HŽ 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 2023 to 31 January 2024 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 I – Funds Received from IBRD 11 Appendix II – Financial debt as at 31 January 2024 12 Tel: +385 1 2395 741 BDO Croatia d.o.o. Fax: +385 1 2303 691 10000 Zagreb E-mail: bdo-croatia@bdo.hr Radnička cesta 180 INDEPENDENT AUDITOR´S REPORT To the Management Board of the company HŽ INFRASTRUKTURA d.o.o., Zagreb Opinion We have audited the financial statements of the Project of Sustainable Croatian Railways in Europe of the company HŽ INFRASTRUKTURA d.o.o. financed from the loan of the INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT no. 8500 HR which include Statement on sources and use of project funds, Designated account statement, Expenditure statement of the company HŽ Infrastruktura d.o.o., Zagreb, („the Company“), for the period from 1 January 2023 to 31 January 2024, 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 period from 1 January 2023 to 31 January 2024 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 Trgovačkog suda u Zagrebu pod brojem 080044149 OIB 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 C ompany’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, 1 August 2024 Hrvoje Stipić, president of the Ivan Čajko, certified auditor Management Board 2 HŽ INFRASTRUKTURA d.o.o. STATEMENT ON SOURCES AND USE OF PROJECT FUNDS As at 31 January 2024 (in EUR) Plan for the 1.1.2023.- Cumulative to 31 Note duration of 31.1.2024. January 2024 the project Initial project balance on Designated Account 3 (IBRD) 2,148,452 - - Sources of funding 5,825,588 77,745,402 79,000,000 Counterpart fundings - - - IBRD loan funds 5,825,588 77,745,402 79,000,000 Front-end fee - 197,500 - Advances on a Designated Account 4 5,825,588 57,724,588 - Reimbursement - 19,823,314 - Direct payments - - - Less: Project expenditures by loan categories 5 7,973,877 77,745,402 79,000,000 Goods, non-consulting services, consultants' services and training for Part A of the Project - cat 1. - 691,575 1,967,625 HŽI retrenchment compensations - cat 6. 805,343 7,900,000 7,900,000 Goods, works, non-consulting services, consultants' services and Training for Part D of the Project - cat 7. 7,147,081 68,934,875 68,934,875 Refund of funds to the World Bank from the Special Account (DA) during the period 21,453 21,453 Front-end fee - cat 8. - 197,500 197,500 Designated account-interest income (33) (197) - Closing project balance on Designated account 3 (IBRD) 197 197 - Source: Financial statements for the period ended 31 January 2024 The notes accompanying the financial statements form an integral part of these financial statements. 3 HŽ INFRASTRUKTURA d.o.o. STATEMENT ON SOURCES AND USE OF PROJECT FUNDS As of 31 January 2024 (in HRK) Plan for the 1.1.2023.- Cumulative to 31 duration of 31.1.2024. January 2024 the project Sources of funding 59,917,539 583,250,428 592,719,963 Own funds - - - IBRD loan funds 59,917,539 583,250,428 592,719,963 Front-end fee - 1,490,022 - Advances on a Designated Account 59,917,539 431,409,772 - Reimbursement 150,350,634 - Direct payments - - - Less: - - Project expenditures by loan categories 59,917,539 583,250,428 592,719,963 Goods, non-consulting services, consultants' services and training for Part A of the Project - cat 1. - 5,132,158 14,601,693 HŽI retrenchment compensations - cat 6. 6,067,859 58,989,583 58,989,583 Goods, works, non-consulting services, consultants' services and Training for Part D of the Project - cat 7. 53,849,680 517,638,665 517,638,665 Front-end Fee - cat 8. 1,490,022 1,490,022 Source: Financial statements for the period ended 31 January 2024 The notes accompanying the financial statements form an integral part of these financial statements. 4 HŽ INFRASTRUKTURA d.o.o. DESIGNATED ACCOUNT STATEMENT Name of the project: Sustainable Croatian Railways Project in Europe Loan number: 8500-HR Borrower: HŽ INFRASTRUKTURA d.o.o. Depository bank: Hrvatska poštanska banka d.d. Account number: HR 1923900011300034560 Loan currency: EUR (in EUR) 1.1.2023.- From the beginning Note 31.1.2024. of the Project Opening balance at the beginning of the period 3 2,148,452 - Add: World Bank advances on Designated accounts during the 4 5,825,588 57,724,588 period Interest income (if credited to a Designated account) 33 197 Funds available during the period 5,825,621 57,724,785 Less: Payments for eligible expenditure during the period 5 7,952,424 57,703,136 Refunds to the World Bank from the Designated account 21,453 21,453 during the period Service charges (if debited to Designated account) - - Closing balance at the end of the period 3 197 197 Source: Financial statements for the period ended 31 January 2024 The notes accompanying the financial statements form an integral part of these financial statements. 5 HŽ INFRASTRUKTURA d.o.o. EXPENDITURE STATEMENT Statement of Application Type of goods or service (CW/GO/CS/OP/TR)/ Amount Paid from Expenditure Item number Supplier number Short description Designated Account (EUR) number 1 Severance payments HZI Retrenchment 172.539,69 2 Severance payments HZI Retrenchment 130.891,05 1 76 3 Severance payments HZI Retrenchment 34.507,94 4 Severance payments HZI Retrenchment 51.761,91 1 Severance payments HZI Retrenchment 6.756,99 2 Severance payments HZI Retrenchment 17.253,97 3 Severance payments HZI Retrenchment 16.180,34 1 78 4 Severance payments HZI Retrenchment 110.784,07 5 Severance payments HZI Retrenchment 17.253,97 6 Severance payments HZI Retrenchment 12.549,69 7 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in 137.249,92 the Republic of Croatia 8 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing 117.495,97 (PP) for delivery and installation at 50 locations in the Republic of Croatia 9 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing 156.352,16 2 78 (PP) for delivery and installation at 50 locations in the Republic of Croatia 10 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing 138.008,03 (PP) for delivery and installation at 50 locations in the Republic of Croatia 11 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in 157.429,09 the Republic of Croatia 6 HŽ INFRASTRUKTURA d.o.o. EXPENDITURE STATEMENT 12 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 164.907,89 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 13 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 122.154,96 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 14 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 119.332,34 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 15 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 103.103,35 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 16 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 170.906,49 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 17 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 2.042,26 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 18 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 375,35 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 19 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 3.438,86 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 20 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 2.405,69 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 21 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 4.535,51 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 7 HŽ INFRASTRUKTURA d.o.o. EXPENDITURE STATEMENT 22 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 3.270,35 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 23 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 170.352,35 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 24 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 154.341,29 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 25 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 5.194,82 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 26 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 54,33 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 27 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 9.218,79 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 28 KONČAR-INŽENJERING ZA Procurement of equipment for securing 49 railway- 2.524,03 ENERGETIKU I TRANSPORT d.d. road crossings (ŽCP) and one pedestrian crossing (PP) for delivery and installation at 50 locations in the Republic of Croatia 1 Severance payments HZI Retrenchment 3 80 43.134,92 2 JV SWIETELSKY d.o.o.- SWIETELSKY Reconstruction of 17.848 km (double track line) of 521.688,93 AG Section Savski Marof - Zagreb ZK (Zapadni kolodvor) on the M101 State Border-Savski Marof- Zagreb GK (Glavni kolodvor) Line 3 JV SWIETELSKY d.o.o.- SWIETELSKY Reconstruction of 17.848 km (double track line) of 1.977.168,09 AG Section Savski Marof - Zagreb ZK (Zapadni 4 80 kolodvor) on the M101 State Border-Savski Marof- Zagreb GK (Glavni kolodvor) Line 4 JV SWIETELSKY d.o.o.- SWIETELSKY Reconstruction of 17.848 km (double track line) of 423.126,76 AG Section Savski Marof - Zagreb ZK (Zapadni kolodvor) on the M101 State Border-Savski Marof- Zagreb GK (Glavni kolodvor) Line 8 HŽ INFRASTRUKTURA d.o.o. EXPENDITURE STATEMENT 1 Severance payments HZI Retrenchment 51.761,91 2 Severance payments HZI Retrenchment 120.777,77 1 82 3 Severance payments HZI Retrenchment 19.189,03 4 Procurement of equipment for securing 49 railway- KONČAR,INŽENJERING ZA road crossings (ŽCP) and one pedestrian crossing 6.543,42 ENERGETIKU I TRANSPORT d.d. (PP) for delivery and installation at 50 locations in the Republic of Croatia 2 82 5 Procurement of equipment for securing 49 railway- KONČAR,INŽENJERING ZA road crossings (ŽCP) and one pedestrian crossing 121.310,92 ENERGETIKU I TRANSPORT d.d. (PP) for delivery and installation at 50 locations in the Republic of Croatia 6 JV SWIETELSKY d.o.o.- SWIETELSKY Reconstruction of 17.848 km (double track line) of AG Section Savski Marof - Zagreb ZK (Zapadni 240.273,04 kolodvor) on the M101 State Border-Savski Marof- Zagreb GK (Glavni kolodvor) Line 7 JV SWIETELSKY d.o.o.- SWIETELSKY Reconstruction of 17.848 km (double track line) of AG Section Savski Marof - Zagreb ZK (Zapadni 3 82 2.112.275,74 kolodvor) on the M101 State Border-Savski Marof- Zagreb GK (Glavni kolodvor) Line 8 JV SWIETELSKY d.o.o.- SWIETELSKY Reconstruction of 17.848 km (double track line) of AG Section Savski Marof - Zagreb ZK (Zapadni 0,05 kolodvor) on the M101 State Border-Savski Marof- Zagreb GK (Glavni kolodvor) Line TOTAL for the period from 1 January 2023 to 31 January 2024 7.952.424,03 Source: Day expense report 9 HŽ INFRASTRUKTURA d.o.o. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 1. GENERAL INFORMATION On 6 May 2015, the International Bank for Reconstruction and Development ("IBRD") approved a loan to HŽ INFRASTRUKTURA d.o.o. (hereinafter "HŽI"). The main business activity of HŽI is the management, maintenance and construction of the railway infrastructure in Croatia. The approved loan is part of the Sustainable Croatian Railways in Europe Project (hereinafter: the "SUCRE Project"), which began on 4 August 2015. Under the SUCRE project, the World Bank approved a loan to HŽI (IBRD Loan No. 8500-HR) in the amount of EUR 79.0 million as assistance in financing the restructuring of HŽI. The main development goal of the SUCRE project is to support HŽI in improving its operational efficiency and financial sustainability 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 (labour) structure and funding (including retroactive financing) for emergency reconstruction or security measures, as well as studies to improve the network and operational efficiency. The first changes in amendment to the loan agreement was concluded on 28 June 2018. The last budget changes according to the initial contract was concluded on 17 July 2023 in the third amendment, and they are shown in the table below: Category Initial First Last Change Change contract change change (%) in EUR 1 2 3 4 5=4-3 6=5/3 Goods, non-consulting services, consultants' 2,600,000 4,100,000 1,967,625 (2,132,375) (52%) services and training for Part A of the Project - cat 1. HŽI retrenchment compensations - cat 6. 13,700,000 7,900,000 7,900,000 - - Goods, works, non-consulting services, 62,502,500 66,802,500 68,934,875 2,132,375 3% 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 HŽI 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 HŽ INFRASTRUKTURA d.o.o. prepared financial statements for the Sustainable Croatian Railways in Europe Project in the reporting period for the period from 1 January 2023 to 31 January 2024. 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, while the Report on the sources and use of project funds is presented in EUR and HRK rounded to the nearest HRK or EUR. 10 HŽ INFRASTRUKTURA d.o.o. Payments for eligible expenditure during the period Supplier Date EUR HRK HZI Retrenchment 18.1.2023 172,539,69 1,300,000,29 HZI Retrenchment 30.1.2023 130,891,05 986,198,62 HZI Retrenchment 20.2.2023 34,507,94 260,000,07 HZI Retrenchment 17.3.2023 51,761,91 390,000,11 HZI Retrenchment 5.5.2023 6,756,99 50,910,54 HZI Retrenchment 17.5.2023 17,253,97 130,000,04 HZI Retrenchment 26.5.2023 16,180,34 121,910,77 HZI Retrenchment 30.6.2023 110,784,07 834,702,58 HZI Retrenchment 30.6.2023 17,253,97 130,000,04 HZI Retrenchment 30.6.2023 12,549,69 94,555,64 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 137,249,92 1,034,109,52 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 117,495,97 885,273,39 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 156,352,16 1,178,035,35 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 138,008,03 1,039,821,50 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 157,429,09 1,186,149,48 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 164,907,89 1,242,498,50 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 122,154,96 920,376,55 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 119,332,34 899,109,52 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 103,103,35 776,832,19 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.4.2023 170,906,49 1,287,694,95 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.5.2023 2,042,26 15,387,41 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.5.2023 375,35 2,828,07 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.5.2023 3,438,86 25,910,09 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.5.2023 2,405,69 18,125,67 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.5.2023 4,535,51 34,172,80 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.5.2023 3,270,35 24,640,45 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.5.2023 170,352,35 1,283,519,78 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 24.5.2023 154,341,29 1,162,884,45 HZI Retrenchment 18.1.2023 172,539,69 39,140,37 HZI Retrenchment 30.1.2023 130,891,05 409,35 HZI Retrenchment 20.2.2023 34,507,94 69,458,97 HZI Retrenchment 17.3.2023 51,761,91 19,017,30 HZI Retrenchment 18.7.2023 43,134,92 325,000,05 JV SWIETELSKY d.o.o.- SWIETELSKY AG 26.7.2023 521,688,93 3,930,665,24 JV SWIETELSKY d.o.o.- SWIETELSKY AG 26.7.2023 1,977,168,09 14,896,972,97 12 HŽ INFRASTRUKTURA d.o.o. JV SWIETELSKY d.o.o.- SWIETELSKY AG 26.7.2023 423,126,76 3,188,048,57 HZI Retrenchment 20.9.2023 51,761,91 390,000,11 HZI Retrenchment 17.10.2023 120,777,77 910,000,11 HZI Retrenchment 17.11.2023 19,189,03 144,579,75 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 31.7.2023 6,543,42 49,301,40 JV SWIETELSKY d.o.o.- SWIETELSKY AG 29.9.2023 240,273,04 1,810,337,22 JV SWIETELSKY d.o.o.- SWIETELSKY AG 29.9.2023 2,112,275,74 15,914,941,56 KONČAR-INŽENJERING ZA ENERGETIKU I TRANSPORT d.d. 4.10.2023 121,310,92 914,017,13 JV SWIETELSKY d.o.o.- SWIETELSKY AG 8.11.2023 0,05 0,38 TOTAL 7,952,424,03 59,917,538,85 13 HŽ INFRASTRUKTURA d.o.o. APPENDIX I Funds received from IBRD Historical Amount equivalent Equivalent Date of Currency No. Reported deduct Paid Closing date paid in to USD receive date ed currency Reference Curren Reported borrower User name User account Type cy amount Currency Amount Ran 84 :RN000000398 Refunds 547 - - Application EUR -21,452,50 - EUR -21,452,50 -21,452,50 -21,452,50 11.12.2023 11.12.2023 - 82 HZI-81 HZ INFRASTRUKTURA D.O.O. HR1923900011300034560 DA-A EUR 2,665,588,41 - EUR 2,665,588,41 2,665,588,41 2,665,588,41 30.8.2023 5.9.2023 5.9.2023 80 HZI-79 HZ INFRASTRUKTURA D.O.O. HR1923900011300034560 DA-A EUR 2,160,000,00 - EUR 2,160,000,00 2,160,000,00 2,160,000,00 19.7.2023 24.7.2023 24.7.2023 78 HZI-77 HZ INFRASTRUKTURA D.O.O. HR1923900011300034560 DA-A EUR 1,000,000,00 - EUR 1,000,000,00 1,000,000,00 1,000,000,00 23.5.2023 26.5.2023 26.5.2023 TOTAL 5,804,135.91 - 5,804,135.91 5,804,135.91 5,804,135.91 5,804,135.91 Source: HŽI, Table "Withdrawal and use of loans" 14 HŽ INFRASTRUKTURA d.o.o. APPENDIX II Financial debt as at 31 January 2024 Contract Date of Debt balance as RB Creditor Currency Contract amount Due date Insurance number contract of 31/1/2024 EUR 79,000,000 20,451,920 Guarantee of 1. IBRD 8500-HR 06/05/2015 1/12/2024 the Ministry of HRK 595,225,500 154,094,990 Finance UKUPNO HRK 595,225,500 154,094,990 Source: HŽI, „Balance of debt on the loan as of 31 January 2024" 15