AD Plastik d.d.

Quarterly Report • Apr 27, 2018

BY MANAGEMENT OF AD PLASTIK GROUP AND THE COMPANY AD PLASTIK D.D. SOLIN

FOR THE FIRST QUARTER OF 2018

CONTENTS

B

C

D

Your needs. Our drive.

Contents

Management Report of AD Plastik Group and the Company AD Plastik d.d. Solin for the period 1. 1. 2018 - 31. 3. 2018 A

D	Management's statement of responsibility	31
	Statement of changes in equity	30
	Cash flow (indirect method)	29
	Profit and loss account	27
	Balance sheet	25
C	Financial statement of the company AD Plastik	23
	Statement of changes in equity	22
	Cash flow (indirect method)	21
	Profit and loss account	19
	Balance sheet	17
B	Financial statement of AD Plastik Group	15
	AD Plastik Group with consolidation of the corresponding ownership part in affiliated companies	14
	Operating revenue per sales markets of AD Plastik Group, without affiliated companies	12
	Financial position	11
	Key performance indicators	10
	Financial results for the first three months	8
	Comment by Marinko Došen, President of the Management Board	7
	Operating revenue, EBITDA and Net profit	5

A

4

MANAGEMENT REPORT AD PLASTIK GROUP

Management Report

of AD Plastik Group and the Company AD Plastik d.d. Solin

Operating revenue, EBITDA and Net profit	5
Comment by Marinko Došen, President of the Management Board	7
Financial results for the first three months	8
Key performance indicators	10
Financial position	11
Operating revenue per sales markets of AD Plastik Group, without affiliated companies	12
AD Plastik Group with consolidation of the corresponding ownership part in affiliated companies	14

Operating revenue, EBITDA and Net profit of AD Plastik Group

A

MANAGEMENT REPORT AD PLASTIK GROUP

CONTENTS

Operating revenue, EBITDA and Net profit of the company AD Plastik

Comment by Marinko Došen, President of the Management Board

I am very pleased to present the results of AD Plastik Group for the first three months of 2018, which confirm successful realization of the planned deals and announced business growth. These results achieve all intended goals of the planned growth strategy and business efficiency improvement, and in some aspect they surpass them. Our operating revenue has grown by 20.3 percent and amounts to HRK 323.33 million.

Last year we closed a number of new deals, thus providing production and sales growth and we continued to do so in 2018. So in the first three months of this year we closed deals worth more than EUR 100 million. With quality cost and production efficiency management, we have ensured a net profit growth of 35 percent, so Group's net profit for the first three months of this year amounts to HRK 31.84 million. We also record EBITDA growth of 23.43 percent in this period and it amounts to HRK 52.16 million. Decrement of net financial debt is the best indicator of the continuous improvement of our financial position.

Satisified with achieved results, we particulary emphasize the recovery of the Russian market, which continues to record double-digit growth. The good news is announciation of the new vehicle models production for that market because it opens up possibilities for closing new deals, which we will definitely use. European market is stable and it records planned growth rate. In order to successfully realize new deals, investments in production capacities expansion are planned in the subsequent period.

In this year we will be realizing a number of new projects and it is very challenging for us, but the further development of the company is based on good foundations, which gives us security and additional motivation. Production and sales growth at all our production sites is a goal that we are achieving and that we will continue to achieve in line with our business strategy.

Marinko Došen President of the Management Board

Financial results for the first quarter of 2018

AD Plastik Group is comprised of the following companies during the reporting period:

• • AD Plastik d.d. Croatia
• • ADP d.o.o. Serbia
• • AO AD Plastik Togliatti, Russia
• • ZAO AD Plastik Kaluga, Russia
• • AD Plastik d.o.o., Slovenia

(hereinafter: AD Plastik Group)

Business results of AD Plastik Group and joint-stock company AD Plastik, achieved in the first quarter of 2018, confirm previous announcements on the strong revenue and profit growth. Focus on customers and their demands, investing in research and development and investing in new technologies have resulted in closing a significant number of new deals. During 2017 and in the beginning of 2018 new deals provided production and sales growth at all sites of AD Plastik Group. Quality cost management and production efficiency provided significant increase in net profit.

Financial results for the first quarter of 2018

In the first three months of 2018, compared to the same reporting period of the previous year, AD Plastik Group's revenues have grown by 20.3 percent and amount to HRK 323.33 million. AD Plastik d.d. revenues grew by 22.02 percent and amount to HRK 249.99 million. Given growth is a result of new deals, started projects, increased customer orders and the recovery of the Russian market. Although revenue growth has been achieved, strong kuna against the euro continues to have negative effect on the revenue level earned in the parent company, same as weak ruble converting to kunas has negative effect on the revenue level earned in Russian companies.

Growth of all activities, especially production ones, is accompanied by an increase in the number of employees. In Croatia number of employees grew by 6.2 percent, while at the Group level it increased by 4.06 percent. Thus on 31st March 2018 Group employs a total of 2.483 employees.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of the AD Plastik Group in the observed period amounts to HRK 52.16 million, representing a growth of 23.43 percent compared to the same period of the previous year. EBITDA margin of the AD Plastik Group amounts to 16.13 percent, which exceeded the announced forecasts and once again indicates the rationality of estimates and good cost management. EBITDA of the parent company in the reporting period amounts to HRK 33.46 million and it increased by 25.26 percent compared to the first quarter of 2017.

Net profit of the AD Plastik Group in the first quarter of 2018 amounts to HRK 31.84 million, while in the parent company it amounts to HRK 26.41 million. Along with the high levels of achieved net profit margins, it represents a growth of over 35 percent in parent company and in the Group, compared to the profit achieved in the same period a year before.

16.13%

EBITDA margin of the AD Plastik Group

9.85%

Net profit margin of the AD Plastik d.d.

Key performance indicators

AD Plastik Group

	ADP Group
Indicators (in 000 kn)	1Q 2017	1Q 2018	Index
Operating revenue	268,770	323,334	120.30
Sales revenue	265,361	318,640	120.08
Operating expenses	247,236	291,437	117.88
EBITDA	42,263	52,163	123.43
EBITDA of the last 4 quar ters	142,208	168,334	118.37
Net profit	23,428	31,843	135.92
NFD	359,635	301,483	83.83
NFD/EBITDA of the last 4 quarters	2.53	1.79
EBITDA margin	15.72%	16.13%
Net profit margin	8.72%	9.85%

AD Plastik d.d.

	AD Plastik d.d.
Indicators (in 000 kn)	1Q 2017	1Q 2018	Index
Operating revenue	204,870	249,986	122.02
Sales revenue	201,818	245,766	121.78
Operating expenses	190,963	230,019	120.45
EBITDA	26,709	33,456	125.26
EBITDA of the last 4 quar ters	85,583	97,902	114.39
Net profit	19,208	26,409	137.49
NFD	354,010	305,986	86.43
NFD/EBITDA of the last 4 quarters	4.14	3.13
EBITDA margin	13.04%	13.38%
Net profit margin	9.38%	10.56%

Financial position

In the first quarter of 2018 financial position improvement trend of AD Plastik Group and joint-stock company AD Plastik continues. This is most evident in further reduction in net financial debt, which decreased at the Group level by HRK 19.86 million or HRK 15.59 million in parent company compared to 31st December 2017, with a slightly lower average interest rate. The NFD/EBITDA ratio continues to decline, thus on 31st March 2017 it amounted to 1,79 at the Group level, while in parent company it amounted to 3.13. Debt ratios amount to 0.42 for the AD Plastik Group and 0.41 for AD Plastik d.d..

In line with expectations and as a result of significant net profit growth, return on equity (ROE) for AD Plastik d.d. amounts to 8.65 percent in the reporting period, while at Group level it amounts to 10.44 percent.

The price of ADPL share increased by 9.99 percent in the first three months of 2018, so on 31st March 2018 it amounted to HRK 186, while in the same period CROBEX decreased by 2.06 percent. Market capitalization of the company on 31st March 2018 amounted to HRK 781.12 million.

In accordance with the decison of the General Assembly of 20th July 2017, in the first three months of 2018 company AD Plastik d.d. acquired 46.214 own shares at an average price of HRK 184.20 per share, for which it allocated HRK 8,51 million from other reserves.

Decision on dividend payment for 2017 has not been made yet and its level will be decided at the Supervisory Board meeting, which is scheduled for May.

The price of share on 31st March 2018

186 HRK

ADPL

Operating revenue per sales markets of AD Plastik Group, without affiliated companies

A

CONTENTS

HRK 239.38 million operating revenue was realized in the first three months of 2018 in the EU and Serbian markets. In the same period, European market recorded sales growth of the new vehicles by 0.7 percent compared to the previous year. The most significant growth is recorded on the markets of Spain, Germany and France, while the largest decrease in the number of new registered vehicles takes place on the UK market. AD Plastik Group's factories in Croatia and Serbia record operating revenue growth of 19.23 percent in the first three months of this year. Along with sales growth of existing vehicle models for which the company supplies, new deals for Fiat, Renault and VW customers, whose serial production began last year, have substantially contributed to the operating revenue growth.

Although revenues have increased, strong kuna against the euro continues to have negative effect on revenue from this market, so the revenues in parent company are lower by over HRK 1 million. In the first quarter of 2018 operating revenue share from the given markets amounts to 74.04 percent of total operating revenues of AD Plastik Group.

During the observed period new significant deals have been closed for existing customers on the EU market. The production of side fender claddings and decorative protective door panels for the new Ford mini SUV vehicle has been agreed, and their start of production is scheduled for 2019. AD Plastik d.d. plans to raise EUR 80 million for this deal over the eight-year period. New deals of glass run channels production for the PSA Group have been closed, which are expected to provide HRK 12.8 million of revenue over the six-years period. For the successful realization of given projects, investments in production capacities increment are planned for this and the next business year.

EU and Serbian markets Russian market (subsidiaries)

AD Plastik Group's revenues achieved on Russian market amount to HRK 83.95 million in the observed period and it is higher by 23.47 percent compared to the same period of the previous year. Russia's automotive market continues to record double-digit growth, more precisely it increased by 21.7 percent compared to the first three months of 2017. This also has a positive impact on AD Plastik Group's revenue growth from this market. Lada and Renault, as the largest car manufacturers for which AD Plastik Group's Russian factories produce, record sales growth of more than 27 percent. The latest forecasts show that the number of newly registered vehicles in 2018 will be higher by just over 10 percent compared to the 2017.

Since the beginning of 2018, the strengthening of ruble has been recorded. Strong ruble compared to the euro when converting to kunas has negative effect on revenue level from the Russian market. In this market, natural hedging is still used, i.e. sales prices are regularly being adjusted with customers in line with exchange rate changes. The share of operating revenue which AD Plastik Group achieves on this market amounts to 25.96 percent of total sales revenue.

New deals have been closed on the Russian market for existing Renault and VW customers, worth over EUR 8.3 million. Taking into consideration the awakening of the Russian market, production of new vehicle models is expected in the subsequent period. This will certainly require intensive activities of sales and development departments in order to conclude new deals.

AD Plastik Group with consolidation of the corresponding ownership part in affiliated companies

In order to present a clearer picture of business, a comparable, shortened, consolidated profit and loss account for the first three months of 2017 and 2018 of the AD Plastik Group has been created, with the profit and loss accounts of the affiliated company Euro Auto Plastic Systems s.r.l. Mioveni, Romania (50% ownership of AD Plastik d.d.).

Positions	1Q 2017	1Q 2018	Index
OPERATING REVENUE	370.770	428.241	115,50
OPERATING EXPENSES	335.318	383.253	114,30
Material costs	219.474	263.983	120,28
Staff costs	59.097	65.855	111,44
Amortization	21.716	21.946	101,06
Other costs	35.031	31.470	89,83
FINANCIAL REVENUE	11.732	5.794	49,39
FINANCIAL EXPENSES	20.158	15.913	78,94
TOTAL REVENUE	382.502	434.034	113,47
TOTAL EXPENSES	355.476	399.166	112,29
Profit before tax	27.026	34.869	129,02
Profit tax	3.598	3.026	84,11
PROFIT OF THE PERIOD	23.428	31.843	135,92
EBITDA	57.168	66.933	117,08

Operating revenues of the AD Plastik Group with consolidated corresponding part of ownership in affiliated company amount to HRK 428.24 million, representing a growth of 15.50 percent in the observed period. EBITDA amounts to HRK 66.93 million and it records a growth of 17.08 percent compared to the previous year.

Results of the affiliated company have been included in the results of AD Plastik Group by equity method. Affiliated company has no financial liability to AD Plastik d.d. or credit obligations to external entities.

of AD Plastik Group

Balance sheet	17
Profit and loss account	19
Cash flow (indirect method)	21
Statement of changes in equity	22

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MANAGEMENT REPORT AD PLASTIK GROUP

A

CONTENTS

Appendix 1 Quarterly financial statement, AD Plastik Group

Quarterly financial statement of the entrepreneur - TFI-POD

Register number (MB):		03440494
Entity register number (MBS):		060007090
Personal identification number (PIN):		48351740621
Issuing company:		AD PLASTIK d.d.
Post code and place:	21210	Solin
Street and house number:		Matoševa 8
E-mail address:		informacije@adplastik.hr
Internet address:		www.adplastik.hr
Municipality/city code and name:	406	Solin
County code and name:	17	Splitsko-dalmatinska
No. of employees (at the end of the reporting period):		2,483
Consolidated report:	YES	NCA code:	2932
Names of consolidation subjects (according to IMSF):	Seat:		REG. NO.:
AD PLASTIK d.d.	Solin, Croatia		03440494
AO AD PLASTIK			Samara, Russian Federation 1036300221935
AD PLASTIK d.o.o.	Novo Mesto, Slovenia		1214985000
ZAO AD PLASTIK KALUGA		Kaluga, Russian Federation	1074710000320
ADP d.o.o.	Mladenovac, Serbia		20787538
Bookkeeping service:
Contact person:	Krešimir Jurun
(only the name and surname of the contact person to be entered)
Telephone:	021/206 663
Fax:	021/275 663
E-mail address:		kresimir.jurun@adplastik.hr
Name and surname:	Sanja Biočić
(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)
• 1. Interim report
• 1. Statement of the person responsible for compiling financial statements

Place of the seal (signature of the person authorised for representation)

Balance sheet as at 31. 3. 2018, Taxpayer: AD Plastik Group

					as at 31. 3. 2018, Taxpayer: AD Plastik Group
--	--	--	--	--	-----------------------------------------------	--	--	--

	Item 1	AOP ind. 2	Preceding year 3	Current year 4
ASSETS
A	RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001	0	0
B	FIXED ASSETS (003+010+020+029+033)	002	918,701,692	905,496,050
	I. Intangible assets (004 up to 009)	003	113,680,143	110,780,752
	1 Development costs	004	81,424,460	77,541,619
	2 Concessions, patents, licenses, trademarks, softwares and other rights	005	1,745,971	2,070,369
	3 Goodwill	006	8,669,395	8,369,229
	4 Advances for purchase of intangible assets	007	0	0
	5 Intangible assets in preparation	008	20,152,371	21,135,260
	6 Other intangible assets	009	1,687,947	1,664,275
	II. Tangible assets (011 up to 019)	010	704,316,531	694,646,396
	1 Land	011	134,690,096	134,576,270
	2 Buildings	012	232,065,397	228,733,036
	3 Plants and machinery	013	225,797,938	216,635,071
	4 Tools, plant & office inventory, furniture & transport means	014	18,364,128	17,277,856
	5 Biological assets	015	0	0
	6 Payments on account for tangible assets	016	2,605,380	225,325
	7 Tangible assets in preparation	017	35,657,645	42,431,334
	8 Other tangible assets	018	370,652	334,931
	9 Investment in real estate	019	54,765,296	54,432,573
	III. Fixed financial assets (021 up to 028)	020	99,930,539	99,305,425
	1 Shares in affiliated undertakings	021	0	0
	2 Loans to affiliated undertakings	022	0	0
	3 Participating interests (shares)	023	96,859,971	98,666,935
	4 Given loans to companies in which exist participating interests	024	0	0
	5 Investments in securities	025	61,700	61,700
	6 Other loans, deposits etc	026	3,008,868	576,790
	7 Other fixed financial assets	027	0	0
	8 Investment stated in equity method	028	0	0
	IV. Receivables (030 up to 032)	029	63,200	54,753
	1 Receivables from associated undertakings	030	0	0
	2 Receivables from sales on credit	031	0	0
	3 Other receivables	032	63,200	54,753
	V. Deffered tax assets	033	711,279	708,724
C	CURRENT ASSETS (035+043+050+058)	034	403,849,533	460,476,573
	I. Inventory (036 up to 042)	035	155,235,497	158,121,417
	1 Materials and supplies	036	95,279,285	95,680,007
	2 Work in progress	037	6,274,511	6,538,623
	3 Finished goods	038	23,943,319	18,203,978
	4 Commercial goods	039	22,593,333	26,604,815
	5 Advances for inventories	040	7,145,048	11,093,994
	6 Long term assets held for sale	041	0	0
	7 Biological assets	042	0	0
	II. Receivables (044 up to 049)	043	237,388,977	287,062,991
	1 Receivables from associated undertakings	044	0	0
	2 Trade receivables 3 Receivables from participating companies	045 046	193,308,591 5,368,624	222,373,907 12,576,143
	4 Receivables from employees and members of the business	047	99,102	142,282
	5 Receivables from government and other institutions	048	18,996,370	21,149,158
	6 Other receivables	049	19,616,290	30,821,500
	III. Current financial assets (051 up to 057)	050	1,002,956	192,264
	1 Shares in affiliated undertakings	051	0	0
	2 Loans to affiliates	052	0	0
	3 Participating interests (shares)	053	0	0
	4 Given loans to companies in which exist participating interests	054	0	0
	5 Investments in to securities	055	0	0
	6 Other loans, deposits etc	056	1,002,956	192,264
	7 Other financial assets	057	0	0
	IV. Cash at bank and in hand	058	10,222,103	15,099,901
D	PREPAYMENT AND ACCRUED INCOME	059	28,763,502	29,438,274
E	TOTAL ASSETS (001+002+034+059)	060	1,351,314,727	1,395,410,896

F OFF BALANCE SHEET ITEMS 061 33,421,996 37,758,189

Balance sheet as at 31. 3. 2018, Taxpayer: AD Plastik Group

					as at 31. 3. 2018, Taxpayer: AD Plastik Group
--	--	--	--	--	-----------------------------------------------	--	--	--

	Item 1	AOP ind. 2	Preceding year 3	Current year 4
LIABILITIES
A	CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	749,788,089	773,480,780
	I. SUBSCRIBED SHARE CAPITAL	063	419,958,400	419,958,400
	II. CAPITAL RESERVES	064	192,108,521	192,108,521
	III. RESERVES FROM GAIN (066+067-068+069+070)	065	-11,702,437	-20,714,805
	1 Legal reserves	066	6,135,540	6,135,540
	2 Reserves for own shares	067	3,319,612	11,832,426
	3 Own stocks and shares (deductible item)	068	3,319,612	11,832,426
	4 Statutory reserves	069	125,369	125,369
	5 Other reserves	070	-17,963,346	-26,975,714
	IV. REVALUATION RESERVES	071	-1,003,313	-1,166,027
	V. RETAINED EARNINGS OR LOSS BROUGHT FORWARD (073-074)	072	80,220,651	151,452,097
	1 Retained earnings	073	80,220,651	151,452,097
	2 Loss brought forward	074	0	0
	VI. CURRENT YEAR PROFIT OR LOSS (076-077)	075	70,206,243	31,842,563
	1 Current year profit	076	70,206,243	31,842,563
	2 Current year loss	077	0	0
	VII. MINOR INTEREST	078	23	31
B	PROVISIONS (080 up to 082)	079	15,398,504	15,140,463
	1 Provisions for pensions, severance pay and similar obligations	080	2,205,229	2,202,482
	2 Provisions for tax liabilities	081	0	0
	3 Other provisions	082	13,193,275	12,937,981
C	LONG TERM LIABILITIES (084 up to 092)	083	204,298,064	189,672,948
	1 Liabilities to related parties	084	0	0
	2 Commitments for loans, deposits, etc	085	0	0
	3 Liabilities to banks and other financial institutions	086	196,700,765	183,006,606
	4 Liabilities for advances	087	0	0
	5 Trade payables	088	7,597,299	6,666,342
	6 Commitments on securities	089	0	0
	7 Liabilities to companies in which are participating interests	090	0	0
	8 Other long term liabilities	091	0	0
	9 Deferred tax liabilities	092	0	0
D	SHORT TERM LIABILITIES (094 do 105)	093	367,544,478	395,527,774
	1 Liabilities to related parties	094	0	0
	2 Commitments for loans, deposits, etc	095	1,661,144	815,431
	3 Liabilities to banks and other financial institutions	096	134,868,390	133,576,022
	4 Liabilities for advances	097	30,154,349	49,802,856
	5 Trade payables	098	178,453,012	177,900,242
	6 Commitments on securities	099	0	0
	7 Liabilities to companies in which are participating interests	100	5,020	4,520
	8 Liabilities towards employees	101	10,162,419	11,836,061
	9 Liabilities for taxes, contributions and other benefits	102	12,177,049	21,525,323
	10 Liabilities to share in the result	103	27,856	27,856
	11 Amount based on fixed assets intended to sale	104	0	0
	12 Other short-term liabilities	105	35,240	39,464
E	DEFERRED PAYMENT OF COSTS AND FUTURE INCOME	106	14,285,592	21,588,931
F	TOTAL LIABILITIES (062+079+083+093+106)	107	1,351,314,727	1,395,410,896
G	OFF BALANCE SHEET ITEMS	108	33,421,996	37,758,189

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	749,788,066	773,480,749
	2 Ascribed to minority interest	110	23	31

Note 1: Appendix to Balance sheet fill companies who make consolidated financial statements.

Profit and loss account Reporting period: 1. 1. 2018 to 31. 3. 2018

Taxpayer: AD Plastik Group

Item				Preceding period		Current period
		1	ind. 2	Cumulative 3	Quarter 4	Cumulative 5	Quarter 6
I.		OPERATING TURNOVER (112+113)	111	268,769,707	268,769,707	323,334,408	323,334,408
		1 Income from sales	112	265,360,914	265,360,914	318,640,118	318,640,118
		2 Other operating income	113	3,408,793	3,408,793	4,694,290	4,694,290
II.		OPERATING CHARGES (115+116+120+124+125+126+129+130)	114	247,235,933	247,235,933	291,437,479	291,437,479
		1 Changes in the value of inventories of work in progress and finished	115	3,578,287	3,578,287	5,248,433	5,248,433
		goods 2 Material charges (117 up to 119)	116	162,409,410	162,409,410	194,895,642	194,895,642
		a Costs of raw materials and consumables	117	135,825,905	135,825,905	165,681,581	165,681,581
		b Costs of sales	118	8,858,272	8,858,272	8,078,456	8,078,456
		c Other external charges	119	17,725,233	17,725,233	21,135,605	21,135,605
		3 Staff costs (121 up to 123)	120	45,065,404	45,065,404	52,310,623	52,310,623
		a Salaries and wages	121	28,145,635	28,145,635	33,223,301	33,223,301
		b Costs of taxes and social security	122	9,490,023	9,490,023	10,993,371	10,993,371
		c Duties on wages	123	7,429,745	7,429,745	8,093,951	8,093,951
		4 Depreciation	124	20,729,327	20,729,327	20,266,419	20,266,419
		5 Other costs	125	14,674,147	14,674,147	15,361,038	15,361,038
		6 Impairment (127+128)	126	0	0	0	0
		a Fixed assets (excluding financial assets)	127	0	0	0	0
		b Current assets (excluding financial assets)	128	0	0	0	0
		7 Provisions	129	3,436	3,436	380,036	380,036
		8 Other operating expenses	130	775,923	775,923	2,975,287	2,975,287
III.		FINANCIAL INCOME (132 up to 136)	131	11,731,697	11,731,697	5,793,789	5,793,789
		1 Interests, exchange rate difference, dividends with affiliates	132	3,892,480	3,892,480	1,262,967	1,262,967
		2 Interests, exchange rate difference, dividends with non-affiliates	133	7,832,815	7,832,815	4,530,822	4,530,822
		3 Part of income from affiliates and participated interests	134	6,403	6,403	0	0
		4 Non-realized financial income	135	0	0	0	0
		5 Other financial income	136	0	0	0	0
IV.		FINANCIAL CHARGES (138 up to 141)	137	20,158,473	20,158,473	15,819,607	15,819,607
		1 Interests, exchange rate difference, dividends with affiliates	138	11,675,715	11,675,715	9,077,412	9,077,412
		2 Interests, exch. rate difference, dividends with non-affiliates	139	8,482,759	8,482,759	6,742,195	6,742,195
		3 Non-realized financial charges	140	0	0	0	0
		4 Other financial charges	141	0	0	0	0
V.		SHARE OF PROFIT FROM ASSOCIATED COMPANIES	142	11,938,074	11,938,074	11,484,747	11,484,747
VI.		SHARE OF LOSS FROM ASSOCIATED COMPANIES	143	0	0	0	0
VII.		EXTRAORDINARY – OTHER INCOME	144	0	0	0	0
VIII		EXTRAORDINARY – OTHER CHARGES	145	0	0	0	0
IX.		TOTAL INCOME (111+131+142 + 144)	146	292,439,479	292,439,479	340,612,944	340,612,944
X.		TOTAL CHARGES (114+137+143 + 145)	147	267,394,407	267,394,407	307,257,086	307,257,086
XI.		PROFIT OR LOSS BEFORE TAXATION (146-147)	148	25,045,072	25,045,072	33,355,858	33,355,858
		1 Profit before taxation (146-147)	149	25,045,072	25,045,072	33,355,858	33,355,858
		2 Loss before taxation (147-146)	150	0	0	0	0
XII.		PROFIT TAX	151	1,617,001	1,617,001	1,513,287	1,513,287
XIII		PROFIT OR LOSS FOR THE PERIOD (148-151)	152	23,428,071	23,428,071	31,842,571	31,842,571
		1 PROFIT FOR THE PERIOD (149-151)	153	23,428,071	23,428,071	31,842,571	31,842,571
		2 LOSS FOR THE PERIOD (151-148)	154	0	0	0	0

A

B

Profit and loss account Reporting period: 1. 1. 2018 to 31. 3. 2018

Taxpayer: AD Plastik Group

	AOP	Preceding period			Current period
Item	ind.	Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6

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	23,428,052	23,428,052	31,842,563	31,842,563
	2 Attributable to minority interests	156	19	19	8	8

Report for other comprehensive income (only for the taxpayer applying IFRS)

I.	PROFIT OR LOSS FOR THE CURRENT PERIOD (= 152)	157	23,428,071	23,428,071	31,842,571	31,842,571
II.	OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAXATION (159 up to 165)	158	6,500,517	6,500,517	-4,737,312	-4,737,312
	1 Exchange differences on translation of foreign operations	159	8,075,475	8,075,475	-3,712,110	-3,712,110
	2 Movements in revaluation reserves of fixed and intangible assets	160	-1,574,958	-1,574,958	-1,025,202	-1,025,202
	3 Profit or loss from revaluation of financial assets available for sale	161	0	0	0	0
	4 Gains or losses on effective cash flow protection	162	0	0	0	0
	5 Gains or losses on effective hedge of a net investment abroad	163	0	0	0	0
	6 Share of other comprehensive income / loss of associated compa nies	164	0	0	0	0
	7 Actuarial gains / losses on defined benefit plans	165	0	0	0	0
III.	TAX ON OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD	166	1,567,268	1,567,268	-642,511	-642,511
IV.	OTHER COMPREHENSIVE NET PROFIT OR LOSS (158-166)	167	4,933,249	4,933,249	-4,094,801	-4,094,801
V.	OTHER COMPREHENSIVE PROFIT OR LOSS FOR THE PERIOD (157+167)	168	28,361,320	28,361,320	27,747,770	27,747,770

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	28,361,274	28,361,274	27,747,776	27,747,776
	2 Attributable to minority interests	170	45	45	-6	-6

B

CONTENTS

A

Taxpayer: AD Plastik Group

Cash flow statement indirect method Reporting period: 1. 1. 2018 to 31. 3. 2018

1	2	3	4
CASH FLOW FROM OPERATING ACTIVITIES
1 Profit before taxation	001	25,045,072	33,355,858
2 Depreciation	002	20,729,327	20,266,419
3 Increase of current liabilities	003	25,328,904	26,556,440
4 Decrease of current receivables	004	0	0
5 Decrease in stocks	005	4,671,409	0
6 Other increase of cash flow	006	41,100,871	16,825,242
I. Total increase of cash flow from operating activities (001 - 006)	007	116,875,583	97,003,959
1 Decrease of current liabilities	008	0	0
2 Increase of current receivables	009	90,074,970	54,075,099
3 Increase in stocks	010	0	2,885,920
4 Other decrease of cash flow	011	1,417,022	4,865,285
II. Total decrease of cash flow from operating activities (008 – 011)	012	91,491,992	61,826,305
A1 NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)	013	25,383,590	35,177,655
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	916,152	1,051,351
2 Cash inflows from sale of ownership and debt instruments	016	0	0
3 Cash inflows from interest	017	87,907	55,865
4 Cash inflows from dividends	018	0	0
5 Other cash inflows from investment activities	019	1,370,000	6,229,004
III. Total cash inflows from investment activities (015-019)	020	2,374,059	7,336,221
1 Cash expenditures for purchase of fixed tangible and intangible assets	021	12,109,005	14,896,537
2 Cash expenditures for acquisition of ownership and debt instruments	022	0	0
3 Other cash expenditures from investment activities	023	0	0
IV. Total cash expenditures from investment activities (021-023)	024	12,109,005	14,896,537
B1 NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (020-024)	025	0	0
B2 NET DECREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (024-020)	026	9,734,946	7,560,316
CASH FLOW FROM FINANCIAL ACTIVITIES
1 Cash inflows from issuing ownership and debt financial instruments	027	0	0
2 Cash inflows from credit principal, debentures, loans and other borrowings	028	54,030,948	9,013,966
3 Other inflows from financial activities	029	0	0
V. Total cash inflows from financial activities (027-029)	030	54,030,948	9,013,966
1 Cash expenditures for the payment of credit principal and debentures	031	69,464,889	23,124,440
2 Cash expenditures for the payment of dividends	032	0	0
3 Cash expenditures for financial lease	033	690,860	116,253
4 Cash expenditures for repurchase of own shares	034	0	8,512,814
5 Other cash expenditures from financial activities	035	0	0
VI. Total cash expenditures from financial activities (031-035)	036	70,155,749	31,753,507
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	16,124,801	22,739,541
Total cash flow increase (013-014+025-026+037-038)	039	0	4,877,798
Total cash flow decrease (014-013+026-025+038-037)	040	476,156	0
Cash and cash equivalents at the beginning of the period	041	10,422,413	10,222,103
Cash and cash equivalents increase	042	0	4,877,798
Cash and cash equivalents decrease	043	476,156	0
Cash and cash equivalents at the end of the period	044	9,946,256	15,099,901

Item AOP ind. Preceding period Current period

Statement of changes in equity Reporting period: 1. 1. 2018 to 31. 3. 2018

Taxpayer: AD Plastik Group

Item 1	AOP ind. 2	Preceding year 3	Current period 4
1 Subscribed capital	001	419,958,400	419,958,400
2 Capital reserves	002	191,971,409	192,108,521
3 Reserves from profit	003	-10,924,724	-20,714,805
4 Retained profit or loss carried over	004	112,517,301	151,452,097
5 Current year profit or loss	005	23,428,052	31,842,563
6 Revalorisation of fixed material assets	006	20,733,119	13,635,598
7 Revalorisation of intangible assets	007	0	0
8 Revalorisation of financial assets available for sale	008	0	0
9 Other revalorisation	009	-24,692,748	-14,801,594
10 Total equity and reserves (AOP 001-009)	010	732,990,809	773,480,780
11 Exchange rate variations from net investments into foreign business operations	011	8,075,475	-3,712,110
12 Current and deferred taxes (part)	012	-3,184,269	-870,776
13 Cash flow protection	013	0	0
14 Changes in bookkeeping policies	014	0	0
15 Correction of significant mistakes from the previous period	015	0	0
16 Other changes to capital	016	30,714,116	28,275,577
17 Total equity increase or decrease (AOP 011 - 016)	017	35,605,321	23,692,691
17 a Ascribed to holders of the holders company capital	018	35,605,303	23,692,683
17 b Ascribed to minority interest	019	19	8

Items reducing Capital are entered with negative sign.

Data under AOP codes 001 to 009 are entered as balance as at Balance Sheet date.

Balance sheet	25
Profit and loss account	27
Cash flow (indirect method)	29
Statement of changes in equity	30

C

AD PLASTIK D.D.

MANAGEMENT REPORT AD PLASTIK GROUP

A

CONTENTS

Appendix 1 Quarterly financial statement, AD Plastik d.d.

Quarterly financial statement of the entrepreneur - TFI-POD

Register number (MB):		03440494
Entity register number (MBS):		060007090
Personal identification number (PIN):		48351740621
Issuing company:		AD PLASTIK d.d.
Post code and place:	21210	Solin
Street and house number:		Matoševa 8
E-mail address:			informacije@adplastik.hr
Internet address:		www.adplastik.hr
Municipality/city code and name:	406	Solin
County code and name:	17	Splitsko-dalmatinska
No. of employees (at the end of the reporting period):		1,403
Consolidated report:	NO	Šifra NKD-a:	2932
Names of consolidation subjects (according to IMSF):	Seat:		REG. NO.:
Bookkeeping service:
Contact person:	Sandra Capan
(only the name and surname of the contact person to be entered)
Telephone:	021/206-651
Fax:	021/275-651
E-mail address:		sandra.capan@adplastik.hr
Name and surname:	Sanja Biočić
(person authorised for representation)
Documentation for publishing:
Financial statements (balance sheet, profit and loss statement, cash flow statement, 1. changes in equity and notes to financial statements)

1. Interim report

2. Statement of the person responsible for compiling financial statements

Place of the seal (signature of the person authorised for representation) A

as at 31. 3. 2018 Balance sheet Taxpayer: AD Plastik d.d.

ASSETS A RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID 001 0 0 B FIXED ASSETS (003+010+020+029+033) 002 850,423,432 831,972,134 I. Intangible assets (004 up to 009) 003 86,472,232 85,728,786 1 Development costs 004 68,398,141 65,430,750 2 Concessions, patents, licenses, trademarks, softwares and other rights 005 1,686,636 2,011,090 3 Goodwill 006 0 0 4 Advances for purchase of intangible assets 007 0 0 5 Intangible assets in preparation 008 16,387,455 18,286,946 6 Other intangible assets 009 0 0 II. Tangible assets (011 up to 019) 010 518,648,458 513,925,207 1 Land 011 131,402,572 131,402,572 2 Buildings 012 153,369,021 152,537,077 3 Plants and machinery 013 134,139,995 129,707,648 4 Tools, plant & office inventory, furniture & transport means 014 12,628,780 11,778,620 5 Biological assets 015 0 0 6 Payments on account for tangible assets 016 0 0 7 Tangible assets in preparation 017 35,551,267 37,120,038 8 Other tangible assets 018 0 0 9 Investment in real estate 019 51,556,823 51,379,252 III. Fixed financial assets (021 up to 028) 020 167,758,912 163,327,262 1 Shares in affiliated undertakings 021 44,383,495 44,383,495 2 Loans to affiliated undertakings 022 98,525,695 96,526,123 3 Participating interests (shares) 023 21,779,155 21,779,155 4 Given loans to companies in which exist participating interests 024 0 0 5 Investments in securities 025 61,700 61,700 6 Other loans, deposits etc 026 3,008,868 576,790 7 Other fixed financial assets 027 0 0 8 Investment stated in equity method 028 0 0 IV. Receivables (030 up to 032) 029 76,924,690 68,371,740 1 Receivables from associated undertakings 030 76,924,690 68,371,740 2 Receivables from sales on credit 031 0 0 3 Other receivables 032 0 0 V. Deffered tax assets 033 619,139 619,139 C CURRENT ASSETS (035+043+050+058) 034 346,701,806 393,169,580 I. Inventory (036 up to 042) 035 75,785,490 73,478,762 1 Materials and supplies 036 54,839,972 54,963,037 2 Work in progress 037 4,465,402 4,434,630 3 Finished goods 038 13,389,605 12,086,065 4 Commercial goods 039 3,090,510 1,995,030 5 Advances for inventories 040 0 0 6 Long term assets held for sale 041 0 0 7 Biological assets 042 0 0 II. Receivables (044 up to 049) 043 266,769,702 313,309,533 1 Receivables from associated undertakings 044 88,126,966 101,905,894 2 Trade receivables 045 145,714,721 161,581,234 3 Receivables from participating companies 046 3,872,094 11,591,765 4 Receivables from employees and members of the business 047 2,477 76,920 5 Receivables from government and other institutions 048 11,717,118 9,343,505 6 Other receivables 049 17,336,326 28,810,215 III. Current financial assets (051 up to 057) 050 1,002,956 1,121,535 1 Shares in affiliated undertakings 051 0 0 2 Loans to affiliates 052 0 929,271 3 Participating interests (shares) 053 0 0 4 Given loans to companies in which exist participating interests 054 0 0 5 Investments in to securities 055 0 0 6 Other loans, deposits etc 056 1,002,956 192,264 7 Other financial assets 057 0 0 IV. Cash at bank and in hand 058 3,143,658 5,259,750		Item	AOP ind.	Preceding year	Current year
		1	2	3	4
	D	PREPAYMENT AND ACCRUED INCOME	059	27,928,384	28,746,230
E TOTAL ASSETS (001+002+034+059) 060 1,225,053,622 1,253,887,944

F OFF BALANCE SHEET ITEMS 061 5,829,941 9,250,274

as at 31. 3. 2018 Balance sheet Taxpayer: AD Plastik d.d.

	Item 1		Preceding year 3	Current year 4
PASIVA		2
A	CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	695,661,445	713,557,223
	I. SUBSCRIBED SHARE CAPITAL	063	419,958,400	419,958,400
	II. CAPITAL RESERVES	064	191,702,413	191,702,413
	III. RESERVES FROM GAIN (066+067-068+069+070)	065	27,739,682	19,226,868
	1 Legal reserves	066	6,128,852	6,128,852
	2 Reserves for own shares	067	3,319,612	11,832,426
	3 Own stocks and shares (deductible item)	068	3,319,612	11,832,426
	4 Statutory reserves	069	0	0
	5 Other reserves	070	21,610,830	13,098,016
	IV. REVALUATION RESERVES	071	0	0
	V. RETAINED EARNINGS OR LOSS BROUGHT FORWARD (073-074)	072	2,861,551	56,260,950
	1 Retained earnings	073	2,861,551	56,260,950
	2 Loss brought forward	074	0	0
	VI. CURRENT YEAR PROFIT OR LOSS (076-077)	075	53,399,399	26,408,591
	1 Current year profit	076	53,399,399	26,408,591
	2 Current year loss	077	0	0
	VII. MINOR INTEREST	078	0	0
B	PROVISIONS (080 up to 082)	079	12,095,897	12,095,897
	1 Provisions for pensions, severance pay and similar obligations
	2 Provisions for tax liabilities	080 081	1,934,116 0	1,934,116 0
	3 Other provisions	082	10,161,781	10,161,781
C	LONG TERM LIABILITIES (084 up to 092)	083	202,445,340	187,875,471
	1 Liabilities to related parties	084	0	0
	2 Commitments for loans, deposits, etc	085	0	0
	3 Liabilities to banks and other financial institutions	086	196,700,765	183,006,606
	4 Liabilities for advances	087	0	0
	5 Trade payables	088	5,744,576	4,868,866
	6 Commitments on securities	089	0	0
	7 Liabilities to companies in which are participating interests	090	0	0
	8 Other long term liabilities	091	0	0
	9 Deferred tax liabilities	092	0	0
D	SHORT TERM LIABILITIES (094 do 105)	093	304,697,571	324,937,997
	1 Liabilities to related parties	094	13,321,221	10,220,183
	2 Commitments for loans, deposits, etc	095	0	0
	3 Liabilities to banks and other financial institutions	096	128,022,622	128,238,814
	4 Liabilities for advances	097	5,766,975	30,253,495
	5 Trade payables	098	145,331,071	142,394,652
	6 Commitments on securities	099	0	0
	7 Liabilities to companies in which are participating interests	100	5,020	4,520
	8 Liabilities towards employees	101	7,712,525	8,644,343
	9 Liabilities for taxes, contributions and other benefits	102	4,492,592	5,136,443
	10 Liabilities to share in the result	103	27,856	27,856
	11 Amount based on fixed assets intended to sale	104	0	0
	12 Other short-term liabilities	105	17,690	17,690
E	DEFERRED PAYMENT OF COSTS AND FUTURE INCOME	106	10,153,369	15,421,356
F	TOTAL LIABILITIES (062+079+083+093+106)	107	1,225,053,622	1,253,887,944
G	OFF BALANCE SHEET ITEMS	108	5,829,941	9,250,274

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 who make consolidated financial statements.

A

Profit and loss account Reporting period: 1. 1. 2018 to 31. 3. 2018

Taxpayer: AD Plastik d.d.

	Item	AOP	Preceding period			Current period
	1	ind. 2	Cumulative 3	Quarter 4	Cumulative 5	Quarter 6
I.	OPERATING TURNOVER (112+113)	111	204,869,661	204,869,661	249,986,139	249,986,139
	1 Income from sales	112	201,817,761	201,817,761	245,766,362	245,766,362
	2 Other operating income	113	3,051,900	3,051,900	4,219,777	4,219,777
II.	OPERATING CHARGES (115+116+120+124+125+126+129+130)	114	190,963,294	190,963,294	230,018,533	230,018,533
	1 Changes in the value of inventories of work in progress and finished goods	115	1,635,358	1,635,358	1,627,254	1,627,254
	2 Material charges (117 up to 119)	116	134,536,973	134,536,973	164,681,577	164,681,577
	a Costs of raw materials and consumables	117	100,181,127	100,181,127	117,079,761	117,079,761
	b Costs of sales	118	21,640,892	21,640,892	30,850,352	30,850,352
	c Other external charges	119	12,714,953	12,714,953	16,751,464	16,751,464
	3 Staff costs (121 up to 123)	120	31,729,537	31,729,537	37,528,764	37,528,764
	a Salaries and wages	121	19,303,495	19,303,495	23,338,175	23,338,175
	b Costs of taxes and social security	122	7,813,227	7,813,227	9,168,551	9,168,551
	c Duties on wages	123	4,612,815	4,612,815	5,022,038	5,022,038
	4 Depreciation	124	12,802,635	12,802,635	13,488,869	13,488,869
	5 Other costs	125	10,059,231	10,059,231	11,935,298	11,935,298
	6 Impairment (127+128)	126	0	0	0	0
	a fixed assets (excluding financial assets)	127	0	0	0	0
	b current assets (excluding financial assets)	128	0	0	0	0
	7 Provisions	129	0	0	0	0
	8 Other operating expenses	130	199,560	199,560	756,771	756,771
III.	FINANCIAL INCOME (132 up to 136)	131	19,963,510	19,963,510	14,730,398	14,730,398
	1 Interests, exchange rate difference, dividends with affiliates	132	2,706,889	2,706,889	1,239,077	1,239,077
	2 Interests, exchange rate difference, dividends with non-affiliates	133	6,734,210	6,734,210	3,813,538	3,813,538
	3 Part of income from affiliates and participated interests	134	10,522,410	10,522,410	9,677,783	9,677,783
	4 Non-realized financial income	135	0	0	0	0
	5 Other financial income	136	0	0	0	0
IV.	FINANCIAL CHARGES (138 up to 141)	137	14,662,237	14,662,237	8,289,413	8,289,413
	1 Interests, exchange rate difference, dividends with affiliates	138	7,185,212	7,185,212	2,858,386	2,858,386
	2 Interests, exchange rate difference, dividends with non-affiliates	139	7,477,025	7,477,025	5,431,027	5,431,027
	3 Non-realized financial charges	140	0	0	0	0
	4 Other financial charges	141	0	0	0	0
V.	SHARE OF PROFIT FROM ASSOCIATED COMPANIES	142	0	0	0	0
VI.	SHARE OF LOSS FROM ASSOCIATED COMPANIES	143	0	0	0	0
VII.	EXTRAORDINARY – OTHER INCOME	144	0	0	0	0
VIII	EXTRAORDINARY – OTHER CHARGES	145	0	0	0	0
IX.	TOTAL INCOME (111+131+142 + 144)	146	224,833,171	224,833,171	264,716,537	264,716,537
X.	TOTAL CHARGES (114+137+143 + 145)	147	205,625,532	205,625,532	238,307,945	238,307,945
XI.	PROFIT OR LOSS BEFORE TAXATION (146-147)	148	19,207,639	19,207,639	26,408,591	26,408,591
	1 Profit before taxation (146-147)	149	19,207,639	19,207,639	26,408,591	26,408,591
	2 Loss before taxation (147-146)	150	0	0	0	0
XII.	PROFIT TAX	151	0	0	0	0
XIII	PROFIT OR LOSS FOR THE PERIOD (148-151)	152	19,207,639	19,207,639	26,408,591	26,408,591
	1 PROFIT FOR THE PERIOD (149-151)	153	19,207,639	19,207,639	26,408,591	26,408,591
	2 LOSS FOR THE PERIOD (151-148)	154	0	0	0	0

A

Profit and loss account Reporting period: 1. 1. 2018 to 31. 3. 2018

Taxpayer: AD Plastik d.d.

Item	AOP	Preceding period		Current period
	ind.	Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6

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	19,207,639	19,207,639	26,408,591	26,408,591
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 compa nies	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 (158-166)	167	0	0	0	0
V.	OTHER COMPREHENSIVE PROFIT OR LOSS FOR THE PERIOD (157+167)	168	19,207,639	19,207,639	26,408,591	26,408,591

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

A

CONTENTS

C

1	2	3	4
CASH FLOW FROM OPERATING ACTIVITIES
1 Profit before taxation	001	19,207,639	26,408,591
2 Depreciation	002	12,802,635	13,488,869
3 Increase of current liabilities	003	18,819,947	18,729,349
4 Decrease of current receivables	004	0	0
5 Decrease in stocks	005	278,109	2,306,728
6 Other increase of cash flow	006	39,329,573	8,803,729
I. Total increase of cash flow from operating activities (001 - 006)	007	90,437,904	69,737,266
1 Decrease of current liabilities	008	0	0
2 Increase of current receivables	009	70,284,132	31,460,401
3 Increase in stocks	010	0	0
4 Other decrease of cash flow	011	0	13,754,859
II. Total decrease of cash flow from operating activities (008 – 011)	012	70,284,132	45,215,260
A1 NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)	013	20,153,772	24,522,007
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	890,944	304,776
2 Cash inflows from sale of ownership and debt instruments	016	0	0
3 Cash inflows from interest	017	714,998	300
4 Cash inflows from dividends	018	0	0
5 Other cash inflows from investment activities	019	1,370,000	6,229,004
III. Total cash inflows from investment activities (015-019)	020	2,975,942	6,534,080
1 Cash expenditures for purchase of fixed tangible and intangible assets	021	10,500,700	8,566,989
2 Cash expenditures for acquisition of ownership and debt instruments	022	0	0
3 Other cash expenditures from investment activities	023	0	0
IV. Total cash expenditures from investment activities (021-023)	024	10,500,700	8,566,989
B1 NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (020-024)	025	0	0
B2 NET DECREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (024-020)	026	7,524,758	2,032,908
CASH FLOW FROM FINANCIAL ACTIVITIES
1 Cash inflows from issuing ownership and debt financial instruments	027	0	0
2 Cash inflows from credit principal, debentures, loans and other borrowings	028	54,030,948	9,013,966
3 Other inflows from financial activities	029	0	0

Item AOP ind. Preceding period Current period

2 Cash inflows from credit principal, debentures, loans and other borrowings	028	54,030,948	9,013,966
3 Other inflows from financial activities	029	0	0
V. Total cash inflows from financial activities (027-029)	030	54,030,948	9,013,966
1 Cash expenditures for the payment of credit principal and debentures	031	66,755,877	20,757,905
2 Cash expenditures for the payment of dividends	032	0	0
3 Cash expenditures for financial lease	033	690,860	116,253
4 Cash expenditures for repurchase of own shares	034	0	8,512,814
5 Other cash expenditures from financial activities	035	0	0
VI. Total cash expenditures from financial activities (031-035)	036	67,446,737	29,386,972
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	13,415,789	20,373,006
Total cash flow increase (013-014+025-026+037-038)	039	0	2,116,093
Total cash flow decrease (014-013+026-025+038-037)	040	786,775	0
Cash and cash equivalents at the beginning of the period	041	4,033,311	3,143,658
Cash and cash equivalents increase	042	0	2,116,093
Cash and cash equivalents decrease	043	786,775	0
Cash and cash equivalents at the end of the period	044	3,246,535	5,259,750

A

Taxpayer: AD Plastik d.d.

Statement of changes in equity

Reporting period: 1. 1. 2018 to 31. 3. 2018 Taxpayer: AD Plastik d.d.

Item 1	AOP ind. 2	Preceding year 3	Current period 4
1 Subscribed capital	001	419,958,400	419,958,400
2 Capital reserves	002	191,565,301	191,702,413
3 Reserves from profit	003	27,197,071	19,226,869
4 Retained profit or loss carried over	004	38,346,696	56,260,950
5 Current year profit or loss	005	19,207,639	26,408,591
6 Revalorisation of fixed material assets	006	0	0
7 Revalorisation of intangible assets	007	0	0
8 Revalorisation of financial assets available for sale	008	0	0
9 Other revalorisation	009	-8,502,462	0
10 Total equity and reserves (AOP 001-009)	010	687,772,645	713,557,223
11 Exchange rate variations from net investments into foreign business operations	011	0	0
12 Current and deferred taxes (part)	012	0	0
13 Cash flow protection	013	0	0
14 Changes in bookkeeping policies	014	0	0
15 Correction of significant mistakes from the previous period	015	0	0
16 Other changes to capital	016	22,054,461	17,895,778
17 Total equity increase or decrease (AOP 011 - 016)	017	22,054,461	17,895,778
17 a Ascribed to holders of the holders company capital	018
17 b Ascribed to minority interest	019

Items reducing Capital are entered with negative sign.

Data under AOP codes 001 to 009 are entered as balance as at Balance Sheet date.

Management's

A

MANAGEMENT REPORT AD PLASTIK GROUP

CONTENTS

D

Solin, April 2018

Management's statement of responsibility

The financial statements of AD Plastik Group and the Company AD Plastik d.d. Solin are prepared in accordance with the International Financial Reporting Standards (IFRS) and the Croatian Law on Accounting.

The consolidated financial statements of AD Plastik Group and the financial statements of the Company AD Plastik d.d. for the period from January 1 to March 31 2018, give a complete and true review of the assets and liabilities, profit and loss, financial position and business activities of the issuers and companies included in the consolidation as a whole.

The management report for the period until March 31 2018, contains an accurate and true display of the development and results of the business activities of the Company with a description of the most significant risks and uncertainties to which the Company is exposed.

Marinko Došen, President of the Management Board

Katija Klepo, Member of the Management Board

Sanja Biočić, Member of the Management Board

Mladen Peroš, Member of the Management Board

The Company is registered at the Court Register of the Commercial Court of Split under the Registered Company Number (MBS): 060007090 Company Identification Number (OIB): 48351740621 IBAN: HR04 2340 0091 1101 5371 1, Privredna banka Zagreb d.d., Zagreb

The capital stock in the amount of HRK 419,958,400 was paid in full. AD Plastik issued a total of 4,199,584 of ordinary shares, in nominal amount of HRK 100. President of the Management Board: Marinko Došen Management Board members: Katija Klepo, Sanja Biočić, Mladen Peroš President of the Supervisory Board: Dmitrij Leonidovič Drandin

Your needs. Our drive.

SOLIN, APRIL 2018 WWW.ADPLASTIK.HR