1 January 23,292,176 43,279,186 Additional Loan Withdrawn amount (12,212,000) - (19,987,010) Undrawn funds on 31 December 11,080,176 23,292,176 The total outstanding Loan proceeds as of December 31 relate to the IBRD loan. 7. DATE OF APPROVAL The issuance of financial statements for the Project was approved by the Management Board on 29 July 2022. Signed fod GebaLf of Hi2 NFRASTRUKTURA d.o.o.: Ivan Krsic, Presidnt o he Management Board / 29 July 2022 9 HZ INFRASTRUKTURA d.o.o. Payments for eligible expenditure during the period Supplier Date EUR HRK HZI Severance payments 19.01.2021 260,000.00 1,950,000.00 JV SWIETELSKY d.o.o.- SWIETELSKY AG 20.01.2021 741,616.00 5,562,120.00 INSTITUT IGH d.d. 25.01.2021 65,645.77 492,999.71 HZ[ Severance payments 17.03.2021 259,136.21 1,950,000.00 INSTITUT IGH d.d. 16.02.2021 22,443.40 168,774.36 JV SWIETELSKY d.o.o.- SWIETELSKY AG 02.03.2021 432,316.08 3,253,178.48 JV SWIETELSKY d.o.o.- SWIETELSKY AG 18.03.2021 1,163,371.80 8,755,536.1.8 INSTITUT IGH d.d. 19.03.2021 10,806.55 81,308.49 HZI Severance payments 02.04.2021 43,246.84 325,000.00 HZI Severance payments 19.04.2021 60,264.90 455,000.00 INSTITUT IGH d.d. 1904.2021 6,323.91 47,555.79 JV SWIETELSKY d.o.o.- SWIETELSKY AG 11.05.2021 2,735,156.77 20,500,000.00 HZI Severance payments 18.05.2021 69,658.41 520,000.00 HZI Severance payments 17.06.2021 122,229.68 910,000.00 INSTITUT IGH d.d. 17.05.2021 21,331.77 159,988.31 JV SWIETELSKY d.o.o,- SWIETELSKY AG 20.05.2021 808,361.34 6,034,417.38 JV SWIETELSKY d.o.o.- SWIETELSKY AG 24.06.2021 358,243.15 2,667,120.24 JV SWIETELSKY d.o.o.- SWIETELSKY AG 24.06.2021 1,575,256.85 11,727,787.26 JV SWIETELSKY d.o.o.- SWIETELSKY AG 05.07.2021 1,782,172.92 13,259,366.54 INSTITUT IGH d.d. 19.07.2021 93,909.78 699,158.29 HZI Severance payments 19.07.2021 61,114,84 455,000.00 Detoitte Savjetodavne Usluge d.o.o. 11.08.2021 30,119.69 224,391.66 Detoitte Savjetodavne Usluge d.o.o. 16.11.2021 30,039.37 224,093.71 HZI Severance payments 17.08.2021 87,248.32 650,000.00 HZI Severance payments 17.09.2021 26,174.50 195,000.00 HZI Severance payments 19.10.2021 78,418.23 585,000.00 HZI Severance payments 16.11.2021 95,844.50 715,000.00 KONAR-INIENJERING ZA ENERGETIKU I TRANSPORT d.d. 06.09.2021 119,698.91 891,756.86 KONCAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 06.09.2021 119,609.38 891,089.89 KONCAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 10.09.2021 1,209.02 8,989.05 KONAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 10.09.2021 1,086.57 8,078.62 KONCAR-INZENJERING ZA ENERGETIKU I TRANSPORT d.d. 10.09.2021 971.50 7,223.07 KONCAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 10,09.2021 155.22 1,154.09 KONCAR-INZENJERING ZA ENERGETIKU I TRANSPORT d.d. 10.09.2021 125,691.38 934,515.46 KONCAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 10.09.2021 123,141.42 915,556.41 KONAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 10.09.2021 122,217.01 908,683.46 KONCAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 10.09.2021 115,458.58 858,434.51 KONCAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 14.10.2021 110,135.63 822,162.45 KONCAR-IN2ENJERING ZA ENERGETIKU [ TRANSPORT d.d. 14.10.2021 278.23 2,076.97 KONCAR-IN2ENJERING LA ENERGETIKU I TRANSPORT d.d. 14.10.2021 118,052.64 881,262.92 KONCAR-IN2ENJERING ZA ENERGETIKU I TRANSPORT d.d. 14.10.2021 278.23 2,076.97 HZI Severance payments 17.12.2021 95,716.20 715,000.00 JV SWIETELSKY d.o.o.- SWIETELSKY AG 10.12.2021 1,073,680.04 8,025,758.30 TOTAL 13,167,832 98,441,615 10 р!} N I N N I��! 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О О... �� О� О CJ�'.. б д гр р� а�� ® � о в�� � . п � с � � � � � � г� C7 � � � з д д � г� � Ci � б � F h � � L. `1' � � � � � � � ъ � � х х = х х ~ Q к �� I-y � а д г tL � Ш � г_ " с � й а � �fl � >N а д `ш .�о т .ма .о .. й о 2 Q tL ы о -- , . . ц �. у'� N N И N N = г х = � 4 F о г й w � .�сз •°д Q H2 INFRASTRUKTURA d.o.o. APPENDIX 11 Financial debt as at 31 December 2021 No. Creditor Contract Date Of Currency Contract amount Debt balance as Due date Insurance number contract of 31/1212020 EUR 79,000,000 42,472,492 GuaranteL of 1. 1BRD 2500-HR 0610512015 1/1212024 the MWstry of HRK 593,856,746 319,273,111 Finance TOTAL HRK 593,856,746 319,273,111 Source: HZI, ,BaLance of debt on the loan as of 31 December 2021"