AD Plastik d.d.

Quarterly Report • Apr 29, 2011

Management Interim Report of the AD Plastik group and Company AD Plastik Inc. Solin for the first quarter of 2011.

Solin, April 2011.

Content

a) Introduction to the report	3
b) Management Interim Report of the AD Plastik group and company	3
AD Plastik Inc. Solin for the period 01.01.-31.03.2011.
c) Expectations for 2011	4
Addendums:
Financial reports of AD Plastik group	5
1. Balance sheet	6
2. Profit and loss account	8
3. Cash flow (indirect method)	10
4. Report on changes of capital	11
5. Notes to Consolidated Financial Statements	11
Financial reports of the company AD Plastik Inc. Solin	12
6. Balance sheet	14
7. Profit and loss account	16
8. Cash flow (indirect method)	18
9. Report on changes of capital	19
10. Notes to the financial statements for the Parent Company	19
d) Statement of the person responsible for drafting the financial reports	20

a) Introduction to the report

Financial highlights: 01.01. – 31.03.2011.

Indicator	Till 31.03.2011.	Till 31.03.2010.	Rate of change %
Sales revenue (Kkn)	192.023	193.496	-0,8%
Turnover (Kkn)	203.324	209.490	-2,9%
Net profit (Kkn)	17.195	11.196	53,6%

Decrease the group debt

The coefficient of the group debt increased from 0,361 (31.12.2010.) to 0,360 (first quarter 2011).

Key developments in 2011

• Difference in expressing result in Parent Company Result of Parent Company will no longer include the results of associated companies under the equity method, only the amount approved for the payment of dividends for 2010. Also year 2010. is corrected so that two years could be comparable.
• In preparing the consolidated financial reports for the first quarters in year 2010. and year 2011., the associated entities are reported under the equity method, and affiliates are stated at cost method.
• Dividend payments in associated entity EAPS, Romania and subsidiary company ZAO PHR, Russia.

b) Management interim Report of the AD Plastik group for the period: 01.01. – 31.03.2011.

Main business activity of AD Plastik group is manufacture of plastic parts for automobile industry. Besides this activity, the Group also manufactures package for food industry, products for households, etc.

On March 31th, 2011 the Group employed 2.392 employees, from which 867 were employed in the company AD Plastik Inc. Solin (Parent Company).

On March 31th, 2011 the amount of the stock was 419.958.400 kuna.

There was no change in the Management structure and in the Supervisory Board in Parent Company.

There was no significant change in the ownership structure. Prevent Global, owner of the 25,8% shares, is in the bankruptcy and the stocks are deposited in two Slovenian banks.

Underlying Consolidated financial statements include: quarterly data for AD Plastik dd Solin, ADP Luga Russia, ZAO PHR, Russia, AD Plastik Ltd. Slovenia and the results of associated companies EAPS Romania, FADP Holding France and SG Plastik doo, Solin included in the result of the Parent Company using equity method.

During the period from January till March 2011 the Group realized total profit in the amount of 203,3 million kuna that represents 2,9% less than during the same period in the previous year when the income amounted 209,5 million kuna.

Total expenditure of the Group business during the accounting period was 182,3 million kuna that represents 8,7% less than during the same period in the previous year when total expenditure of business was 198,3 million kuna.

The reason for lower revenues and expenditures of the Group is production relocation from subsidiary ADP Luga Russia in associate FADP Russia, whose business statements are included by using the equity method in accordance with IAS 27 and 28.

For the same period the Parent Company realized total income to the amount of 184,9 million kuna that represents 19,7% more than during the same period in the previous year when the income was 154,5 million kuna. Dividends from companies ZAO PHR, Russia and the EAPC, Romania from 2010., are included in total revenue in the amount of 26.8 million.

Total expenditure of the Parent company during the accounting period was 143,2 million kuna that represents 1,0% less than during the same period in the previous year when total expenditure of business running was 144,2 million kuna.

During the monitored period the Group realized profit in the amount of 17,2 million kuna, while during the same period in the previous year it realized the profit in the amount of 11,2 million kuna.

During the same period the Parent Company realized profit in the amount of 38,8 million kuna, while during the same period in the previous year it realized the profit in the amount of 10,3 million kuna. In the profit of the Parent Company it is included the dividend income from companies ZAO PHR, Russia and the EAPC, Romania in a total amount of 26,8 million kuna. Operating profit of a Parent Company is 11.9 million kuna, which is 15.5% more than the profit for the same period last year.

Realized result was better than the planned result for the same period.

c) Expectations for 2011

First quarter result is better than plan and according to that expectations for 2011 are high. Result for 2011 should be better than result for 2010 for the Parent Company and for the Group.

Financial reports of AD Plastik Group

Appendix 1
Reporting period:				01.01.2011.		till	31.03.2011.
						Quarterly Financial Report of the entrepreneur TFI-POD
	Register number (MB):		03440494
	Entity register number (MBS):		060007090
	Personal identification		48351740621
	number (PIN):
	Issuing company: AD PLASTIK d.d.
	Post code and place:		21210		Solin
	Street and house number: Matoševa 8
	E-mail address: adplastik@adplastik.hr
	Internet address: www.adplastik.hr
	Municipality/city code and	406	Solin
	name:
	County code and name:	1 7		Splitsko-dalmatinska			No. of employees:	2.392
	Consolidated report:	YES					(at the end of the trimester) NCA code:	2932
	Names of consolidation subjects (according to IMSF):				Seat:		REG.NO.:
			AD PLASTIK d.d.			Solin, Hrvatska	03440494
			ZAO PHR			Samara, Ruska Federacija	103630022193
			AD PLASTIK d.o.o.			Novo Mesto, Slovenija	1214985000
			ZAO ADP LUGA			Luga, Ruska Federacija	107471000032
	Bookkeeping service:
	Contact person:	Zvonimir Paradžik
						(only the name and surname of the contact person to be entered)
		Telephone: 021/206-640				Fax:	021/206-669
	E-mail address: zvonimir.paradzik@adplastik.hr
	Name and surname: Josip Boban
				(person authorised for representation)
	Documentation for publishing:
							1. Financial statements (balance sheet, profit and loss statement, cash flow statement, changes in equity and notes to
	financial statements)
	2. Interim report,
	3.Statement of the person responsible for compiling financial statements.
				Place of the seal			(signature of the person authorised for representation)

1. Balance sheet

Assets
BALANCE SHEET
as at 31.03.2011.
Taxpayer: GROUP AD PLASTIK
ITEM	AOP ind.	Preceding year	Current year
1	2	3	4
ASSETS
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001
B) FIXED ASSETS (003+010+020+029+033)	002	661.659.664	655.531.124
I. INTANGIBLE ASSETS (004 up to 009)	003	43.568.093	40.673.433
1. Development costs	004	40.667.370	37.885.607
2. Concessions, patents, licenses, trademarks, softwares and other rights	005	2.476.173	2.382.589
3. Goodwill 4. Advances for purchase of intangible assets	006 007	0 0	0 0
5. Intangible assets in preparation	008	0	0
6. 6. Other intangible assets	009	424.549	405.237
II. TANGIBLE ASSETS (011 up to 019)	010	515.418.758	517.883.483
1. Land	011	134.619.737	134.619.737
2. Buildings	012	206.138.884	203.362.780
3. Plants and machinery	013	153.479.963	152.052.140
4. Tools, plant & office inventory, furniture & transport means	014	14.341.785	14.279.418
5. Biological assets	015
6. Payments on account for tangible assets	016	0	105.888
7. Tangible assets in preparation 8. Other tangible assets	017 018	5.558.791	12.174.355
9. Investment in real estate	019	1.279.598	1.289.165
III. FIXED FINANCIAL ASSETS (021 up to 028)	020	101.901.260	96.202.751
1. Shares in affiliated undertakings	021
2. Loans to affiliated undertakings	022
3. Participating interests (shares)	023	72.841.443	59.461.142
4. Given loans to companies in which exist participating interests	024	28.564.380	36.246.172
5. Investments in securities	025	63.855	63.855
6. Other loan, deposits etc	026	431.582	431.582
7. Other fixed financial assets	027
8. Investment stated in equity method	028
IV. RECEIVABLES (030 up to 032)	029	0	0
1. Receivables from associated undertakings 2. Receivables from sales on credit	030 031
3. Other receivables	032
V. DEFFERED TAX ASSETS	033	771.553	771.457
C) CURRENT ASSETS (035+043+050+058)	034	335.680.554	370.084.205
I. INVENTORY (036 up to 042)	035	57.465.965	55.293.038
1. Materials and supplies	036	42.629.395	37.426.326
2. Work in progress	037	2.806.050	2.486.013
3. Finished goods	038	8.623.623	8.003.616
4. Commercial goods	039	3.406.897	7.377.083
5. Advances for inventories 6. Long term assets held for sale	040 041
7. Biological assets	042
II. RECEIVABLES (044 up to 049)	043	202.109.498	238.193.623
1. Receivables from associated undertakings	044
2. Trade receivables	045	147.150.088	169.787.499
3. Receivables from participating companies	046	5.244.952	21.390.737
4. Receivables from employees and members of the business	047	932.787	1.203.423
5. Receivables from government and other institutions	048	24.370.613	25.354.045
6. Other receivables	049	24.411.058	20.457.919
III. CURRENT FINANCIAL ASSETS (051 up to 057)	050	66.543.367	64.483.426
1. Shares in affiliated undertakings	051
2. Loans to affiliates	052
3. Participating interests (shares) 4. Given loans to companies in which exist participating interests	053 054		5.173.190
5. Investments in to securities	055		0
6. Other loan, deposits etc	056	66.543.367	59.310.236
7. Other financial assets	057
IV. CASH AT BANK AND IN HAND	058	9.561.724	12.114.118
D) PREPAYMENTA AND ACCRUED INCOME	059	75.549.210	77.189.477
E) TOTAL ASSETS (001+002+034+059)	060		1.072.889.428 1.102.804.806
F) OUT-OF-BALANCE ITEMS	061	7.149.642	7.149.642

Liabilities

BALANCE SHEET as at 31.03.2011.
Taxpayer: GROUP AD PLASTIK
ITEM	AOP	Preceding	Current year
	ind.	year
1	2	3	4
LIABILITIES
A) CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	657.680.080	674.175.456
I. SUBSCRIBED SHARE CAPITAL	063	419.958.400	419.958.400
II. CAPITAL RESERVES	064	177.295.439	181.284.992
III. RESERVES FROM GAIN (066+067-068+069+070)	065	6.176.653	6.176.671
1. Legal reserves	066	6.139.794	6.139.825
2. Reserves for own shares	067	11.359.719	12.927.119
3. Own stocks and shares (deductible item)	068	11.359.719	12.927.119
4. Statutory reserves	069	36.859	36.846
5. Other reserves	070		0
IV. REVALUATION RESERVES V. RETAINED EARNINGS OR LOSS BROUGHT FORWARD (073-074)	071 072
1. Retained earnings	073	0	49.560.128 49.560.128
2. Loss brought forward	074
VI. CURRENT YEAR PROFIT OR LOSS (076-077)	075	54.224.990	17.195.265
1. Current year profit	076	54.224.990	17.195.265
2. Current year loss	077
VII. MINOR INTEREST	078	24.598
B) PROVISIONS (080 up to 082)	079	15.619.833	15.660.163
1. Provisions for pensions, severance pay and similar obligations	080	3.332.255	3.332.255
2. Provisions for tax liabilities	081	0	0
3. Other provisions	082	12.287.578	12.327.908
C) LONG TERM LIABILITIES (084 up to 092)	083	92.905.027	86.101.820
1. Liabilities to related parties	084
2. Commitments for loans, deposits, etc	085
3. Liabilities to banks and other financial institutions	086	92.830.764	86.027.927
4. Liabilities for advances	087
5. Trade payables	088
6. Commitments on securities	089
7. Liabilities to companies in which are participating interests	090
8. Other long term liabilities	091	74.263	73.893
9. Deferred tax liabilities	092
D) KRATKOROČNE OBVEZE (094 do 105)	093	294.793.799	311.411.518
1. Liabilities to related parties	094
2. Commitments for loans, deposits, etc	095
3. Liabilities to banks and other financial institutions	096	106.256.933	106.363.705
4. Liabilities for advances	097	82.413.732	85.670.473
5. Trade payables	098	93.147.767	96.414.174
6. Commitments on securities	099
7. Liabilities to companies in which are participating interests	100
8. Liabilities towards employees	101	6.553.022	6.679.974
9. Liabilities for taxes, contributions and other benefits	102	6.147.659	15.543.716
10. Liabilities to share in the result	103	16.387	0
11. Amount based on fixed assets intended to sale	104
12. Other short-term liabilities	105	258.299	739.476
E) DEFERRED PAYMENT OF COSTS AND FUTURE INCOME	106	1.705.336	5.270.496
F) TOTAL LIABILITIES (062+079+083+093+106)	107		1.062.704.075 1.092.619.453
G) OUT-OF BALANCE ITEMS	108	7.149.642	7.149.642
ADDENDUM TO BALANCE SHEET( filled in by the entrepreneur compiling the consolidated annual financial statement)
A) CAPITAL AND RESERVES
1. Ascribed to the holders of the parent company capital	109	657.655.482	674.175.456
2. Ascribed to minority interest	110	24.598	0
Note 1: Appendix to Balance sheet fill companies w ho make consolidated financial statements.

2. Profit and loss account

PROFIT AND LOSS ACCOUNT
in period from 01.01.2011. till 31.03.2011.
Taxpayer: GROUP AD PLASTIK	AOP
ITEM	ind.		Preceding year Current year
		Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6
I. OPERATING TURNOVER (112+113)	111				193.495.768 193.495.768 192.023.077 192.023.077
1. Income from sales	112				188.405.681 188.405.681 188.908.971 188.908.971
2. Other operating income	113	5.090.087	5.090.087	3.114.106	3.114.106
II. OPERATING CHARGES (115+116+120+124+125+126+129+130)	114				193.359.596 193.359.596 172.601.755 172.601.755
1. Changes in the value of inventories of work in progress and finished goods	115	-49.542	-49.542	1.124.825	1.124.825
2. Material charges (117 up to 119)	116				125.925.890 125.925.890 111.064.100 111.064.100
a) Costs of raw materials and consumables	117		109.157.498 109.157.498	96.945.380	96.945.380
b) Costs of sales	118	453.932	453.932	40.360	40.360
c) Other external charges	119	16.314.460	16.314.460	14.078.360	14.078.360
3. Staff costs (121 up to 123)	120	31.706.103	31.706.103	30.853.514	30.853.514
a) Salaries and wages	121	19.240.587	19.240.587	18.748.032	18.748.032
b) Costs of taxes and social security	122	7.898.748	7.898.748	6.917.451	6.917.451
c) Duties on wages	123	4.566.768	4.566.768	5.188.031	5.188.031
4. Depreciation	124	17.071.689	17.071.689	13.593.473	13.593.473
5. Other costs	125	7.012.176	7.012.176	10.822.553	10.822.553
6. Impairment (127+128)	126	0	0	0	0
a) fixed assets (excluding financial assets)	127
b) current assets (excluding financial assets)	128
7. Provisions	129	11.692.191	11.692.191
8. Other operating expenses	130	1.089	1.089	5.143.290	5.143.290
III. FINANCIAL INCOME (132 up to 136)	131	13.696.865	13.696.865	5.232.964	5.232.964
1. Interests, exchange rate differenc, dividends with affiliates	132	11.016.838	11.016.838	2.618.784	2.618.784
2. Interests, exch. rate differenc., dividends with non-affiliates	133	2.680.027	2.680.027	2.614.180	2.614.180
3. Part of income from affiliates and participated interests	134
4. Non-realized financial income	135
5. Other financial income	136
IV. FINANCIAL CHARGES (138 up to 141)	137	4.934.633	4.934.633	6.243.961	6.243.961
1. Interests, exchange rate differenc, dividends with affiliates	138	312.706	312.706	2.079.302	2.079.302
2. Interests, exch. rate differenc., dividends with non-affiliates	139	4.621.927	4.621.927	4.164.659	4.164.659
3. Non-realized financial charges	140
4. Other financial charges	141
V. SHARE OF PROFIT FROM ASSOCIATED COMPANIES	142	2.297.572	2.297.572	6.068.001	6.068.001
VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES	143			3.499.998	3.499.998
VII. EXTRAORDINARY – OTHER INCOME	144
VIII. EXTRAORDINARY – OTHER CHARGES	145
IX. TOTAL INCOME (111+131+142 + 144)	146				209.490.205 209.490.205 203.324.042 203.324.042
X. TOTAL CHARGES (114+137+143 + 145)	147				198.294.229 198.294.229 182.345.714 182.345.714
XI. PROFIT OR LOSS BEFORE TAXATION (146-147)	148	11.195.976	11.195.976	20.978.328	20.978.328
1. Profit before taxation (146-147)	149	11.195.976	11.195.976	20.978.328	20.978.328
2. Loss before taxation (147-146)	150	0	0	0	0
XII. PROFIT TAX	151			3.783.060	3.783.060
XIII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	11.195.976	11.195.976	17.195.268	17.195.268
1. PROFIT FOR THE PERIOD (149-151)	153	11.195.976	11.195.976	17.195.268	17.195.268
2. LOSS FOR THE PERIOD (151-148)	154	0	0	0	0

2. Profit and loss account - continued

ADDENDUM TO ATS (filled in by the entrepreneur compiling the consolidated annual financial statement)
XIV. PROFIT OR LOSS FOR THE CURRENT PERIOD
1. Attributable to equity holders	155	11.197.475	11.197.475	17.195.268	17.195.268
2. Attributable to minority interests	156	-1.499	-1.499
Report for other comprehensive income (only for the taxpayer applying IFRS)
I. PROFIT OR LOSS FOR THE CURRENT PERIOD (= 152)	157	11.195.976	11.195.976	17.195.268	17.195.268
II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAXATION (159 up to 165)	158	0	0	0	0
1. Exchange differences on translation of foreign operations	159
2. Movements in revaluation reserves of fixed and intangible assets	160
3. Profit or loss from revaluation of financial assets available for sale	161
4. Gains or losses on effective cash flow protection	162
5. Gains or losses on effective hedge of a net investment abroad	163
6. Share of other comprehensive income / loss of associated companies	164
7. Actuarial gains / losses on defined benefit plans	165
III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD	166
IV. OTHER COMPREHENSIVE NET PROFIT OR LOSS	167	0	0	0	0
V. OTHER COMPREHENSIVE PROFIT OR LOSS FOR THE PERIOD (157+167)	168	11.195.976	11.195.976	17.195.268	17.195.268
ADDENDUM TO Report for other comprehensive income (filled in by the entrepreneur compiling the consolidated annual financial statement)
VI. OTHER COMPREHENSIVE PROFIT OR LOSS FOR THE PERIOD
1. Attributable to equity holders	169	11.197.475	11.197.475	17.195.268	17.195.268
2. Attributable to minority interests	170	-1.499	-1.499

3. Cash flow (indirect method)

CASH FLOW REPORT – Indirect method
in period from 01.01.2011. till 31.03.2011.
Taxpayer: GROUP AD PLASTIK
ITEM	AOP ind.	Preceding year	Current year
1	2	3	4
CASH FLOW FROM OPERATING ACTIVITIES
1. Profit before taxation	001	11.195.976	20.978.328
2. Depreciation	002	17.071.689	13.593.473
3. Increase of current liabilities	003	24.990.440	20.223.209
4. Decrease of current receivables	004
5. Decrease in stocks	005	3.955.780	2.172.927
6. Other increase of cash flow	006	6.342.031	96
I. Total increase of cash flow from operating activities (001 - 006)	007	63.555.916	56.968.033
1. Decrease of current liabilities	008
2. Increase of current receivables	009	18.327.558	37.724.391
3. Increase in stocks	010
4. Other decrease of cash flow	011		4.482.952
II. Total decrease of cash flow from operating activities (008 – 011)	012	18.327.558	42.207.343
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)	013	45.228.358	14.760.689
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)	014	0	0
CASH FLOWS FROM INVESTMENT ACTIVITIES
1. Cash inflows from sale of fixed intangible and tangible assets	015	876.120	779.118
2. Cash inflows from sale of ownership and debt instruments	016
3. Cash inflows from interest	017	305.422
4. Cash inflows from dividends	018
5. Other cash inflows from investment activities	019		13.380.301
III. Total cash inflows from investment activities (015-019)	020	1.181.542	14.159.419
1. Cash expenditures for purchase of fixed tangible and intangible assets	021	29.894.958	13.942.656
2. Cash expenditures for acquisition of ownership and debt instruments	022	4.002.112
3. Other cash expenditures from investment activities	023
IV. Total cash expenditures from investment activities (021-023)	024	33.897.070	13.942.656
B1) NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (020-024)	025	0	216.763
B2) NET DECREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (024-020)	026	32.715.528	0
CASH FLOW FROM FINANCIAL ACTIVITIES
1. Cash inflows from issuing ownership and debt financial instruments	027
2. Cash inflows from credit principal, debentures, loans and other borrowings	028
3. Other inflows from financial activities	029		2.059.941
V. Total cash inflows from financial activities (027-029)	030	0	2.059.941
1. Cash expenditures for the payment of credit principal and debentures	031	7.243.617	6.803.207
2. Cash expenditures for the payment of dividends	032
3. Cash expenditures for financial lease	033		7.681.792
4. Cash expenditures for repurchase of own shares	034
5. Other cash expenditures from financial activities	035	7.450.318
VI. Total cash expenditures from financial activities (031-035)	036	14.693.935	14.484.999
C1) NET INCREASE OF CASH FLOW FROM FINANCIAL ACTIVITIES (030-036)	037	0	0
C2) NET DECREASE OF CASH FLOW FROM FINANCIAL ACTIVITIES (036-030)	038	14.693.935	12.425.058
Total cash flow increase (013-014+025-026+037-038)	039	0	2.552.394
Total cash flow decrease (014-013+026-025+038-037)	040	2.181.105	0
Cash and cash equivalents at the beginning of the period	041	13.146.715	9.561.724
Cash and cash equivalents increase	042		2.552.394
Cash and cash equivalents decrease	043	2.181.105
Cash and cash equivalents at the end of the period	044	10.965.610	12.114.118

4. Report on changes of capital

	REPORT ON CHANGES TO CAPITAL
	for period	1.1.2011	till	31.3.2011
					AOP	Preceding	Current
	ITEM				ind.	year	year
	1				2	3	4
1. Subscribed capital					001	419.958.400	419.958.400
2. Capital reserves					002	177.295.439	181.284.992
3. Reserves from profit					003	6.201.251	6.176.671
4. Retained profit or loss carried over					004		49.560.128
5. Current year profit or loss					005	54.224.990	17.195.265
6. Revalorisation of fixed material assets					006
7. Revalorisation of intangible assets					007
	8. Revalorisation of financial assets available for sale				008
9. Other revalorisation					009	10.185.353	10.185.353
	10. Total capital and reserves (AOP 001-009)				010	667.865.433	684.360.809
	11.Exchange rate variations from net investments into foreign business operations				011
12.Current and deferred taxes (part)					012
13.Cash flow protection					013
14.Changes in bookkeeping policies					014
	15.Correction of significant mistakes from the previous period				015
16.Other changes to capital					016
	17. Total capital increase or decrease (AOP 011 - 016)				017	0	0
	17a. Ascribed to holders of the holders company capital				018	667.840.835	684.360.809
17b. Ascribed to minority interest					019	24.598
Items reducing Capital are entered w	ith negative sign. Data under EOP codes 001 to 009 are entered as balance as at Balance Sheet date.

5. Notes for consolidated financial report

• 1. Increase in long-term financial assets is the result of lending increase to associate FADP Luga Russia.
• 1. Loans given to companies in which Parent Company has participating interests relate to lending to each other within the group.
• 1. Share of profit of joint ventures and share of loss from associated companies refers to companies in which the parent company has a stake of less than 50%. Mentioned amounts are reported in the balance sheet in the long-term financial assets based on participating interests.

Financial reports of the company AD Plastik Inc. Solin

Appendix 1
Reporting period:				01.01.2011.		till	31.03.2011.
						Quarterly Financial Report of the entrepreneur TFI-POD
	Register number (MB):		03440494
	Entity register number (MBS):		060007090
	Personal identification		48351740621
	number (PIN):
	Issuing company: AD PLASTIK d.d.
	Post code and place:		21210		SOLIN
	Street and house number: MATOŠEVA 8
	E-mail address: adplastik@adplastik.hr
	Internet address: www.adplastik.hr
		406	SOLIN
	Municipality/city code and name:
	County code and name:	1 7		SPLITSKO-DALMATINSKA			No. of employees:	867
							(at the end of the trimester)
	Consolidated report:	NO					NCA code:	2932
	Names of consolidation subjects (according to IMSF):				Seat:		REG.NO.:
	Bookkeeping service:
	Contact person: Marica Jakelić					(only the name and surname of the contact person to be entered)
		Telephone: 021/206-660				Fax:	021/206-669
	E-mail address: marica.jakelic@adplastik.hr
	Name and surname: Josip Boban
				(person authorised for representation)
	Documentation for publishing:
							1. Financial statements (balance sheet, profit and loss statement, cash flow statement, changes in equity and notes to
	financial statements) 2. Interim report,
	3.Statement of the person responsible for compiling financial statements.
				Place of the seal			(signature of the person authorised for representation)

6. Balance sheet

Assets
BALANCE SHEET
as at 31.03.2011.
Taxpayer: AD PLASTIK d.d.
ITEM	AOP	Preceding	Current year
1	ind. 2	year 3	4
ASSETS
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001
B) FIXED ASSETS (003+010+020+029+033)	002	683.393.883	698.583.977
I. INTANGIBLE ASSETS (004 up to 009)	003	41.068.786	38.287.023
1. Development costs	004	40.667.370	37.885.607
2. Concessions, patents, licenses, trademarks, softwares and other rights	005	401.416	401.416
3. Goodwill	006
4. Advances for purchase of intangible assets	007
5. Intangible assets in preparation	008
6. 6. Other intangible assets	009
II. TANGIBLE ASSETS (011 up to 019) 1. Land	010 011	440.520.255	435.695.401
2. Buildings	012	134.619.737 170.463.291	134.619.737 167.420.452
3. Plants and machinery	013	125.573.646	123.235.045
4. Tools, plant & office inventory, furniture & transport means	014	7.236.660	7.121.171
5. Biological assets	015
6. Payments on account for tangible assets	016
7. Tangible assets in preparation	017	2.626.921	3.298.996
8. Other tangible assets	018
9. Investment in real estate	019
III. FIXED FINANCIAL ASSETS (021 up to 028)	020	201.138.391	223.935.102
1. Shares in affiliated undertakings	021	74.678.639	74.681.629
2. Loans to affiliated undertakings	022	44.838.550	59.950.479
3. Participating interests (shares)	023	52.561.385	52.561.385
4. Given loans to companies in which exist participating interests 5. Investments in securities	024 025	28.564.380 63.855	36.246.172 63.855
6. Other loan, deposits etc	026	431.582	431.582
7. Other fixed financial assets	027
8. Investment stated in equity method	028
IV. RECEIVABLES (030 up to 032)	029	0	0
1. Receivables from associated undertakings	030
2. Receivables from sales on credit	031
3. Other receivables	032
V. DEFFERED TAX ASSETS	033	666.451	666.451
C) CURRENT ASSETS (035+043+050+058)	034	293.731.842	286.427.012
I. INVENTORY (036 up to 042) 1. Materials and supplies	035 036	37.165.157 27.539.443	30.701.753 22.917.551
2. Work in progress	037	2.430.497	1.897.875
3. Finished goods	038	7.183.788	5.866.508
4. Commercial goods	039	11.429	19.819
5. Advances for inventories	040
6. Long term assets held for sale	041
7. Biological assets	042
II. RECEIVABLES (044 up to 049)	043	186.794.445	188.373.261
1. Receivables from associated undertakings	044	80.475.302	57.063.823
2. Trade receivables	045	63.662.324	70.587.829
3. Receivables from participating companies	046	5.244.952	21.390.737
4. Receivables from employees and members of the business	047	929.439	1.201.718
5. Receivables from government and other institutions 6. Other receivables	048 049	15.433.186 21.049.242	18.471.437 19.657.717
III. CURRENT FINANCIAL ASSETS (051 up to 057)	050	66.543.367	59.310.236
1. Shares in affiliated undertakings	051
2. Loans to affiliates	052
3. Participating interests (shares)	053
4. Given loans to companies in which exist participating interests	054
5. Investments in to securities	055
6. Other loan, deposits etc	056	66.543.367	59.310.236
7. Other financial assets	057
IV. CASH AT BANK AND IN HAND	058	3.228.873	8.041.762
D) PREPAYMENTA AND ACCRUED INCOME	059	75.527.413	77.174.642
E) TOTAL ASSETS (001+002+034+059)	060		1.052.653.138 1.062.185.631
F) OUT-OF-BALANCE ITEMS	061	7.149.642	7.149.642

Liabilities

BALANCE SHEET
as at 31.03.2011.
Taxpayer: AD PLASTIK d.d.
ITEM	AOP ind.	Preceding year	Current year
1	2	3	4
LIABILITIES
A) CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	648.297.174	687.064.680
I. SUBSCRIBED SHARE CAPITAL	063	419.958.400	419.958.400
II. CAPITAL RESERVES	064	181.239.161	181.239.161
III. RESERVES FROM GAIN (066+067-068+069+070)	065	16.171.699	16.171.699
1. Legal reserves	066	6.128.852	6.128.852
2. Reserves for own shares	067	11.359.719	12.927.119
3. Own stocks and shares (deductible item)	068	11.359.719	12.927.119
4. Statutory reserves	069
5. Other reserves	070	10.042.847	10.042.847
IV. REVALUATION RESERVES	071	10.185.353	10.185.353
V. RETAINED EARNINGS OR LOSS BROUGHT FORWARD (073-074)	072	0	20.742.561
1. Retained earnings	073		20.742.561
2. Loss brought forward	074
VI. CURRENT YEAR PROFIT OR LOSS (076-077)	075	20.742.561	38.767.506
1. Current year profit	076	20.742.561	38.767.506
2. Current year loss	077
VII. MINOR INTEREST	078
B) PROVISIONS (080 up to 082)	079	10.225.567	10.225.567
1. Provisions for pensions, severance pay and similar obligations	080	3.332.255	3.332.255
2. Provisions for tax liabilities	081
3. Other provisions	082	6.893.312	6.893.312
C) LONG TERM LIABILITIES (084 up to 092)	083	92.830.764	86.027.927
1. Liabilities to related parties	084
2. Commitments for loans, deposits, etc	085
3. Liabilities to banks and other financial institutions	086	92.830.764	86.027.927
4. Liabilities for advances	087
5. Trade payables	088
6. Commitments on securities	089
7. Liabilities to companies in which are participating interests	090
8. Other long term liabilities	091
9. Deferred tax liabilities	092
D) CURRENT LIABILITIES (094 up to 105) 1. Liabilities to related parties	093 094	299.594.297	273.596.961
2. Commitments for loans, deposits, etc	095	37.269.825	37.544.847
3. Liabilities to banks and other financial institutions	096	106.256.933	69.449.670
4. Liabilities for advances	097	80.140.898	83.380.882
5. Trade payables	098	66.312.190	69.932.819
6. Commitments on securities	099
7. Liabilities to companies in which are participating interests	100	199	199
8. Liabilities towards employees	101	5.226.092	4.846.339
9. Liabilities for taxes, contributions and other benefits	102	4.388.160	8.442.205
10. Liabilities to share in the result	103
11. Amount based on fixed assets intended to sale	104
12. Other short-term liabilities	105
E) DEFERRED PAYMENT OF COSTS AND FUTURE INCOME	106	1.705.336	5.270.496
F) TOTAL LIABILITIES (062+079+083+093+106)	107		1.052.653.138 1.062.185.631
G) OUT-OF BALANCE ITEMS	108	7.149.642	7.149.642
ADDENDUM TO BALANCE SHEET( filled in by the entrepreneur compiling the consolidated annual financial statement)
A) CAPITAL AND RESERVES
1. Ascribed to the holders of the parent company capital	109
2. Ascribed to minority interest	110
Note 1: Appendix to Balance sheet fill companies w ho make consolidated financial statements.

7. Profit and loss account

AOP ind. Cumulative Quarter Cumulative Quarter 2 3 4 5 6 111 150.915.892 150.915.892 152.852.436 152.852.436 112 148.968.875 148.968.875 151.350.428 151.350.428 113 1.947.017 1.947.017 1.502.008 1.502.008 114 139.560.048 139.560.048 137.977.714 137.977.714 115 -137.620 -137.620 1.793.728 1.793.728 116 98.905.149 98.905.149 90.535.703 90.535.703 117 75.164.703 75.164.703 71.243.568 71.243.568 118 10.416.851 10.416.851 8.176.099 8.176.099 119 13.323.595 13.323.595 11.116.036 11.116.036 120 23.253.976 23.253.976 21.968.539 21.968.539 121 13.952.386 13.952.386 13.181.123 13.181.123 122 5.813.494 5.813.494 5.492.135 5.492.135 123 3.488.096 3.488.096 3.295.281 3.295.281 124 11.970.881 11.970.881 9.853.380 9.853.380 125 5.567.662 5.567.662 10.283.910 10.283.910 126 0 0 0 0 127 128 129 130 3.542.454 3.542.454 131 3.549.512 3.549.512 32.080.066 32.080.066 132 1.517.451 1.517.451 13.522.189 13.522.189 133 2.032.061 2.032.061 2.609.575 2.609.575 134 15.948.302 15.948.302 135 136 137 4.592.113 4.592.113 5.201.270 5.201.270 138 563.704 563.704 1.101.213 1.101.213 139 4.028.409 4.028.409 4.100.057 4.100.057 140 141 142 143 144 145 146 154.465.404 154.465.404 184.932.502 184.932.502 147 144.152.161 144.152.161 143.178.984 143.178.984 148 10.313.243 10.313.243 41.753.518 41.753.518 149 10.313.243 10.313.243 41.753.518 41.753.518 150 0 0 0 0 151 2.986.012 2.986.012 152 10.313.243 10.313.243 38.767.506 38.767.506 153 10.313.243 10.313.243 38.767.506 38.767.506 154 0 0 0 0 2. Other operating income Preceding year Current year Taxpayer: AD PLASTIK d.d. ITEM 1 I. OPERATING TURNOVER (112+113) 1. Income from sales b) Costs of sales c) Other external charges 3. Staff costs (121 up to 123) a) Salaries and wages II. OPERATING CHARGES (115+116+120+124+125+126+129+130) 1. Changes in the value of inventories of work in progress and finished goods 2. Material charges (117 up to 119) a) Costs of raw materials and consumables 6. Impairment (127+128) a) fixed assets (excluding financial assets) b) current assets (excluding financial assets) 7. Provisions b) Costs of taxes and social security c) Duties on wages 4. Depreciation 5. Other costs 3. Part of income from affiliates and participated interests 4. Non-realized financial income 5. Other financial income IV. FINANCIAL CHARGES (138 up to 141) 8. Other operating expenses III. FINANCIAL INCOME (132 up to 136) 1. Interests, exchange rate differenc, dividends with affiliates 2. Interests, exch. rate differenc., dividends with non-affiliates V. SHARE OF PROFIT FROM ASSOCIATED COMPANIES VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES VII. EXTRAORDINARY – OTHER INCOME VIII. EXTRAORDINARY – OTHER CHARGES 1. Interests, exchange rate differenc, dividends with affiliates 2. Interests, exch. rate differenc., dividends with non-affiliates 3. Non-realized financial charges 4. Other financial charges 2. Loss before taxation (147-146) XII. PROFIT TAX XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) 1. PROFIT FOR THE PERIOD (149-151) IX. TOTAL INCOME (111+131+142 + 144) X. TOTAL CHARGES (114+137+143 + 145) XI. PROFIT OR LOSS BEFORE TAXATION (146-147) 1. Profit before taxation (146-147) 2. LOSS FOR THE PERIOD (151-148) in period from 01.01.2011. till 31.03.2011. PROFIT AND LOSS ACCOUNT

7. Profit and loss account - continued

ADDENDUM TO ATS (filled in by the entrepreneur compiling the consolidated annual financial statement)
XIV. PROFIT OR LOSS FOR THE CURRENT PERIOD
1. Attributable to equity holders	155
2. Attributable to minority interests	156
Report for other comprehensive income (only for the taxpayer applying IFRS)
I. PROFIT OR LOSS FOR THE CURRENT PERIOD (= 152)	157	10.313.243	10.313.243	38.767.506	38.767.506
II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAXATION (159 up to 165)	158	0	0	0	0
1. Exchange differences on translation of foreign operations	159
2. Movements in revaluation reserves of fixed and intangible assets	160
3. Profit or loss from revaluation of financial assets available for sale	161
4. Gains or losses on effective cash flow protection	162
5. Gains or losses on effective hedge of a net investment abroad	163
6. Share of other comprehensive income / loss of associated companies	164
7. Actuarial gains / losses on defined benefit plans	165
III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD	166
IV. OTHER COMPREHENSIVE NET PROFIT OR LOSS	167	0	0	0	0
V. OTHER COMPREHENSIVE PROFIT OR LOSS FOR THE PERIOD (157+167)	168	10.313.243	10.313.243	38.767.506	38.767.506
ADDENDUM TO Report for other comprehensive income (filled in by the entrepreneur compiling the consolidated annual financial statement)
VI. OTHER COMPREHENSIVE PROFIT OR LOSS FOR THE PERIOD
1. Attributable to equity holders	169
2. Attributable to minority interests	170

8. Cash flow (indirect method)

CASH FLOW REPORT – Indirect method
in period from 01.01.2011. till 31.03.2011. Taxpayer: AD PLASTIK d.d.
ITEM	AOP ind.	Preceding year	Current year
1	2	3	4
CASH FLOW FROM OPERATING ACTIVITIES
1. Profit before taxation	001	10.313.243	15.619.863
2. Depreciation	002	11.970.881	9.853.380
3. Increase of current liabilities	003	8.614.097	14.375.087
4. Decrease of current receivables	004
5. Decrease in stocks	005	7.647.411	6.463.404
6. Other increase of cash flow	006	2.820.569
I. Total increase of cash flow from operating activities (001 - 006)	007	41.366.201	46.311.734
1. Decrease of current liabilities	008
2. Increase of current receivables	009	20.099.384	3.226.045
3. Increase in stocks	010
4. Other decrease of cash flow	011		2.986.012
II. Total decrease of cash flow from operating activities (008 – 011)	012	20.099.384	6.212.057
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)	013	21.266.817	40.099.677
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)	014	0	0
CASH FLOWS FROM INVESTMENT ACTIVITIES
1. Cash inflows from sale of fixed intangible and tangible assets	015	876.120	779.118
2. Cash inflows from sale of ownership and debt instruments	016
3. Cash inflows from interest	017	305.422
4. Cash inflows from dividends	018
5. Other cash inflows from investment activities	019		26.133.655
III. Total cash inflows from investment activities (015-019)	020	1.181.542	26.912.773
1. Cash expenditures for purchase of fixed tangible and intangible assets	021	4.833.552	3.025.881
2. Cash expenditures for acquisition of ownership and debt instruments	022	4.002.111
3. Other cash expenditures from investment activities	023
IV. Total cash expenditures from investment activities (021-023)	024	8.835.663	3.025.881
B1) NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (020-024)	025	0	23.886.892
B2) NET DECREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (024-020)	026	7.654.121	0
CASH FLOW FROM FINANCIAL ACTIVITIES
1. Cash inflows from issuing ownership and debt financial instruments	027
2. Cash inflows from credit principal, debentures, loans and other borrowings	028
3. Other inflows from financial activities	029		7.233.131
V. Total cash inflows from financial activities (027-029)	030		7.233.131
1. Cash expenditures for the payment of credit principal and debentures	031	7.942.978	6.802.837
2. Cash expenditures for the payment of dividends	032
3. Cash expenditures for financial lease	033		22.793.721
4. Cash expenditures for repurchase of own shares	034
5. Other cash expenditures from financial activities	035	6.123.350	36.810.253
VI. Total cash expenditures from financial activities (031-035)	036	14.066.328	66.406.811
C1) NET INCREASE OF CASH FLOW FROM FINANCIAL ACTIVITIES (030-036)	037
C2) NET DECREASE OF CASH FLOW FROM FINANCIAL ACTIVITIES (036-030)	038	14.066.328	59.173.680
Total cash flow increase (013-014+025-026+037-038)	039		4.812.889
Total cash flow decrease (014-013+026-025+038-037)	040	453.632
Cash and cash equivalents at the beginning of the period	041	5.472.575	3.228.873
Cash and cash equivalents increase	042		4.812.889
Cash and cash equivalents decrease	043	453.632
Cash and cash equivalents at the end of the period	044	5.018.943	8.041.762

9. Report on changes of capital

REPORT ON CHANGES TO CAPITAL
for period 31.3.2011 1.1.2011 till
ITEM	AOP	Preceding
	ind.	year	Current year
1	2	3	4
1. Subscribed capital	001	419.958.400	419.958.400
2. Capital reserves	002	181.239.161	181.239.161
3. Reserves from profit	003	16.171.699	16.171.699
4. Retained profit or loss carried over	004		20.742.561
5. Current year profit or loss	005	20.742.561	38.767.506
6. Revalorisation of fixed material assets	006
7. Revalorisation of intangible assets	007
8. Revalorisation of financial assets available for sale	008
9. Other revalorisation	009	10.185.353	10.185.353
10. Total capital and reserves (AOP 001-009)	010	648.297.174	687.064.680
11.Exchange rate variations from net investments into foreign business operations	011
12.Current and deferred taxes (part)	012
13.Cash flow protection	013
14.Changes in bookkeeping policies	014
15.Correction of significant mistakes from the previous period	015
16.Other changes to capital	016
17. Total capital increase or decrease (AOP 011 - 016)	017	0	0
17a. Ascribed to holders of the holders company capital	018
17b. Ascribed to minority interest	019
Items reducing Capital are entered w ith negative sign. Data under EOP codes 001 to 009 are entered as balance as at Balance Sheet date.

10. Financial report notes for Parent Company

• 1. Increase in long-term financial assets is the result of increased lending to subsidiary ZAO PHR Russia and associate FADP Luga Russia.
• 1. In the short-term receivables are included receivables from dividends based on Decisions on payment of dividends.
• 1. A substantial increase of financial revenue in the first quarter of 2011th compared to the same period last year is the result of income from dividends tin total amount of 26,8 million kn, which significantly affected the increase in profit of the Parent Company. Profit for the Parent Company, if we exclude dividend income was 11.9 million.