Luka Koper

Quarterly Report • Apr 3, 2017

2016 ANNUAL REPORT – SUMMARY LUKA KOPER GROUP AND LUKA KOPER, D. D.

TABLE OF CONTENTS

BUSINESS PERFORMANCE HIGHLIGHTS OF THE LUKA KOPER GROUP IN 2016	1
FINANCIAL RATIOS	5
MARITIME THROUGHPUT	9
PERFORMANCE OF LUKA KOPER GROUP IN 2016	11
PERFORMANCE OF LUKA KOPER, D. D., 2016	15
SEPARATE FINANCIAL STATEMENT OF LUKA KOPER, D. D.	19
CONSOLIDATED FINANCIAL STATEMENT OF THE LUKA KOPER GROUP	25

BUSINESS PERFORMANCE HIGHLIGHTS OF THE LUKA KOPER GROUP IN 2016

The major maritime throughput of 22 million of goods was achieved in the Port of Koper history, which is 6 percent above the maritime throughput generated in 2015. In May 2016, a record monthly maritime throughput in Luka Koper, d. d .,history in the amount of 2.15 million tonnes was realised.

22 MILLION TONNES

MARITIME THROUGHPUT 2016/2015 +6 %

A new historic milestone was achieved by record quantity of throughput of containers, vehicles and general cargoes:

• The throughput of containers in 2016 amounted to 844.8 thousand TEUs and exceeded by 7 percent the quantities from 2015. In March 2016, a record monthly throughput of TEUs in the company's history in the amount of 73.7 thousand TEUs was achieved.
• The throughput of vehicles in 2016 amounted to 749 thousand vehicles, which is 23 percent above the quanties in 2015. In March 2016, a record monthly throughput of cars in the company's history in the amount of 70.1 thousand vehicles was achieved.
• The throughput of general cargoes in 2016 amounted to 955.1 thousand and is by 27 percentahead on quantities from 2015.

In 2016, a record net revenue from sale amounting to EUR 200 million was achieved, exceeding by 8 percent the net revenue from sale in 2015.

In the operating result (EBIT) a record amount of EUR49 million, excluding the operating result from 2015 by 16 percent.

In 2016, net operating profit reached a record level of EUR 44 million, which is a yeraon increase of 37 percent.

44 MILLION EUR

NET OPERATING PROFIT 2016/2015 +37 %

In 2016 Luka Koper Group allocated EUR 61.8 miliion for investments. Major completed investments were the following:

• Three new reservoirs were constructed for the needs of the Liquid Cargoes Terminal.
• For the needs of the Container terminal two additional railway tracks were constructed and three existing railway tracks were extended. 9.000 m2 storage area was arranged for the storage of containers.

• The construction of a new railway track and a new bridge over the channel were constructed for the needs of the Container terminal.

• Covering of the landfill site on the head of the Pier II for the needs of the increased throughput of vehicles was completed, and 33.000 m2 of area was obtained.

• The construction of the RMG rail for new cranes and the replacement of lighting masts at the container terminal have been under finalisation.
• In 2016, Luka Koper, d.d. allocated EUR 18.1 million for new ordered, more efficient cranes for the throughput of containers.
• An agreement for the purchase of the asphalted parking area in the Port of Koper zone, previously rented, was concluded.
• The first phase of the construction of the DEPO, were are the reinforced storage and handling operations areas, measuring 42.000 m2was finalised for the needs of the Container Terminal. Thanks to the reinforcement of the area the stacking height of 7 empty containers is projected.

In 2016, 59 new employments were realised in Luka Koper Group. The number of employees in 2016 with respect to 2015 increased by 3 percent resp. for 31 employees per 1.071 employees.

1,071 NUMBER OF EMPLOYEES 2016/2015 + 3 %

Return on equity (ROE) in 2016 amounted to 13.9 percent, which is 27 percent resp. 3 percentage points ahead on achieved return on equity (ROE) in 2015.

13.9 % RETURN ON EQUITY (ROE) 2016/2015 +27 %

In the beginning of 2016, the Corporate Integrity Strategy of Luka Koper Group companies and the renovated Code of Ethics of Luka Koper companies were adopted.

In 2016, Luka Koper, d. d. got approved new projects CarEsmatic, Elemed and RRI, which will allow the disbursement of EUR 3.63 million when the projected activities amounting to EUR 11.81 million are achieved.

The Ministry of the Environment and Spatial Planning – Slovenian Environment Agency granted once more the certificate EMAS to Luka Koper, d. d.

In 2016 started the electrification of rail mounted gantry cranes at the container terminal using electric power instead of diesel fuel. This will reduce the cost of energy products and emission of exhaust gases.

The Car terminal still remains among major car terminals in the Mediterranen.

For the seventh year in a row, the Container Terminal is a leading container terminal in the Adriatic.

In 2016, 171 good ideas were supported under the Living with the Port fund.

In 2016 the tenth jubilee Port's Day was organized.

The largest container ship MSC Paloma with capacity 14.000 TEUs was berthed in the Port of Koper history.

FINANCIAL RATIOS

Key performance indicators of Luka Koper, d. d., and Luka Koper Group in 2016 in comparison with 2015

(in EUR)	Luka Koper, d. d.			Luka Koper Group
Income statement	2016	2015	Index 2016/ 2015	2016	2015	Index 2016/ 2015
Net sales	190,407,498	173,277,749	110	199,543,696	184,273,472	108
Operating profit (EBIT)	45,536,427	38,826,283	117	49,325,438	42,420,503	116
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	71,043,459	65,194,564	109	75,794,126	69,935,252	108
Operating result from financing activities	963,457	-5,065,002	-19	-459,095	-5,930,515	8
Profit before tax	46,499,884	33,761,281	138	50,763,957	37,818,216	134
Net profit	40,581,116	28,845,074	141	44,375,981	32,414,723	137
Added value1	118,409,242	108,912,973	109	129,692,675	120,029,932	108

Statement of financial position	31.12.2016	31.12.2015	Index 2016/ 2015	31.12.2016	31.12.2015	Index 2016/ 2015
Assets	472,932,135	446,050,861	106	489,991,097	464,549,667	105
Non-current assets	440,055,662	409,995,606	107	450,729,768	418,891,131	108
Current assets	32,876,473	36,055,255	91	39,261,329	45,658,536	86
Equity	304,425,949	282,847,478	108	331,978,921	306,290,469	108
Non-current liabilities with provisions and long-term accruals	131,614,419	125,227,745	105	118,638,958	118,734,138	100
Short-term liabilities	36,891,767	37,975,638	97	39,373,218	39,525,060	100
Financial liabilities	126,332,908	121,896,954	104	110,332,958	111,866,534	99
Cash flow statement	2016	2015	Index 2016/ 2015	2016	2015	Index 2016/ 2015
Investments in property, plant and equipment, investment property and intangible assets	60,313,916	36,871,798	164	61,781,064	37,402,753	165
(in EUR)		Luka Koper, d. d.		Luka Koper Group

¹ Added value = Net sales + capitalised own products and services + other revenue – costs of goods, material, services – other operating expenses excluding revaluation operating expenses.

FINANCIAL RATIOS

Ratios (in %)	2016	2015	Index 2016/ 2015	2016	2015	Index 2016/ 2015
Return on sales (ROS) 2	23.9 %	22.4 %	107	24.7 %	23.0 %	107
Return on equity (ROE)	13.8 %	10.5 %	132	13.9 %	10.9 %	127
Return on assets (ROA)	8.8 %	6.5 %	136	9.3 %	7.1 %	132
EBITDA margin3	37.3 %	37.6 %	99	38.0 %	38.0 %	100
Financial liabilities/equity	41.5 %	43.1 %	96	33.2 %	36.5 %	91
Net financial debt /EBITDA4	1.8	1.8	99	1.4	1.4	97
Dividend payout ratio	27.0 %	22.5 %	120	27.0 %	22.5 %	120
Maritime throughput (in tonnes)	2016	2015	Index 2016/ 2015	2016	2015	Index 2016/ 2015
Maritime throughput	22,010,649	20,711,872	106	22,010,649	20,711,872	106
Number of employees	2016	2015	Index 2016/ 2015	2016	2015	Index 2016/ 2015
Number of employees	886	852	104	1,071	1,040	103

² Return on sales (ROS) = operating profit (EBIT) / net sales

³ EBITDA margin = Earnings before interest, taxes, depreciation and amortisation (EBITDA) / net sales

⁴ Net financial debt/EBITDA = (financial liabilities – cash and cash equivalents)/EBITDA

(in EUR) Luka Koper, d. d. Luka Koper Group Income statement 2016 PLAN 2016 INDEX 2016/ PLAN 2016 2016 PLAN 2016 INDEX 2016/ PLAN 2016 Net sales 190,407,498 183,807,299 104 199,543,696 194,662,753 103 Operating profit (EBIT) 45,536,427 42,429,640 107 49,325,438 45,696,534 108 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 71,043,459 67,729,606 105 75,794,126 71,962,529 105 Operating result from financing activities 963,457 -763,805 -126 -459,095 -1,821,346 25 Profit before tax 46,499,884 41,665,835 112 50,763,957 45,129,766 112 Net profit 40,581,116 34,874,304 116 44,375,981 37,776,901 117 Added value⁵ 118,409,242 112,272,666 105 129,692,675 122,520,540 106

Key performance indicators of Luka Koper, d. d., and Luka Koper Group in 2016 in
comparison with plan 2016

Statement of financial position	31.12.2016	PLAN 31.12.2016	INDEX 2016/ PLAN 2016	31.12.2016	PLAN 31.12.2016	INDEX 2016/ PLAN 2016
Assets	472,932,135	495,281,384	95	489,991,097	509,442,923	96
Non-current assets	440,055,662	457,558,987	96	450,729,768	468,205,677	96
Current assets	32,876,473	37,722,398	87	39,261,329	41,237,245	95
Equity	304,425,949	307,003,418	99	331,978,921	333,162,290	100
Non-current liabilities with provisions and long-term accruals	131,614,419	139,200,901	95	118,638,958	126,075,867	94
Short-term liabilities	36,891,767	49,077,065	75	39,373,218	50,204,766	78
Financial liabilities	126,332,908	146,771,337	86	110,332,958	131,076,473	84

⁵ Added value = Net sales + capitalised own products and services + other revenue – costs of goods, material, services – other operating expenses excluding revaluation operating expenses.

FINANCIAL RATIOS

(in EUR)	Luka Koper, d. d. Luka Koper Group
Cash flow statement	2016	PLAN 2016	INDEX 2016/ PLAN 2016	2016	PLAN 2016	INDEX 2016/ PLAN 2016
Investments in property, plant and equipment, investment property and intangible assets	60,313,916	77,001,767	78	61,781,064	78,907,927	78
Ratios (in %)	2016	PLAN 2016	INDEX 2016/ PLAN 2016	2016	PLAN 2016	INDEX 2016/ PLAN 2016
Return on sales (ROS) 6	23.9 %	23.1 %	104	24.7 %	23.5 %	105
Return on equity (ROE)	13.8 %	11.9 %	117	13.9 %	11.9 %	117
Return on assets (ROA)	8.8 %	7.4 %	119	9.3 %	7.8 %	119
EBITDA margin7	37.3 %	36.8 %	101	38.0 %	37.0 %	103
Financial liabilities/equity	41.5 %	47.8 %	87	33.2 %	39.3 %	84
Net financial debt /EBITDA8	1.8	2.1	82	1.4	1.8	77
Dividend payout ratio	27.0 %	15.2 %	178	27.0 %	15.2 %	178
Maritime throughput (in		PLAN	INDEX 2016/		PLAN	INDEX 2016/

Maritime tonnes)	throughput	(in	2016	PLAN 2016	2016/ PLAN 2016	2016	PLAN 2016	2016/ PLAN 2016
Maritime throughput			22,010,649	21,428,234	103	22,010,649	21,428,234	103

	INDEX					INDEX
Number of employees	2016	PLAN	2016/		PLAN	2016/
		2016	PLAN	2016	2016	PLAN
			2016			2016
Number of employees	886	883	100	1,071	1,070	100

⁶ Return on sales (ROS) = operating profit (EBIT) / net sales

⁷ EBITDA margin = Earnings before interest, taxes, depreciation and amortisation (EBITDA) / net sales

⁸ Net financial debt/EBITDA = (financial liabilities – cash and cash equivalents)/EBITDA

MARITIME THROUGHPUT

The maritime throughput of Luka Koper Group in 2016 amounted to a record 22 million tonnes of goods, thus exceeding the throughput of 2015 by 6 percent. The throughput of containers in 2016 was EUR 844.8 thousand TEUs and was 7 percent above the quantities from 2015. The throughput of cars in 2016 amounted to 749 thousand cars and exceeded by 23 percent the quantities from 2015. Major maritime throughput resulted in the increase of net revenue from sales activity, which in 2016 exceeded the planned net revenue from sales by 6 percent resp. by EUR 11.5 million.

Structure of cargo throughput by cargo types

Luka Koper Group recorded the throughput growth with respect to the previous year in all cargo types. In the general cargoes group, Luka Koper Group concluded the business year 2016 by 4-percent increase of maritime throughput in comparison with 2015. The throughput growth was achieved in all cargo types, except in the throughput of timber due to the unstable situation in the North Africa countries. Exceptional results and record throughput in 2016 Luka Koper Group achieved both in the throughput of containers and vehicles. In 2016, the maritime throughput of liquid cargoes was 9 percentahead on 2015, due to the increased throughput of petroleum derivatives. Luka Koper Group generated 2 percent higher throughput in comparison with 2015 in the throughput of dry bulk cargoes. The throughput of coal and iron stayed at the same level as in 2015. In 2016, the Cruise Terminal recorded 78.923 passengers, an increase of 36 percent in comparison with 2015.

CARGO TYPES ( tonnes)	1 - 12 2016	1 - 12 2015	Index 2016/2015
General cargoes	1,534,204	1,475,076	104
Containers	8,274,433	7,741,976	107
Vehicles	1,139,552	902,168	126
Liquid cargoes	3,592,947	3,297,225	109
Bulk and break bulk cargoes	7,469,514	7,295,426	102
TOTAL	22,010,649	20,711,872	106

Maritime throughput in in tonnes by product groupes in 2016 and in 2015

MARITIME THROUGHPUT

Containers throughput (in TEUs) and vehicles (in units) in 2016 and 2015

CARGO TYPES	1 - 12 2016	1 - 12 2015	Index 2016/2015
Containers – in TEUs	844,778	790,736	107
Vehicles – in UNITS	749,002	607,326	123

PERFORMANCE OF LUKA KOPER GROUP IN 2016

Comparison of achieved results of Luka Koper Group, 2016 and 2015

In 2016, Luka Koper Group net revenue from sale 2016 amounted to EUR 199.5 million, and thereby exceeded the generated revenue from sale in 2015 by 8 percent resp. by EUR 15.3 million. Comparably with the previous year, the net revenue from sale of Luka Koper Group increased from the core activity of goods loading and unloading, stuffing and stripping of containers, warehousing and additional services.

In 2016, capitalized own products and services amounted to EUR 1.4 million. The Group reports the maintenance of infrastructure among capitalized own products and services, carried out to a large extent by the subsidiary company Luka Koper INPO, d. o. o.

Other revenues of Luka Koper Group in 2016 amounted to EUR 3.1 million, which is 36 percent resp. EUR 1.8 million decrease when compared to achieved other revenue in 2015. In 2015, the recorded reversal of provisions in the amount of EUR 1.5 million is related to the court settlement. The major share of other revenues in 2016 represented subsidies, grants and similar revenues in the amount of EUR 2 million, is related to the drawing on the assigned assets from the witheld contributions of the company Luka Koper INPO, d. o. o.

Operating expenses of Luka Koper Group in 2016 amounted to EUR 154.8 million, which is 5 percent resp. EUR 8 million increase from achieved operating expenses in 2015. Comparably to the previous year, all types of costs, except costs of depreciation increased under operating expenses. Costs of material of Luka Koper Group in 2016 amounted to EUR 15.5 million, which is 3 percent resp. EUR 473.6 thousand ahead on generated costs of material in 2015. Within the costs of material, a major increase was recorded in the costs of auxiliary material and spare parts due to the increased volume of maintenance works. Costs of services of Luka Koper Group in 2016 amounted to EUR 50.3 million, which is 10 percent resp. EUR 4.5 million ahead on generated costs of services in 2015. Within the costs of services, the major increase was recorded among the costs of port's services due to the increased throughput, more demanding procedures in the throughput of vehicles and major occupancy of storage areas. An increase was recorded also in concession fees as result of higher operating expenses and costs of maintenance services. Costs of labour of Luka Koper Group in 2016 amounted to EUR 51.9

million, which is 8 percent resp. EUR 3.8 million ahead on generated costs of labour in 2015. The higher costs of labour are attributable to a higher number of employees, increase of the basic salary and higher payment for job performance and annual holiday pay. Other operating expenses of Luka Koper Group in 2016 amounted to EUR 10.6 million, representing 3 percent resp. EUR 292.6 thousand increase on the generated other operating expenses in 2015. Among other operating expenses the increase was registered in the costs of the compensation for the use of the building land and expenses for provisions for lawsuits, whilst the legal costs decreased.

The share of operating expenses within the net revenue from sale in 2016 amounted to 77,6 percent, and fell by 2 percentage point in comparison with 2015. Comparably to the previous year, the share of amortisation and other operating expenses within the net revenue from sales decreased, whilst the share of costs of material, services and labour remained at the same level.

Operating result (EBIT) of Luka Koper Group in 2016 amounted to EUR 49.3 million, which is 16 percent resp. EUR 6.9 million above the achieved EBIT in 2015.

Earnings before interest, tax, depreciation and amortisation (EBITDA) of Luka Koper Group in 2016 amounted to EUR 75.8 million, which is 8 percent resp. EUR 5.9 million increase on the achieved earnings before interest and taxes (EBITDA) in 2015.

EBITDA margin of Luka Koper Group in 2016 amounted to 38 percent, and was in the same level to the achieved EBITDA margin in 2015. In 2015, the recognised reversal of provisions in the amount EUR 1.5 million and related to the court settlement was recorded among other costs. In the case of exclusion of the impact of EUR 1.5 million higher other revenues in 2015 on this basis, the EBITDA margin of Luka Koper Group in 2016 would be higher from the achieved EBITDA margin in 2015 by 2 percent resp. By 0.9 percentage point.

The loss from financing activities in 2016 amounted to EUR -459.1 thousand, whilst in 2015 Luka Koper Group in 2015 registered the negative financial result in the amount of EUR -5.9 million, due to the recognised impairment of the investment in the amount of EUR 4.3 million. Compared to 2015, finance expense in financial liabilities in 2016 are lower due to reduced effective interest rates and due to recognised capitalised interests resp. attribution of costs to rental of property, plant and equipment in the amount of EUR 0.7 million. Results of associated companies in 2016 amounted to EUR 1.9 million, which is 43 percent resp. EUR 569.4 thousand ahead on 2015.

Net operating profit of Luka Koper Group in 2016 amounted to EUR 44.4 million, which is 37 percent resp. EUR 12 million above the net operating profit achieved in 2015.

Return on equity (ROE) in 2016 amounted to 13.9 percent, and is by 27 percent resp. 3 percentage points above the achieved return on equity (ROE) in 2015.

Financial liabilities of Luka Koper Group as of 31 December 2016 amounted to EUR 110.3 million, which is 1 percent resp. EUR 1.5 million dcrease with respect to the situation as of 31st December 2015. The liabilities toward banks decreased due to the repayment of loans, in accordance with the amortization schedules.

Non-current financial liabilities do bank of Luka Koper Group as of 31st December 2016 amounted to 88.7 percent of total financial liabilities. Their share comparably to the situation as of 31st December 2015 decreased by 1 percentage point.

In 2016 Luka Koper Group allocated EUR 61.8 million for investments.

Realisation of plans

Net revenue from sale of Luka Koper Group in 2016 amounted to EUR 199.5 million, which is 3 percent. resp. EUR 4.9 million above the planned net revenue from sale.

Net revenue from sale of Luka Koper Group from sales activity in 2016 exceeded the planned figures by 6 percent resp. by EUR 10.1 million, whereas the revenues generated from the economic public service of the regular maintenance of the port's infrastructure intended for the public transport fell behind with the plan by 40 percent resp. EUR 5.3 million, which consequently affected the total exceeding of planned revenue of Luka Koper Group in 2016 by 3 percent.

The operating result (EBIT) of Luka Koper Group in 2016 amounted to EUR 49.3 million, which is 8 percent resp. EUR 3.6 million above the planned EBIT.

Earnings before interest, taxes, depreciation and amortization (EBITDA) of Luka Koper Group in 2016 amounted to EUR 75.8 million, which is 5 percent resp. EUR 3.8 million ahead on the planned EBITDA.

EBITDA margin of Luka Koper in 2016 compared with planned was higher by 3 percent resp. by 1 percentage point.

In 2016 Luka Koper, d. d., for the economic public service of the regular maintenance port's infrastructure projected a major volume of maintenance and consequently za EUR 6.1 million higher revenue due to the drawing on the long-term deferred revenue in comparison to the plan in 2016. Actually, a minor volume of regular maintenance of the port's infrastructure intended for the public transport was implemented due to a delayed approval of the plan by the Ministry of Infrastructure, Luka Koper, d. d., received on 5th May 2016. Excluding the impact of EUR 6.1 million higher revenues on this basis, the planned EBITDA margin would amount to 38.2 percent, consecutively the achieved EBITDA margin of Luka Koper Group in 2016 would be lower from the planned, without the above-mentioned impact of long-term deferred revenue, by 0,2 percentage point.

In 2016 Luka Koper, d. d., recognised the impairment of assets under acquisition from previous years in the amount of EUR 1.5 million and provisions for lawsuits in the amount of EUR 0.9 million, which were not planned. In the event of exclusion of the impact of EUR 2.4 million higher costs on this basis, the EBITDA margin of Luka Koper Group in 2016 would amount to 39.2 percent and would be higher than planned by 6 percent resp. 2.3 percentage points.

Net profit of Luka Koper Group in 2016 amounted to EUR 44.4 million, which is 17 percent resp. EUR 6.6 million ahead on the planned net profit.

PERFORMANCE OF LUKA KOPER, D. D., 2016

Comparison of achieved results of Luka Koper, d. d., in 2016 with 2015

Net revenue from sale of Luka Koper, d. d., in 2016 amounted to EUR 190.4 million, which is 10 percent resp. 17.1 million more than achieved net revenue from sale in 2015. In comparison with the previous year, the net revenue from sale recorded an increase from the core activity of loading and unloading, stuffing and stripping of containers, warehousing and additional services. The generated net revenue from sale of Luka Koper, d. d., in 2016 represented 95.4 percent of net revenue from sale of Luka Koper Group.

Other revenues of Luka Koper, d. d., in 2016 amounted to EUR 1.2 million, which is 59 percent resp. EUR 1.7 million decrease from achieved other revenues in 2015. In 2015, the reversal of provisions in the amount of EUR 1.5 million related to the court settlement was recorded. A major share of other revenues in 2016 was represented by received damage compensations and penalties in the amount of EUR 406 thousand.

Operating expenses of Luka Koper, d. d., in 2016 amounted to EUR 146 million, which is 6 percent resp. EUR 8.8 million ahead on the achieved operating expenses in 2015. Comparably to the same period in 2015, all types of costs, except costs of material and depreciation costs, increased within operating expenses In 2016, costs of material of Luka Koper, d. d., amounted to EUR 13.6 million, which is 2 percent resp. EUR 223.9 thousand decrease from the achieved costs of material in 2015. Under costs of material, the major decrease was recorded in costs of energy. Costs of services of Luka Koper, d. d., in 2016 amounted to EUR 51 million, which is 13 percent resp. EUR 5.9 million ahead on generated costs of services in 2015. Within the costs of services, the major increase was recorded in the costs of port's services related to the increased throughput, more demanding procedures and the throughput of cars and major exploitation of storage areas. Concession fees also increased as a result of higher operating expenses and costs of maintenance services. Costs of labour of Luka Koper, d. d., in 2016 amounted to EUR 45.4 million, which is 9 percent resp. EUR 3.6 million ahead on achieved costs of labour in 2015. Costs of labour were higher due to a higher number of employees, increase of the basic pay and higher payments for job performance and annual holiday pay. Other operating expenses of Luka Koper, d. d., in 2016 amounted to EUR 10.5 million, which is 4 percent resp. EUR 378.9 thousand ahead on the achieved other operating expense in 2015. Within other operating expense, there was an increase in costs of the compensation for the land use and revenues from provisions for lawsuits and the legal costs decreased.

A share of operating expenses among net revenue from sale in 2016 amounted to EUR 76.7 percent, which is 2.5 percentage point decrease than in 2015. Comparably to the previous year the share of costs of material and depreciation costs within net revenue from sale decreased, the share of costs of services increased, the share of costs of labour and other operating expenses remained at the same level.

In 2016, the operating result (EBIT) of Luka Koper, d. d., amounted to EUR 45.5 million, which is 17 percent resp. EUR 6.7 million ahead on the achieved EBIT in 2015.

In 2016 earnings before interest , tax, depreciation and amortisation (EBITDA) of Luka Koper, d. d., amounted to EUR 71 million, which is 9 percent resp. EUR 5.8 million ahead on the generated EBITDA in 2015.

In 2016, EBITDA margin of Luka Koper, d. d., amounted to 37.3 percent, which is 1 percent resp. 0.3 percentage point lower than achieved EBITDA margin in 2015. In 2015, the reversal of provisions in the amount of EUR 1.5 million related to the court settlement was recorded among other revenues. In case of exclusion of the impact of EUR 1.5 million higher other revenue in 2015 on this basis, the EBITDA margin of Luka Koper, d. d., in 2016 would be higher of the achieved EBITDA margin in 2015 by 2 percent resp. by 0.6 percentage point.

In 2016, the profit from financing activities amounted to EUR 963.5 thousand, whilst in 2015, the company achieved the negative financial result in the amount of EUR - 5.1 million, due to the recognised impairment of the investment in the amount of EUR 4.3 million. Primarily revenues from shares increased under finance revenues, whereas in comparison with the previous year, lower finance expenses from financial liabilities in 2016 were affected by lower effective interest rates as well as by the capitalisation of interests resp. the attribution of costs of rental of property, plant and equipment in the amount of EUR 0.7 million.

Net operating profit of Luka Koper, d. d., in 2016 amounted to EUR 40.6 million, which is 41 percent resp. EUR 11.7 million ahead on generated net operating profit in 2015.

In 2016, the return on equity (ROE) amounted to 13.8 percent, which is 32 percent resp. 3.3 percentage points above the achieved return on equity (ROE) in 2015.

Financial liabilities of Luka Koper, d. d., as of 31st December 2016 amounted to EUR 126.3 million, which is by 4 percent. resp. EUR 4.4 milion more than as of 31st December 2015. An increase was recorded in borrowings, obtained from the companies within the Group towards the subsidiary company Luka Koper, INPO, d. o. o.

Non-current financial liabilities towards banks of Luka Koper Group as of 31st December 2016 amounted to 77.5 percent of total financial liabilities. As of 31st December 2016, their share in comparison with 31st December 2015 decreased by 4.8 percentage points.

In 2016, Luka Koper, d. d., allocated EUR 60.3 million for investments, which represents 98 percent of Luka Koper Group investments.

Realisation of plans

Net revenue from sale of Luka Koper, d. d., so v letu 2016 amounted to EUR 190.4 million, which is 4 percent resp. EUR 6.6 million above the planned net revenue from sale.

Net revenue from sale of Luka Koper, d. d., from sales activity in 2016 exceeded the planned by 7 percent resp. EUR 11.9 million, whilst the revenue generated from the economic public service of regular maintenance of port's infrastructure intended for the public transport fell behind the plan by 40 percent resp. EUR 5.3 million, which consequently resulted in total exceeding of planned revenues of Luka Koper, d. d., in 2016 by 4 percent.

In 2016, earnings before interest and tax (EBIT) of Luka Koper, d. d., totalled to EUR 45.5 million, which is by 7 percent resp. EUR 3.1 million above the planned EBIT.

Earnings before interest, tax, depreciation and amortization (EBITDA) of Luka Koper, d. d., amounted to EUR 71 million in 2016, which is by 5 percent resp. EUR 3.3 million above the EBITDA level planned for 2016.

EBITDA margin of Luka Koper, d. d., in 2016 was above by 1 percent resp. by 0.5 percentage points in comparison to the planned figures.

In 2016, Luka Koper, d. d., projected larger volume of maintenance for the activity of the economic public service of regular maintenance of port's infrastructure and consequently by EUR 6.1 million higher revenue attributable to the drawing-on the longterm deferred revenues in comparison with the plan in 2016. Actually, a minor volume of a regular maintenance of the port's infrastructure destined to the public transport as result of delayed approval of the plan by the Ministry of infrastructure, Luka Koper, d. d., received on 5th May 2016, was carried out. In case of excluding the impact of EUR 6.1 million higher revenues on this basis, the planned EBITDA margin would amount to 38.1 percent, and hence the generated EBITDA margin of Luka Koper, d. d., in 2016 would be lower than planned, excluding the said impact of long-term deferred revenues, by 2 percent resp. by 0.8 percentage points.

In 2016, Luka Koper, d. d., recognised the impairment of assets under acquisition from previous years in the amount of EUR 1.5 million and provisions for lawsuits in the amount of EUR 0.9 million, which were not planned. In case of excluding the impact of EUR 2.4 million of higher costs on this basis, the EBITDA margin of Luka Koper, d. d., in 2016 would amount to 38.6 percent and would be higher than planned by 5 percent resp. by 1.8 percentage points.

Net operating profit of Luka Koper, d. d., in 2016 amounted to EUR 40.6 million, which is 16 percent resp. EUR 5.7 million above the planned net operating profit.

SEPARATE FINANCIAL STATEMENT OF LUKA KOPER, D. D.

Separate income statement

(in EUR)	1-12 2016	1-12 2015
Revenue	190,407,498	173,277,749
Capitalised own products and services	5,243	0
Other income	1,151,914	2,816,077
Cost of material	-13,629,976	-13,853,899
Cost of services	-50,982,018	-45,122,343
Employee benefits expense	-45,396,062	-41,788,800
Amortisation and depreciation expense	-25,507,032	-26,368,281
Other operating expenses	-10,513,140	-10,134,220
Operating profit	45,536,427	38,826,283
Finance income	3,070,990	2,453,970
Finance expenses	-2,107,533	-7,518,972
Loss from financing activities	963,457	-5,065,002
Profit before tax	46,499,884	33,761,281
Income tax expense	-7,093,243	-5,132,716
Deferred taxes	1,174,475	216,509
Net profit for the period	40,581,116	28,845,074
Net earnings per share	2.90	2.06

Separate statement of other comprehensive income

(in EUR)	1-12 2016	1-12 2015
Profit for the period	40,581,116	28,845,074
Actuarial gains/losses from post-employment benefits	20,420	-464,503
Deferred taxes on actuarial gains or losses	8,297	39,483
Deferred tax on unrealised actuarial gains or losses	-29,769	19,330
Total comprehensive income that will not be reclassified subsequently to profit or loss	-1,052	-405,690
Change in revaluation surplus of available-for-sale financial assets	-4,213,091	1,361,150
Deferred tax on revaluation of available-for-sale financial assets	510,470	-231,395
Change in revaluation surplus of available-for-sale financial assets	220,082	418,153
Deferred tax on revaluation of available-for-sale financial assets	-29,016	-71,086
Effective part of change in revaluation surplus of available-for-sale financial assets, brought over to the profit and loss	397,546	0
Deferred tax on effective part of change in revaluation surplus of available-for-sale financial assets, brought over to the profit and loss	-67,583	0
Total comprehensive income that are or may be reclassified subsequently to profit or loss	-3,181,592	1,476,822
Total comprehensive income for the period	37,398,472	29,916,206

Separate statement of financial position

(in EUR)	31 Dec 2016	31 Dec 2015
ASSETS
Property, plant and equipment	358,594,707	324,333,651
Investment property	29,918,504	30,445,956
Intangible assets	3,761,498	4,326,997
Shares and interests in Group companies	4,533,063	4,533,063
Shares and interests in associates	6,737,709	6,737,709
Other non-current investments	27,338,863	31,677,981
Deposits and loans given	31,005	400,419
Non-current operating receivables	41,772	37,931
Deferred tax assets	9,098,541	7,501,899
Non-current assets	440,055,662	409,995,606
Inventories	809,467	813,734
Deposits and loans given	68,123	177,124
Trade and other receivables	31,015,578	29,875,828
Cash and cash equivalents	983,305	5,188,569
Current assets	32,876,473	36,055,255
TOTAL ASSETS	472,932,135	446,050,861
EQUITY AND LIABILITIES
Share capital	58,420,965	58,420,965
Capital surplus (share premium)	89,562,703	89,562,703
Revenue reserves	129,035,652	108,745,094
Reserves arising from valuation at fair value	7,085,026	10,237,902
Retained earnings	20,321,603	15,880,814
Equity	304,425,949	282,847,478
Provisions	4,265,164	3,190,453
Deferred income	12,334,719	10,857,961
Loans and borrowings	113,900,739	110,354,823
Other non-current financial liabilities	419,873	639,954
Non-current operating liabilities	693,924	184,554
Deferred tax liabilities	0	0
Non-current liabilities	131,614,419	125,227,745
Loans and borrowings	11,761,732	10,054,104
Other current financial liabilities	250,564	848,073
Income tax liabilities	1,960,528	2,761,153
Trade and other payables	22,918,943	24,312,308
Current liabilities	36,891,767	37,975,638
TOTAL EQUITY AND LIABILITIES	472,932,135	446,050,861

Separate statement of cash flow

(in EUR)	1-12 2016	1-12 2015
CASH FLOWS FROM OPERATNG ACTIVITIES
Profit for the period	40,581,116	28,845,074
Adjustments for:
Amortisation/Depreciation	25,507,032	26,368,281
Reversal and impairment losses on property, plant and equipment, and intangible assets	1,632,731	1,746,595
Gain on sale of property, plant and equipment, and investment property	-30,082	-69,366
Allowances for receivables	336,990	82,755
Collected written-off receivables and liabilities	-211,754	-277,142
Reversal of provisions	-2,323	-1,501,667
Finance income	-3,070,990	-2,453,970
Finance expenses	2,107,533	7,518,972
Income tax expense and income (expenses) from deferred taxes	5,918,768	4,916,207
Profit before change in net current operating assets and taxes	72,769,021	65,175,739
Change in operating receivables	-1,269,975	-5,127,858
Change in inventories	4,267	-349,777
Change in assets (disposal group) held for sale	0	223,306
Change in operating liabilities	-883,995	7,543,340
Change in provision	1,095,131	34,527
Change in non-current deferred income	1,476,758	3,470,245
Cash generated in operating activities	73,191,207	70,969,522
Interest expenses	-2,243,846	-3,198,972
Tax expenses	-7,893,868	-4,743,126
Net cash from operating activities	63,053,493	63,027,424
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	177,564	244,700
Dividends received and share of profits – subsidiaries	672,918	575,188
Dividends received and share of profits – associates	917,101	475,000
Dividends received and share of profits – other companies	1,302,259	1,152,515
Proceeds from sale of property, plant and equipment, and intangible assets	26,390	172,667
Proceeds from investment property	9,742	897
Proceeds from sale, less investments and loans given	564,443	1,610,392
Acquisition of property, plant and equipment, and intangible assets	-60,313,916	-36,871,798
Acquisition of investments, increase in loans given	-60,000	-76,862
Net cash used in investing activities	-56,703,499	-32,717,301
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings	15,300,000	0
Repayment of non-current borrowings	0	-2,018,065
Repayment of current borrowings	-10,054,104	-13,927,780
Paid dividends	-15,801,154	-13,160,000
Net cash used in financing activities	-10,555,258	-29,105,845
Net increase in cash and cash equivalents	-4,205,264	1,204,278
Opening balance of cash and cash equivalents	5,188,569	3,984,291
Closing balance of cash and cash equivalents	983,305	5,188,569

Separate statement of changes in equity

Year 2016

					Reserves arising on valuation at fair value
(in EUR)	Share capital	Capital surplus	Legal reserves	Other revenue reserves	Retained earnings	Investments	Financial instruments	Actuarial gains/losses	Total equity
Balance at 31 Dec 2015	58,420,965	89,562,703	18,765,115	89,979,979	15,880,814	12,035,712	-861,126	-936,685	282,847,477
Changes of equity – transactions with owners
Dividends paid	0	0	0	0	-15,820,000	0	0	0	-15,820,000
	0	0	0	0	-15,820,000	0	0	0	-15,820,000
Total comprehensive income for the period	0
Profit for the period	0	0	0	0	40,581,116	0	0	0	40,581,116
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	-3,702,621	0	0	-3,702,621
Change in fair value of hedging instruments, less tax	0	0	0	0	0	0	521,029	0	521,029
Actuarial gains/losses, less taxes	0	0	0	0	-29,769	0	0	28,717	-1,052
	0	0	0	0	40,551,347	-3,702,621	521,029	28,717	37,398,472
Changes within equity
Allocation of part of profit for the period to other equity components pursuant to resolution of the Management and Supervisory Board	0	0	0	20,290,558	-20,290,558	0	0	0	0
	0	0	0	0	0	0	0	0	0
Balance at 31 Dec 2016	58,420,965	89,562,703	18,765,115	89,979,979	40,612,161	8,333,091	-340,097	-907,968	304,425,949

				Reserves arising on valuation at fair value
(in EUR)	Share capital	Capital surplus	Legal reserves	Other revenue reserves	Retained earnings	Investments	Financial instruments	Actuarial gains/losses
									Total equity
Balance at 31 Dec 2014	58,420,965	89,562,703	18,765,115	75,557,442	14,598,947	10,905,958	-1,208,193	-511,665	266,091,272
Changes of equity – transactions with owners
Dividends paid	0	0	0	0	-13,160,000	0	0	0	-13,160,000
	0	0	0	0	-13,160,000	0	0	0	-13,160,000
Total comprehensive income for the period	0
Profit for the period	0	0	0	0	28,845,074	0	0	0	28,845,074
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	1,129,755	0	0	1,129,755
Change in fair value of hedging instruments, less tax	0	0	0	0	0	0	347,067	0	347,067
Actuarial gains/losses, less taxes	0	0	0	0	19,330	0	0	-425,020	-405,690
	0	0	0	0	28,864,404	1,129,755	347,067	-425,020	29,916,206
Changes within equity
Allocation of part of profit for the period to other equity components pursuant to resolution of the Management and Supervisory Board	0	0	0	14,422,537	-14,422,537	0	0	0	0
	0	0	0	0	0	0	0	0	0
Balance at 31 Dec 2015	58,420,965	89,562,703	18,765,115	75,557,442	30,303,351	12,035,713	-861,126	-936,685	282,847,478

CONSOLIDATED FINANCIAL STATEMENT OF THE LUKA KOPER GROUP

Consolidated income statement

(in EUR)	1-12 2016	1-12 2015
Revenue	199,543,696	184,273,472
Capitalised own products and services	1,400,175	8,247
Other income	3,145,245	4,906,217
Cost of material	-15,541,573	-15,067,925
Cost of services	-50,280,131	-45,829,483
Employee benefits expense	-51,901,043	-48,075,673
Amortisation and depreciation expense	-26,468,688	-27,514,749
Other operating expenses	-10,572,243	-10,279,603
Operating profit	49,325,438	42,420,503
Finance income	1,507,871	1,436,307
Finance expenses	-1,966,966	-7,366,822
Loss from financing activities	-459,095	-5,930,515
Profit or loss of associates	1,897,614	1,328,228
Profit before tax	50,763,957	37,818,216
Income tax expenses	-7,538,193	-5,641,987
Deferred taxes	1,150,217	238,494
Net profit for the period	44,375,981	32,414,723
Net profit attributable to owners of the company	44,375,299	32,407,833
Net profit attributable to non-controlling interests	682	6,890
Net earnings per share	3.17	2.31

Consolidated statement of other comprehensive income

(in EUR)	1-12 2016	1-12 2015
Profit for the period	44,375,981	32,414,723
Actuarial gains/losses from post-employment benefits	20,205	-511,731
Deferred taxes on actuarial gains or losses	9,195	43,497
Deferred tax on unrealised actuarial gains or losses	-38,410	19,330
Total comprehensive income that will not be reclassified subsequently to profit or loss	-9,010	-448,904
Change in revaluation surplus of available-for-sale financial assets	-3,812,866	959,078
Deferred tax on revaluation of available-for-sale financial assets	433,319	-163,043
Change in revaluation surplus of available-for-sale financial assets	220,082	418,153
Deferred tax on revaluation of available-for-sale financial assets	-29,016	-71,086
Effective part of change in revaluation surplus of available-for-sale financial assets, brought over to the profit and loss	397,546	0
Deferred tax on effective part of change in revaluation surplus of available for-sale financial assets, brought over to the profit and loss	-67,583	0
Total comprehensive income that are or may be reclassified subsequently to profit or loss	-2,858,518	1,143,102
Total comprehensive income for the period	41,508,453	33,108,921
Total comprehensive income of owners of the company	41,507,771	33,102,031
Total comprehensive income of non-controlling interests	682	6,890

Consolidated statement of financial position

(in EUR)	31. Dec 2016	31. Dec 2015
ASSETS
Property, plant and equipment	376,011,980	341,565,465
Investment property	18,575,530	18,749,424
Intangible assets	4,126,170	4,732,332
Shares and interests in associates	12,680,341	11,699,829
Other non-current investments	30,551,199	34,490,093
Loans given and deposits	31,005	400,419
Non-current operating receivables	41,772	37,931
Deferred tax assets	8,711,771	7,215,638
Non-current assets	450,729,768	418,891,131
Assets held for sale	1,372	14,047
Inventories	809,467	813,734
Deposits and loans given	105,489	311,887
Trade and other receivables	32,518,465	31,908,819
Cash and cash equivalents	5,826,536	12,610,049
Current assets	39,261,329	45,658,536
TOTAL ASSETS	489,991,097	464,549,667
EQIUTY AND LIABILITIES
Share capital	58,420,965	58,420,965
Capital surplus (share premium)	89,562,703	89,562,703
Revenue reserves	129,035,652	108,745,096
Reserves arising from valuation at fair value	7,374,500	10,203,618
Retained earnings	47,414,033	39,187,701
Equity of owners of the parent	331,807,853	306,120,083
Non-controlling interests	171,068	170,386
Equity	331,978,921	306,290,469
Provisions	4,781,422	3,690,601
Deferred income	14,764,838	13,785,360
Loans and borrowings	97,900,739	100,354,822
Other non-current financial liabilities	419,873	639,954
Non-current operating liabilities	772,086	263,401
Non-current liabilities	118,638,958	118,734,138
Loans and borrowings	11,761,732	10,023,524
Other current financial liabilities	250,614	848,234
Income tax liabilities	1,896,207	2,923,564
Trade and other payables	25,464,665	25,729,738
Current liabilities	39,373,218	39,525,060
TOTAL EQUITY AND LIABILITIES	489,991,097	464,549,667

Consolidated statement of cash flow

(in EUR)	1-12 2016	1-12 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period	44,375,981	32,414,723
Adjustments for:
Amortisation/Depreciation	26,468,688	27,514,749
Reversal and impairment losses on property, plant and equipment, and intangible assets	1,646,276	1,807,704
Gain on sale of property, plant and equipment, intangible assets and investment property	-30,822	-112,875
Allowances for receivables	351,230	111,044
Collected written-off receivables and liabilities	-232,105	-286,317
Reversal of provisions	-2,380	-1,501,667
Finance income	-1,507,871	-1,436,307
Finance expenses	1,966,966	7,366,822
Recognised results of subsidiaries under equity method	-1,897,614	-1,328,228
Income tax expense and income (expenses) from deferred taxes	6,387,976	5,403,493
Profit before change in net current operating assets and taxes	77,526,325	69,953,141
Change in operating receivables	-732,738	-5,876,821
Change in inventories	4,267	-349,777
Change in assets (disposal group) held for sale	12,675	225,396
Change in operating liabilities	243,612	7,660,183
Change in provision	1,113,406	296,945
Change in non-current deferred income	979,478	2,913,255
Cash generated in operating activities	79,147,025	74,822,322
Interest expenses	-2,116,303	-3,046,822
Tax expenses	-8,565,550	-5,064,815
Net cash from operating activities	68,465,172	66,710,685
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	193,866	274,900
Dividends received and share of profits – associates	917,101	475,000
Dividends received and share of profits – other companies	1,314,005	1,161,407
Proceeds from sale of property, plant and equipment, and intangible assets	30,245	254,344
Proceeds from investment property	0	897
Proceeds from sale, less investments and loans given	699,207	4,286,554
Acquisition of property, plant and equipment, and intangible assets	-61,781,064	-37,402,753
Acquisition of investments, increase in loans given	-97,367	-11,931
Net cash used in investing activities	-58,724,007	-30,961,582
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings	9,300,000	0
Repayment of non-current borrowings	0	-1,992,065
Repayment of current borrowings	-10,023,524	-13,927,780
Paid dividends	-15,801,154	-13,160,000
Net cash used in financing activities	-16,524,678	-29,079,845
Net increase in cash and cash equivalents	-6,783,513	6,669,258
Opening balance of cash and cash equivalents	12,610,049	5,940,791
Closing balance of cash and cash equivalents	5,826,536	12,610,049

Consolidated statement of changes in equity

Year 2016

					Reserves arising on valuation at fair value
(in EUR)	Share capital	Capital surplus	Legal reserves	Other revenue reserves	Retained	earnings Investments	Financial instruments	Actuarial gains/losses	Total equity of owners of the parent company	Non controlling interests	Total equity
Balance at 31 Dec 2015	58,420,965		89,562,703 18,765,117	89,979,979	39,187,701	12,081,707	-861,126	-1,016,963	306,120,083	170,386	306,290,469
Changes of equity – transactions with owners
Dividends paid	0	0	0	0	-15,820,000	0	0	0	-15,820,000	0	-15,820,000
	0	0	0	0	-15,820,000	0	0	0	-15,820,000	0	-15,820,000
Total comprehensive income for the period
Profit for the period	0	0	0	0	44,375,299	0	0	0	44,375,299	682	44,375,981
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	-3,379,547	0	0	-3,379,547	0	-3,379,547
Change in fair value of hedging instruments, less tax	0	0	0	0	0	0	521,029	0	521,029	0	521,029
Actuarial gains/losses, less taxes	0	0	0	0	-38,410	0	0	29,400	29,400	0	29,400
	0	0	0	0	44,336,889	-3,379,547	521,029	29,400	41,507,771	682	41,508,453
Changes within equity
Allocation of part of profit for the period to other equity components pursuant to resolution of the Management and Supervisory Board	0	0		20,290,558	-20,290,558	0	0	0	0	0	0
	0	0	0	20,290,558	-20,290,558	0	0	0	0	0	0
Balance at 31 Dec 2016	58,420,965		89,562,703 18,765,115	110,270,537	47,414,033	8,702,160	-340,097	-987,563	331,807,853	171,068	331,978,921

Year 2015

		Reserves arising on valuation at fair value
(in EUR)	Share capital	Capital surplus	Legal reserves	Other revenue reserves	Retained	earnings Investments	Financial instruments	Actuarial gains/losses	Total equity of owners of the parent company	Non controlling interests	Total equity
Balance at 31 Dec 2014	58,420,965	89,562,703	18,765,117	75,557,441	34,325,098	11,285,672	-1,208,193	-548,729	286,160,074	163,496	286,323,570
Changes of equity – transactions with owners
Dividends paid	0	0	0	0	-13,160,000	0	0	0	-13,160,000	0	-13,160,000
Other changes in equity – adjustment from previous periods	0	0	0	0	17,977	0	0	0	17,977	0	17,977
	0	0	0	0	-13,142,023	0	0	0	-13,142,023	0	-13,142,023
Total comprehensive income for the period	0
Profit for the period	0	0	0	0	32,407,833	0	0	0	26,957,827	6,890	26,964,717
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	796,035	0	0	796,035	0	796,035
Change in fair value of hedging instruments, less tax	0	0	0	0	0	0	347,067	0	347,067	0	347,067
Actuarial gains/losses, less taxes	0	0	0	0	19,330	0	0	-468,234	-468,234	0	-468,234
	0	0	0	0	32,427,163	796,035	347,067	-468,234	33,102,031	6,890	33,108,921
Changes within equity
Allocation of part of profit for the period to other equity components pursuant to resolution of the Management and Supervisory Board	0	0	0	14,422,537	-14,422,537	0	0	0	0	0	0
	0	0	0	14,422,537	-14,422,537	0	0	0	0	0	0
Balance at 31 Dec 2015	58,420,965	89,562,703	18,765,117	89,979,978	39,187,701	12,081,707	-861,126	-1,016,963	306,120,082	170,386	306,290,469

30

Members of the Management Board:

Dragomir Matić President of the Management Board

Andraž Novak Member of the Management Board

Irena Vincek Member of the Management Board

Stojan Čepar Member of the Management Board – Labour Director