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Dalekovod d.d.
Annual / Quarterly Financial Statement • Jun 20, 2024
2088_10-q_2024-06-20_0273ea26-90db-4606-bc78-595427b9de2e.pdf
Annual / Quarterly Financial Statement
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TABLE OF CONTENTS
| Board Report __________ |
4 |
|---|---|
| Key messages______________ | 4 |
| The Group's and Company's financial result for the period from January to December 2023 | _____ 6 |
| Financial results of Group Companies for the period from January to December 2023 ____ |
7 |
| An overview of the business activities of the Group's key segments _______ |
7 |
| Financial position of the Group and the Company ________ |
10 |
| Financial debt of the Group and the Company ___________ |
10 |
| Statement ___________ |
12 |
| Group's financial statement for the period from January to December 2023 _______ |
13 |
| Financial position report __________ |
13 |
| Profit and loss account ___________ |
14 |
| Cash flow statement _____________ |
15 |
| Report on the changes in the capital for the current period ______ |
17 |
| Report on the changes in the capital for the previous period _____ |
18 |
| Company's financial statement for the period from January to December 2023_____ | 19 |
| Financial position report __________ |
19 |
| Profit and loss account ___________ |
20 |
| Cash flow statement _____________ |
21 |
| Report on the changes in the capital for the current period ______ |
22 |
| Report on the changes in the capital for the previous period _____ |
23 |
| NOTES TO FINANCIAL STATEMENTS__________ | 24 |
| Basic data__________ | 24 |
| Basic information (continued) ____________ |
25 |
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Ordinary share DLKV-R-A listed on the Zagreb Stock Exchange Official Market Notification pursuant to the Capital Market Act
OPERATING INCOME, EBITDA AND NET PROFIT OF THE GROUP
(January - December 2023)
OPERATING INCOME, EBITDA AND NET PROFIT OF DALEKOVOD D.D.
COMPANY
(January - December 2023)
Ordinary share DLKV-R-A listed on the Zagreb Stock Exchange Official Market Notification pursuant to the Capital Market Act
BOARD REPORT
Key messages
Although macroeconomic and political circumstances still call for caution, potentiated by the most recent events in Israel, the continuation of Russian aggression against Ukraine, as well as the slowdown of the economic activities of the most important trade partners of the Republic of Croatia in the EU with the announcement of a possible recession , all the markets Dalekovod Group operates in (Croatia, Sweden, Norway, Slovenia, Bosnia and Herzegovina, Macedonia, Germany and the Middle East) our business segment shows an increase in business activities and a strong investment momentum. In these circumstances, Dalekovod Group is positioned successfully, and business recovery is especially visible in terms of new contracting. On 31 December 2023, the Group's book of concluded contracts was more than EUR 281 million worth, with a positive effect both on the stability of income in the next period and operating profitability.
As a result of such improved position, in 2023, compared to the same period of the previous year, a 20 percent increase was recorded in operating income at Group level, amounting to EUR 168 million. This is a continuation of the trend present since the second half of 2022 and in the first nine months of 2023, while the greatest contributor to the increase in the Group's income was the mother company, Dalekovod d.d. (hereinafter: the Company) and Dalekovod OSO d.o.o. The other companies which are the greatest contributors to the Group's income, Dalekovod Mostar d.o.o., Dalekovod Projekt d.o.o., Dalekovod MK d.o.o., and Dalekovod Ljubljana d.o.o., achieved results in accordance with those planned.
In the reporting period, the Group's EBITDA amounted to EUR 7.8 million, which is EUR 1.7 million higher than in the previous period.
The positive results from the Group's business activities are mostly affected by a high level of contracted works and increased efficiency, although the usual seasonal effect and somewhat worse weather than the expected prolonged the works on certain projects. Positive trends are expected to continue in the future.
Because of the current situation, force majeure was proclaimed on two existing projects in Ukraine. However, activity continues on one of them - the Zaporizshka Project, and effects are recorded based on the payment of provisional invoices. As regards the Dniprovska Project, due to war damages, the company is discussing amendments to the Contract with the investor. These projects have no effect on the Group's and the Company's financial position.
By implementing the capital increase and successfully finalizing the pre-bankruptcy settlements, Dalekovod Group is continuing a new development stage in which it can use all its experience and knowledge acquired so far as well as its successful implementation of complex projects in significantly aggravated circumstances, in combination with the undertaken restructuring of business processes and synergy effects within the Končar Group.
The industry in which Dalekovod Group competes is expecting a significant conjuncture in the next period for several key reasons: (i) a relatively old transmission network which requires reconstruction; (ii) a step toward renewable energy sources and general trend of transition from energy produced from traditional fossil fuel sources onto electrical energy produced from renewable sources; (iii) implementing tenders postponed in the previous periods due to the COVID 19 pandemic; (iv) although the Ukraine crisis will probably not be resolved in the short period, the situation on the materials and raw materials market has stabilized; we continue to monitor the most recent activities and the situation in the Near East which potentiates certain risks.
We are expecting that strong tendering activity in the energy and transport infrastructure will continue, at a high level of predictability, both through the implementation of the NRRP projects and through strong investment activity in terms of implementing green and digital transition activities on the markets where Dalekovod Group has been traditionally and strongly present.
The implemented financial and operative restructuring will enable Dalekovod Group to continue its operations on the traditional markets of Scandinavia, the Region, Central and Eastern Europe, the Middle East and the domestic market, with the possibility of increasing operating profitability. The company will also encourage continued entry into new markets, such as the German one, where the first projects have been finished successfully.
Dalekovod Group will continue making significant investments into health and safety of its employees and increase investments into sustainable development for the purpose of achieving a good balance between the environment, society and our activities to meet the requirements of development, without endangering the prospects of the next generations, bearing in mind that the projects implemented by Dalekovod Group in the energy area and the infrastructure area directly contribute to the realization of green transition goals.
5
The Group's and Company's financial result for the period January to December 2023
| Indicators | Dalekovod Grupa | Dalekovod d.d. | |||||
|---|---|---|---|---|---|---|---|
| (in 000 EUR) | I-IX 2022 | I-XII 2023 | Index | I-IX 2022 | I-XII 2023 | Index | |
| Operating income | 139,395 | 167,941 | 120 | 100,640 | 122,474 | 122 | |
| Sales revenue | 136,645 | 165,790 | 121 | 94,298 | 119,637 | 127 | |
| Operating expenses | 137,273 | 170,222 | 124 | 99,835 | 127,165 | 127 | |
| EBITDA ADJUSTED | 6,101 | 7,806 | 1,705 € | 4,433 | 5,005 | 572 € | |
| EBIT Adjusted | 2,122 | 4,355 | 2,233 € | 806 | 1,945 | 1,139 € | |
| Discountinued operations; Adjustment Item MMFIN* | -102 | -6,648 | -6,546 € | -54 | -6,716 | -6,662 | |
| Net profit after discontinued operations | 745 | -3,829 | -4,574 € | 262 | -4,746 | -5,008 € | |
| EBITDA margin Adjusted | 4.4% | 4.6% | 4.4% | 4.1% |
*In accordance with the international financial standards, the items in the profit and loss account and in the reports on the Group's and the Company's financial position in the previous period, i.e., in 2022 and in 2023, have been adjusted for the financial impact of the mentioned transaction, i.e. discontinued operation.
** The Company adjusted the value of the claim against the Ministry of Finance/RH from 2016 based on the non-final judgment received from November 2023 in court proceedings P-2053/2018, which rejected the Company's claim. Despite the above, the Company has initiated an appeal against the aforementioned non-final judgment and, based on the conviction based on previous court practice, continues to believe that there is a realistic basis for success in the court proceedings in question and collection of the claim from the Ministry of Finance/RH.
The Group's operating income amounted to EUR 168 million in 2023, which is a 20 % increase compared to the same period last year, while the Company's operating income amounted to EUR 122 million, which is a 22 % increase compared to the same period last year. Normalized EBITDA (operating income - operating expenses + depreciation - normalization item) at the Group level amounts to EUR 7.8 million, which is a EUR 1.7 million increase compared to the same period last year mostly as a result of increased activity and improved operating efficiency in the Company and Dalekovod OSO d.o.o. Normalized Group's EBITDA margin increased by 4.4 percent in 2022 to 4.6 percent in 2023. Normalized EBITDA at the Company level amounts to EUR 5 million, which is a EUR 0.6 million increase compared to the same period last year. The net profit after discontinued operations of the Group in 2023 amounts to EUR -3.8 million, while the net profit after discontinued operations of the Company amounts to EUR -4.7 million euro.
Positive indicators and operation recovery trends represent the basis for an optimistic look ahead.
Financial results of Group Companies for the period from January to December 2023
| Company name | Operating income | EBITDA ADJUSTED | |||||
|---|---|---|---|---|---|---|---|
| (in 000 EUR) | I-XII 2022 | I-XII 2023 | Index | I-XII 2022 | I-XII 2023 | % | |
| Dalekovod d.d. | 100,640 | 122,474 | 122 | 4,433 | 5,005 | 13% | |
| Dalekovod MK d.o.o. | 13,694 | 13,100 | 96 | 598 | 798 | 34% | |
| Dalekovod OSO d.o.o. | 11,631 | 15,946 | 137 | 620 | 1,885 | 204% | |
| Dalekovod Ljubljana d.o.o. | 15,307 | 14,451 | 94 | 334 | 338 | 1% | |
| Dalekovod Projekt d.o.o. | 5,386 | 5,712 | 106 | 361 | 466 | 29% | |
| Dalekovod Mostar d.o.o. | 9,283 | 11,385 | 123 | 481 | 492 | 2% | |
| Cinčaonica Usluge d.o.o.* | 25 | 23 | 91 | -102 | -12 | 89% | |
| Dalekovod EMU d.o.o. | 487 | 430 | 88 | 60 | 13 | -78% | |
| Other affiliates | 53 | 20 | 38 | 22 | -10 | -148% | |
| Elimination | -17,110 | -15,600 | 91 | -705 | -1,169 | -66% | |
| Total Group | 139,395 | 167,941 | 120 | 6,101 | 7,806 | 28% | |
| Discontinued operations | 25 | 23 | - | -102 | -12 | 91 € |
*company subject to liquidation
An overview of the business activities of the Group's key segments
The segment of Energy projects implementation - construction of transmission lines and substations recorded an increase in income of 19% in 2023 compared to the same period last year and total income amounted to EUR 101 million. The profitability of the transmission line segment increased significantly as a consequence of intense activity on current projects (especially in Sweden and Croatia).
Transmission lines are being constructed as part of 25 large projects (2 in Norway, 6 in Sweden, 3 in the region, 1 in Germany and 13 in Croatia) as well as 16 smaller projects, and substations as part of 9 projects (1 in Croatia, 2 in Norway, 5 in Macedonia and 1 in Ukraine).
The segment of infrastructural projects implementation recorded a 50% increase in income compared to the same period last year, and total income in 2023 amounted to EUR 19 million. The sector profitability is at the planned level. The most significant investors in this sector are HŽ Infrastruktura and Hrvatske ceste. There are 18 ongoing projects, and works are taking place on 8 sites.
Two companies are undertaking projects in the Production segment - Dalekovod MK d.o.o. and Dalekovod OSO d.o.o.
In 2023, income generated by Dalekovod MK d.o.o. decreased by 4 percent compared to the same period last year and amount to EUR 13,100 thousand. The reason for the decrease is the impact of deferred activities on the projects in Croatia and Slovenia. On the other hand, the additionally contracted works on the domestic and foreign market generated a positive effect and a margin significantly better than planned, resulting in a significantly better EBITDA compared to the same period last year.
In 2023, the company Dalekovod OSO d.o.o. produced/processed 1987 tons of equipment, which is a 40% increase compared to the same period last year. The increase in quantitative indicators is a result of a very large number of entries in the book of contracted works which had a favourable effect on income stability in the next period. The operating income of the company Dalekovod OSO d.o.o. in 2023 is consistent with the growth of production volumes: it increased by 37% compared to the same period last year, accompanied with a significantly better EBITDA.
The achieved EBITDA of the production segment, that is, of both companies, is EUR 2.7 million, i.e. EUR 1.5 million more than in the same period of the previous year.
In 2023, the Engineering segment, which is related to the activities of the Dalekovod Projekt d.o.o. company, generated income in the amount of EUR 5.7 million. A significant part of this income is a result of activities on the foreign market, especially the Swedish one. Considering the cyclic nature of engineering activities, the satisfactory level of profitability was preserved. The steady level of contracted works ensures their execution in the upcoming period.
In 2023, Dalekovod Ljubljana d.o.o. generated an income of EUR 14.5 million, where the most significant share of EUR 12.1 million pertains to income generated by the 110 Kv Divača-Pivka-Ilirska Bistrica project. The continuation of the 110 Kv Divača-Pivka-Ilirska Bistrica project (Pivka-Ilirska Bistrica section) ensured the realization in the next period when income is expected to increase. The company's EBITDA achieved in 2023 was HRK 338 thousand.
In 2023, Dalekovod Emu d.o.o, which operates on locations in Zagreb and Vela Luka, generated an income of EUR 0.4 million. In its business operations, the Company performs works from the segment of measuring and testing electromagnetic fields of high and low frequencies and the works of electricity meter calibration. EMF measurements, obligatory for companies with HF and LF radiation sources, are performed on the entire territory of Croatia. The other business segment, the calibration of meters at the Company's own calibration station in Vela Luka is still at the level of HEP's annual needs for installing meters into new buildings, whereas an overall replacement of the old meters with new smart meters is expected in the upcoming period.
In 2023, Dalekovod Mostar d.o.o. generated an income of EUR 11.4 million, which is an increase of 23 % compared to the same period last year. The company's EBITDA amounts to EUR 492 thousand and, according to the increase in income and relevant costs control, it is somewhat higher than in the same period last year. The achieved income is a result of a high level of contracted works during 2022 and 2023 as well as accelerated realization of the projects contracted during 2022 and 2023, which is, among other, a consequence of investments by both existing and new investors into RES.
Financial position of the Group and the Company
| Dalekovod Group | Dalekovod Group | Dalekovod d.d. | ||||
|---|---|---|---|---|---|---|
| (in 000 EUR) | 31.12.2022 | 31.12.2023 | Index | 31.12.2022 | 31.12.2023 | Index |
| ASSETS | 129,642 | 135,797 | 105 | 120,446 | 120,322 | 100 |
| Fixed assets | 38,061 | 38,041 | 100 | 41,874 | 47,027 | 112 |
| Current assets | 91,581 | 97,757 | 107 | 78,571 | 73,296 | 93 |
| LIABILITIES | 63,900 | 74,207 | 116 | 60,407 | 65,029 | 108 |
| Provisions | 3,401 | 4,068 | 120 | 3,157 | 3,673 | 116 |
| Long-term liabilities | 5,920 | 9,188 | 155 | 6,336 | 9,593 | 151 |
| Short-term liabilities | 54,579 | 60,950 | 112 | 50,915 | 51,763 | 102 |
| CAPITAL AND RESERVES | 65,742 | 61,591 | 94 | 60,039 | 55,293 | 92 |
Financial debt of the Group and the Company
| Type of financial debt | Dalekovod Grupa | Dalekovod d.d. | |||||
|---|---|---|---|---|---|---|---|
| (in 000 EUR) | 31.12.2022 | 31.12.2023 | Indeks | 31.12.2022 | 31.12.2023 | Indeks | |
| Lease liabilities | 4,180 | 4,699 | 112 | 4,051 | 4,604 | 114 | |
| Bonds | 1,728 | 1,540 | 89 | 2,281 | 2,033 | 89 | |
| Bank loans | 2,378 | 5,717 | 240 | 3,327 | 5,909 | 178 | |
| Total financial debt | 8,285 | 11,956 | 144 | 9,659 | 12,546 | 130 | |
| Cash | 3,784 | 12,345 | 326 | 2,837 | 10,262 | 362 | |
| Net financial debt | 4,501 | -389 | -9 | 6,822 | 2,284 | 33 |
The increase of long-term liabilities compared to 31 December 2022 was most significantly affected by the newly approved loan for fixed working capital in the amount of EUR 3.7 million; however, Group's and Company's net financial debt decreased in relation to the beginning of 2023 due to the increase in operating profitability and the cash position in the balance sheet.
In February 2023, the regular instalment for bonds issued was due, which decreased the bond liability compared to 31 December 2022.
In the January - December 2023 reporting period, the consolidated reports of the Dalekovod Group include:
- Dalekovod d.d., Croatia
- Dalekovod MK d.o.o., Croatia
- Dalekovod OSO d.o.o., Croatia
- Cinčaonica usluge u likvidaciji d.o.o., Croatia (discontinued operation)
- Dalekovod Projekt d.o.o., Croatia
- Dalekovod EMU d.o.o., Croatia
- EL-RA d.o.o., Croatia
- Dalekovod Mostar d.o.o., Bosnia and Herzegovina
- Dalekovod Ljubljana d.o.o., Slovenia
- Dalekovod Norge AS, Norway
- Dalekovod Ukrajina d.o.o., Ukraine
Management Board of Dalekovod d.d.
Tomislav Rosandić Eugen Paić-Karega
Chairman of the Management Board Member of the Management Board
Tvrtko Zlopaša Member of the Management Board
STATEMENT
Pursuant to Article 410(1) and Article 407(2)(3) and Article 407(3) of the Capital Market Act, the persons responsible for making reports: Tomislav Rosandić – Chairman of the Management Board, Tvrtko Zlopaša – Member of the Management Board, Eugen Paić-Karega – Member of the Management Board, issue the following
S T A T E M E N T
To the best of our knowledge, the financial statements for the reporting period have been prepared on the basis of relevant financial reporting standards, they provide a complete and true overview of assets and liabilities as well as the operating results of DALEKOVOD and the companies involved in consolidation, with a brief overview of the causes of the indicated data. The financial reports have not been revised.
Management Board of Dalekovod d.d.
Tomislav Rosandić Eugen Paić-Karega
Chairman of the Management Board Member of the Management Board
Tvrtko Zlopaša Member of the Management Board
GROUP'S FINANCIAL STATEMENT FOR THE PERIOD FROM JANUARY TO DECEMBER 2023
Financial position report
| Item | Last day of the precending business year |
At th reporting date of the current period |
|
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| ASSETS | |||
| A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID | 001 | - | - |
| B) FIXED ASSETS (ADP 003+010+020+031+036) | 002 | 38,061,324 | 38,040,625 |
| I INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 982,920 | 968,808 |
| II TANGIBLE ASSETS (ADP 011 to 019) | 010 | 31,829,052 | 31,006,559 |
| III FIXED FINANCIAL ASSETS (ADP 021 to 030) | 020 | 961,747 | 935,463 |
| IV RECEIVABLES (ADP 032 to 035) | 031 | 4,287,605 | 5,129,795 |
| V DEFERRED TAX ASSETS | 036 | - | - |
| C) CURRENT ASSETS (ADP 038+046+053+063) | 037 | 90,284,287 | 96,855,064 |
| I INVENTORIES (ADP 039 to 045) | 038 | 10,510,241 | 16,140,458 |
| II RECEIVABLES (ADP 047 to 052) | 046 | 75,746,980 | 68,095,775 |
| III CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 243,255 | 273,502 |
| IV CASH AT BANK AND IN HAND | 063 | 3,783,811 | 12,345,329 |
| D ) PREPAID EXPENSES AND ACCRUED INCOME | 064 | 1,296,225 | 901,615 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 129,641,836 | 135,797,304 |
| OFF-BALANCE SHEET ITEMS | 066 | 54,510,286 | 59,321,279 |
| LIABILITIES | - | ||
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 65,742,328 | 61,590,681 |
| I INITIAL (SUBSCRIBED) CAPITAL | 068 | 54,744,433 | 41,247,193 |
| II CAPITAL RESERVES | 069 | - | 12,386,939 |
| III RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | 3,992,754 | 3,669,840 |
| IV REVALUATION RESERVES | 076 | 6,404,565 | 6,404,565 |
| V FAIR VALUE RESERVES (ADP 078 to 080) | 077 | - | - |
| VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 082-083) | 083 | (144,167) | 1,710,877 |
| VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 085-086) | 086 | 744,743 | (3,828,733) |
| VIII MINORITY (NON-CONTROLLING) INTEREST | 089 | - | - |
| B) PROVISIONS (ADP 089 to 094) | 090 | 3,400,631 | 4,068,345 |
| C) LONG-TERM LIABILITIES (ADP 096 to 106) | 097 | 5,920,031 | 9,188,177 |
| D) SHORT-TERM LIABILITIES (ADP 108 to 121) | 109 | 49,066,854 | 54,530,713 |
| E) ACCRUALS AND DEFERRED INCOME | 124 | 5,511,992 | 6,419,388 |
| F) TOTAL – LIABILITIES (ADP 067+088+095+107+122) | 125 | 129,641,836 | 135,797,304 |
| G) OFF-BALANCE SHEET ITEMS | 126 | 54,510,286 | 59,321,279 |
Profit and loss account
| Item | AOP | Same period of the previous year |
Current period | |||
|---|---|---|---|---|---|---|
| code | Cumulative | Quarter | Cumulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| I OPERATING INCOME (ADP 126 to 130) | 001 | 139,394,644 | 45,737,997 | 167,941,116 | 50,776,344 | |
| 1 Income from sales with undertakings within the group | 002 | 1,561,086 | 640,995 | 1,842,272 | 231,440 | |
| 2 Income from sales (outside group) | 003 | 135,083,695 | 43,311,072 | 163,947,934 | 49,162,211 | |
| 5 Other operating income (outside the group) | 006 | 2,749,863 | 1,785,930 | 2,150,910 | 1,382,693 | |
| II OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 007 | 137,272,818 | 41,300,035 | 170,222,170 | 56,777,055 | |
| 1 Changes in inventories of work in progress and finished goods | 008 | 24,407 | (288,640) | (997,723) | (182,627) | |
| 2 Material costs (ADP 134 to 136) | 009 | 82,474,472 | 28,947,592 | 112,816,903 | 35,593,688 | |
| a) Costs of raw materials and consumables | 010 | 30,084,980 | 9,828,036 | 50,437,756 | 15,991,750 | |
| b) Costs of goods sold | 011 | 15,599,118 | 7,706,498 | 17,296,600 | 2,480,217 | |
| c) Other external costs | 012 | 36,790,374 | 11,413,058 | 45,082,547 | 17,121,721 | |
| 3 Staff costs (ADP 138 to 140) | 013 | 32,987,985 | 7,214,613 | 32,642,471 | 9,269,257 | |
| a) Net salaries and wages | 014 | 24,249,175 | 5,083,584 | 23,073,790 | 6,442,924 | |
| b) Tax and contributions from salary costs | 015 | 5,882,426 | 1,420,768 | 6,555,437 | 1,945,689 | |
| c) Contributions on salaries | 016 | 2,856,384 | 710,261 | 3,013,244 | 880,644 | |
| 4 Depreciation | 017 | 3,979,241 | 991,937 | 3,451,273 | 920,894 | |
| 5 Other costs | 018 | 4,930,319 | 999,194 | 5,026,080 | 2,072,813 | |
| 6 Value adjustments (ADP 144+145) a) fixed assets other than financial assets |
019 020 |
69,868 - |
69,868 - |
6,999,958 41,048 |
6,984,925 41,048 |
|
| b) current assets other than financial assets | 021 | 69,868 | 69,868 | 6,958,910 | 6,943,877 | |
| 7 Provisions (ADP 147 to 152) | 022 | 233,776 | 233,776 | 298,965 | 298,965 | |
| c) Provisions for ongoing legal cases | 025 | 233,776 | 233,776 | 298,965 | 298,965 | |
| 8 Other operating expenses | 029 | 12,572,750 | 3,131,695 | 9,984,243 | 1,819,140 | |
| III FINANCIAL INCOME (ADP 155 to 164) | 030 | 995,969 | 253,055 | 1,133,600 | 853,512 | |
| 7 Other interest income | 037 | 18,494 | (4,358) | 13,225 | 2,528 | |
| 8 Exchange rate differences and other financial income | 038 | 842,920 | 134,804 | 1,116,241 | 850,984 | |
| 10 Other financial income | 040 | 134,555 | 122,609 | 4,134 | - | |
| IV FINANCIAL EXPENSES (ADP 166 to 172) | 041 | 1,478,283 | 251,168 | 1,526,826 | 515,723 | |
| 3 Interest expenses and similar expenses | 044 | 627,298 | 159,791 | 900,545 | 327,819 | |
| 4 Exchange rate differences and other expenses | 045 | 761,485 | 26,860 | 414,740 | (23,637) | |
| 5 Unrealised losses (expenses) from financial assets | 046 | - | - | 211,541 | 211,541 | |
| 7 Other financial expenses | 048 | 89,500 | 64,517 | - | - | |
| IX TOTAL INCOME (ADP 125+154+173 + 174) | 053 | 140,390,613 | 45,991,052 | 169,074,716 | 51,629,856 | |
| X TOTAL EXPENDITURE (ADP 131+165+175 + 176) | 054 | 138,751,101 | 41,551,203 | 171,748,996 | 57,292,778 | |
| XI PRE-TAX PROFIT OR LOSS (ADP 177-178) | 055 | 1,639,512 | 4,439,849 | (2,674,280) | (5,662,922) | |
| 1 Pre-tax profit (ADP 177-178) | 056 | 1,639,512 | 4,439,849 | - | - | |
| 2 Pre-tax loss (ADP 178-177) | 057 | - | - | (2,674,280) | (5,662,922) | |
| XII INCOME TAX | 058 | 792,786 | 769,969 | 1,142,850 | 1,095,184 | |
| XIII PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 059 | 846,726 | 3,669,880 | (3,817,130) | (6,758,106) | |
| 1 Profit for the period (ADP 179-182) | 060 | 846,726 | 3,669,880 | - | - | |
| 2 Loss for the period (ADP 182-179) | 061 | - | - | (3,817,130) | (6,758,106) | |
| XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS (ADP 187-188 | 062 | (101,982) | (28,946) | (11,603) | 122,542 | |
| 1 Pre-tax profit from discontinued operations | 063 | - | - | - | 122,542 | |
| 2 Pre-tax loss on discontinued operations XVI PRE-TAX PROFIT OR LOSS (ADP 179+186) |
064 068 |
101,982 1,537,530 |
28,946 4,410,903 |
11,603 (2,685,883) |
- (5,540,380) |
|
| 1 Pre-tax profit (ADP 192) | 069 | 1,537,530 | 4,410,903 | - | - | |
| 2 Pre-tax loss (ADP 192) | 070 | - | - | 2,685,883 | 5,540,380 | |
| XVII INCOME TAX (ADP 182+189) | 071 | 792,786 | 769,969 | 1,142,850 | 1,095,184 | |
| XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 192-195) | 072 | 744,744 | 3,640,934 | (3,828,733) | (6,635,564) | |
| 1 Profit for the period (ADP 192-195) | 073 | 744,744 | 3,640,934 | - | - | |
| 2 Loss for the period (ADP 195-192) | 074 | - | - | 3,828,733 | 6,635,564 | |
| XIX PROFIT OR LOSS FOR THE PERIOD (ADP 200+201) | 075 | 744,744 | 3,640,934 | (3,828,733) | (6,635,564) | |
| 1 Attributable to owners of the parent | 076 | 744,744 | 3,640,934 | (3,828,733) | (6,635,564) | |
| STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS) | ||||||
| I PROFIT OR LOSS FOR THE PERIOD | 078 | 744,744 | 3,640,934 | (3,828,733) | (6,635,564) | |
| II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (ADP 204 to 211) | 079 | 1,179,877 | 1,329,500 | (322,914) | 145,333 | |
| 1 Exchange rate differences from translation of foreign operations V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 203-212) |
088 097 |
(17,229) 1,179,877 |
132,394 1,329,500 |
(322,906) (322,914) |
145,341 145,333 |
|
| VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 202+213) | 098 | 1,924,621 | 4,970,434 | (4,151,647) | (6,490,231) | |
| APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements) | ||||||
| VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 216+217) | 099 | 1,924,619 | 4,970,435 | (4,151,647) | (6,490,231) | |
| 1 Attributable to owners of the parent | 100 | 1,924,619 | 4,970,435 | (4,151,647) | (6,490,231) |
Cash flow statement
| Item | AOP code |
Same period of the |
previous year Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| Cash flow from operating activities | |||
| 1 Pre-tax profit | 1 | 1,537,529 | (2,685,883) |
| 2 Adjustments (ADP 003 to 010): | 2 | 58,236,111 | 6,297,331 |
| a) Depreciation | 3 | 3,979,241 | 3,451,272 |
| b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets | 4 | (5,884) | (18,390) |
| c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets | 5 | 28,801 | 6,999,959 |
| d) Interest and dividend income | 6 | (18,581) | (13,225) |
| e) Interest expenses | 7 | 552,923 | 970,335 |
| f) Provisions | 8 | (532,789) | 315,771 |
| g) Exchange rate differences (unrealised) | 9 | (81,492) | (534,222) |
| h) Other adjustments for non-cash transactions and unrealised gains and losses | 10 | 54,313,892 | (4,874,169) |
| I Cash flow increase or decrease before changes in working capital (ADP 001+002) | 11 | 59,773,640 | 3,611,448 |
| 3 Changes in the working capital (ADP 013 to 016) | 12 | (15,921,030) | 7,484,847 |
| a) Increase or decrease in short-term liabilities | 13 | 788,506 | 5,463,859 |
| b) Increase or decrease in short-term receivables | 14 | (15,881,080) | 7,651,205 |
| c) Increase or decrease in inventories | 15 | (828,456) | (5,630,217) |
| II Cash from operations (ADP 011+012) | 17 | 43,852,610 | 11,096,295 |
| 4 Interest paid | 18 | (4,859,513) | (289,925) |
| 5 Income tax paid | 19 | (1,187,073) | (829,914) |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 20 | 37,806,024 | 9,976,456 |
| Cash flow from investment activities | |||
| 1 Cash receipts from sales of fixed tangible and intangible assets | 21 | 418,342 | 834,841 |
| 3 Interest received | 23 | 13,272 | - |
| 5 Cash receipts from repayment of loans and deposits | 25 | 40,082 | 884,061 |
| 6 Other cash receipts from investment activities | 26 | 14,600 | - |
| III Total cash receipts from investment activities (ADP 021 to 026) | 27 | 486,296 | 1,718,902 |
| 1 Cash payments for the purchase of fixed tangible and intangible assets | 28 | (1,268,963) | (2,262,784) |
| 3 Cash payments for loans and deposits for the period | 30 | (40,348) | (988,834) |
| IV Total cash payments from investment activities (ADP 028 to 032) | 33 | (1,309,311) | (3,251,618) |
| B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033) | 34 | (823,015) | (1,532,716) |
| Cash flow from financing activities | |||
| 3 Cash receipts from credit principals, loans and other borrowings | 37 | 962,904 | 4,908,456 |
| 4 Other cash receipts from financing activities | 38 | - | 3,977 |
| V Total cash receipts from financing activities (ADP 035 to 038) | 39 | 962,904 | 4,912,433 |
| 1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments | 40 | (38,075,519) | (1,603,368) |
| 3 Cash payments for finance lease | 42 | (3,583,250) | (1,421,368) |
| 5 Other cash payments from financing activities | 44 | (180,238) | (1,972,751) |
| VI Total cash payments from financing activities (ADP 040 to 044) | 45 | (41,839,007) | (4,997,487) |
| C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045) | 46 | (40,876,103) | (85,054) |
| 1 Unrealised exchange rate differences in respect of cash and cash equivalents | 47 | - | 202,833 |
| D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020+034+046+047) | 48 | (3,893,094) | 8,561,519 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 49 | 7,676,904 | 3,783,810 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049) | 50 | 3,783,810 | 12,345,329 |
Ordinary share DLKV-R-A listed on the Zagreb Stock Exchange Official Market Notification pursuant to the Capital Market Act
Report on the changes in the capital for the current period
| Attributable to owners of the parent | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Item | AOP | Initial (subscribed) capital |
Capital reserves |
Legal reserves |
Reserves for treasury shares |
Treasury shares and holdings (deductibl |
Statutory reserves |
Other reserves |
Revaluation reserves |
Retained profit / loss brought forward |
Profit/loss for the business year |
Total attributable to owners of the parent |
|
| code | 18 (3 do 6 - 7 | Total capital and reserves | |||||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 16 | 17 | + 8 do 17) | 20 (18+19) |
| Current period | |||||||||||||
| 1 Balance on the first day of the current business year | 28 | 54,744,433 | - | 22,007 | 1,123,568 1,123,568 | 8 | 3,970,739 | 6,404,565 | (144,167) | 744,743 | 65,742,328 | 65,742,328 | |
| 4 Balance on the first day of the current business year (restated) (ADP 2 | 31 | 54,744,433 | - | 22,007 | 1,123,568 1,123,568 | 8 | 3,970,739 | 6,404,565 | (144,167) | 744,743 | 65,742,328 | 65,742,328 | |
| 5 Profit/loss of the period | 32 | - | - | - | - | - | - | - | - | - | (3,828,733) | (3,828,733) | (3,828,733) |
| 6 Exchange rate differences from translation of foreign operations | 33 | - | - | - | - | - | - | (322,906) | - | - | - | (322,906) | (322,906) |
| 13 Other changes in equity unrelated to owners | 40 | (8) | (8) | (8) | |||||||||
| 15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy sett | 42 | (13,497,240) | 12,386,939 | 1,110,301 | - | - | |||||||
| 22 Transfer to reserves according to the annual schedule | 49 | 744,743 | (744,743) | - | - | ||||||||
| 24 Balance on the last day of the previous business year reporting period | 51 | 41,247,193 | 12,386,939 | 22,007 | 1,123,568 1,123,568 | - | 3,647,833 | 6,404,565 | 1,710,877 | (3,828,733) | 61,590,681 | 61,590,681 | |
| APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS) | |||||||||||||
| I OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET OF | 52 | - | - | - | - | - | (8) | (322,906) | - | - | - | (322,914) | (322,914) |
| II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 3 | 53 | - | - | - | - | - | (8) | (322,906) | - | - | (3,828,733) | (4,151,647) | (4,151,647) |
| III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED | 54 | (13,497,240) 12,386,939 | - | - | - | - | - | - | 1,855,044 | (744,743) | - | - |
Report on the changes in the capital for the previous period
| Attributable to owners of the parent | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reserves | Treasury | Total | ||||||||||
| Item | Initial | for | shares and | Retained profit | Profit/loss for | attributable to | ||||||
| AOP | (subscribed) | Legal | treasury | holdings | Statutory | Other | Revaluation | / loss brought | the business | owners of the | ||
| code | capital | reserves | shares | (deductibl | reserves | reserves | reserves | forward | year | parent | Total capital and reserves | |
| 1 | 2 | 3 | 5 | 6 | 7 | 8 | 9 | 10 | 16 | 17 | 18 (3 do 6 - 7 + 8 do 17) |
20 (18+19) |
| Previous period | ||||||||||||
| 1 Balance on the first day of the previous business year | 1 | 54,744,433 | 22,007 | 1,123,568 | 1,123,568 | - | 3,987,969 | 5,734,702 | (2,513,316) | 2,130,240 | 64,106,035 | 64,106,035 |
| 4 Balance on the first day of the previous business year (restated) (ADP 0 | 4 | 54,744,433 | 22,007 | 1,123,568 | 1,123,568 | - | 3,987,969 | 5,734,702 | (2,513,316) | 2,130,240 | 64,106,035 | 64,106,035 |
| 5 Profit/loss of the period | 5 | - | - | - | - | - | - | - | - | 744,743 | 744,743 | 744,743 |
| 6 Exchange rate differences from translation of foreign operations | 6 | - | - | - | - | - | (17,230) | - | - | - | (17,230) | (17,230) |
| 7 Changes in revaluation reserves of fixed tangible and intangible assets | 7 | - | - | - | - | - | - | 669,863 | 238,909 | 908,772 | 908,772 | |
| 13 Other changes in equity unrelated to owners | 13 | 8 | 8 | 8 | ||||||||
| 22 Transfer to reserves according to the annual schedule | 22 | 2,130,240 | (2,130,240) | - | - | |||||||
| 24 Balance on the last day of the previous business year reporting period | 24 | 54,744,433 | 22,007 | 1,123,568 | 1,123,568 | 8 | 3,970,739 | 6,404,565 | (144,167) | 744,743 | 65,742,328 | 65,742,328 |
| APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS) | ||||||||||||
| I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF | 25 | - | - | - | - | 8 | (17,230) | 669,863 | 238,909 | - | 891,550 | 891,550 |
| II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP | 26 | - | - | - | - | 8 | (17,230) | 669,863 | 238,909 | 744,743 | 1,636,293 | 1,636,293 |
| III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD | 27 | - | - | - | - | - | - | - | 2,130,240 | (2,130,240) | - | - |
COMPANY'S FINANCIAL STATEMENT FOR THE PERIOD FROM JANUARY TO DECEMBER 2023
Financial position report
| Item | AOP code |
Last day of the precending business year |
At th reporting date of the current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| ASSETS | |||
| A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID | 001 | - | - |
| B) FIXED ASSETS (ADP 003+010+020+031+036) | 002 | 41,874,457 | 47,026,569 |
| I INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 769,040 | 755,755 |
| II TANGIBLE ASSETS (ADP 011 to 019) | 010 | 29,232,947 | 28,987,060 |
| III FIXED FINANCIAL ASSETS (ADP 021 to 030) | 020 | 7,584,865 | 12,160,016 |
| IV RECEIVABLES (ADP 032 to 035) | 031 | 4,287,605 | 5,123,738 |
| V DEFERRED TAX ASSETS | 036 | - | - |
| C) CURRENT ASSETS (ADP 038+046+053+063) | 037 | 77,293,424 | 72,423,544 |
| I INVENTORIES (ADP 039 to 045) | 038 | 1,119,299 | 2,464,385 |
| II RECEIVABLES (ADP 047 to 052) | 046 | 70,573,526 | 59,258,781 |
| III CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 2,763,337 | 438,480 |
| IV CASH AT BANK AND IN HAND | 063 | 2,837,262 | 10,261,898 |
| D ) PREPAID EXPENSES AND ACCRUED INCOME | 064 | 1,278,010 | 872,261 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 120,445,891 | 120,322,374 |
| OFF-BALANCE SHEET ITEMS | 066 | 52,179,231 | 58,043,686 |
| LIABILITIES | |||
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 60,038,697 | 55,293,109 |
| I INITIAL (SUBSCRIBED) CAPITAL | 068 | 54,744,433 | 41,247,193 |
| II CAPITAL RESERVES | 069 | - | 12,386,939 |
| III RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | - | - |
| IV REVALUATION RESERVES | 076 | 6,404,565 | 6,404,565 |
| V FAIR VALUE RESERVES (ADP 078 to 080) | 077 | - | - |
| VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 082-083) | 083 | (1,371,946) | - |
| VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 085-086) | 086 | 261,645 | (4,745,588) |
| VIII MINORITY (NON-CONTROLLING) INTEREST | 089 | - | - |
| B) PROVISIONS (ADP 089 to 094) | 090 | 3,157,017 | 3,673,128 |
| C) LONG-TERM LIABILITIES (ADP 096 to 106) | 097 | 6,335,662 | 9,593,020 |
| D) SHORT-TERM LIABILITIES (ADP 108 to 121) | 109 | 45,402,523 | 45,442,880 |
| E) ACCRUALS AND DEFERRED INCOME | 124 | 5,511,992 | 6,320,237 |
| F) TOTAL – LIABILITIES (ADP 067+088+095+107+122) | 125 | 120,445,891 | 120,322,374 |
| G) OFF-BALANCE SHEET ITEMS | 126 | 52,179,231 | 58,043,686 |
Profit and loss account
| Same period of the previous | Current period | |||||
|---|---|---|---|---|---|---|
| Item | AOP code |
year | ||||
| Cumulative | Quarter | Cumulative | Quarter | |||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| I OPERATING INCOME (ADP 126 to 130) | 001 | 100,640,261 | 34,840,616 | 122,473,628 | 36,585,221 | |
| 1 Income from sales with undertakings within the group | 002 | 1,682,358 | 574,712 | 5,509,509 | 1,080,221 | |
| 2 Income from sales (outside group) | 003 | 92,615,279 | 32,622,973 | 114,127,106 | 34,037,587 | |
| 4 Other operating income with undertakings within the group | 005 | 4,280,585 | 412,727 | 1,155,147 | 288,710 | |
| 5 Other operating income (outside the group) | 006 | 2,062,039 | 1,230,204 | 1,681,866 | 1,178,703 | |
| II OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 007 | 99,834,616 | 32,177,659 | 127,165,005 | 43,044,064 | |
| 1 Changes in inventories of work in progress and finished goods | 008 | - | - | - | (408) | |
| 2 Material costs (ADP 134 to 136) | 009 | 59,840,266 | 23,142,868 | 80,991,345 | 24,326,181 | |
| a) Costs of raw materials and consumables | 010 | 29,318,990 | 10,096,731 | 43,307,513 | 14,166,735 | |
| b) Costs of goods sold | 011 | 6,549,953 | 6,265,144 | 7,084,060 | 188,983 | |
| c) Other external costs | 012 | 23,971,323 | 6,780,993 | 30,599,772 | 9,970,463 | |
| 3 Staff costs (ADP 138 to 140) | 013 | 24,792,885 | 5,119,780 | 23,877,632 | 6,792,106 | |
| a) Net salaries and wages | 014 | 19,024,243 | 3,753,910 | 17,659,528 | 4,942,996 | |
| b) Tax and contributions from salary costs | 015 | 3,949,533 | 929,826 | 4,319,214 | 1,305,080 | |
| c) Contributions on salaries | 016 | 1,819,109 | 436,044 | 1,898,890 | 544,030 | |
| 4 Depreciation | 017 | 3,627,118 | 903,182 | 3,059,904 | 809,677 | |
| 5 Other costs 6 Value adjustments (ADP 144+145) |
018 019 |
2,612,417 (63,432) |
652,628 (63,432) |
3,724,898 6,292,000 |
1,583,451 6,292,000 |
|
| b) current assets other than financial assets | 021 | (63,432) | (63,432) | 6,292,000 | 6,292,000 | |
| 7 Provisions (ADP 147 to 152) | 022 | 205,095 | 205,095 | 298,964 | 298,964 | |
| c) Provisions for ongoing legal cases | 025 | 205,095 | 205,095 | 298,964 | 298,964 | |
| 8 Other operating expenses | 029 | 8,820,267 | 2,217,538 | 8,920,262 | 2,942,093 | |
| III FINANCIAL INCOME (ADP 155 to 164) | 030 | 1,540,220 | 521,918 | 2,206,244 | 836,572 | |
| 1 Income from investments in holdings (shares) of undertakings within the group | 031 | 280,458 | - | 1,069,249 | 1,069,249 | |
| 4 Other interest income from operations with undertakings within the group | 034 | 67,302 | 13,617 | 61,608 | (1,055,008) | |
| 7 Other interest income | 037 | 14,415 | 884 | 6,938 | 1,522 | |
| 8 Exchange rate differences and other financial income | 038 | 778,044 | 119,363 | 1,064,315 | 820,809 | |
| 10 Other financial income | 040 | 400,001 | 388,054 | 4,134 | - | |
| IV FINANCIAL EXPENSES (ADP 166 to 172) | 041 | 1,396,419 | 205,829 | 1,496,521 | 493,323 | |
| 1 Interest expenses and similar expenses with undertakings within the group | 042 | 72,076 | 25,794 | 36,799 | 7,873 | |
| 3 Interest expenses and similar expenses | 044 | 619,168 | 161,235 | 894,636 | 326,621 | |
| 4 Exchange rate differences and other expenses | 045 | 691,658 | 18,800 | 353,545 | (52,712) | |
| 7 Other financial expenses | 048 | 13,517 | - | 211,541 | 211,541 | |
| IX TOTAL INCOME (ADP 125+154+173 + 174) | 053 | 102,180,481 | 35,362,534 | 124,679,872 | 37,421,793 | |
| X TOTAL EXPENDITURE (ADP 131+165+175 + 176) | 054 | 101,231,035 | 32,383,488 | 128,661,526 | 43,537,387 | |
| XI PRE-TAX PROFIT OR LOSS (ADP 177-178) | 055 | 949,446 | 2,979,046 | (3,981,654) | (6,115,594) | |
| 1 Pre-tax profit (ADP 177-178) | 056 | 949,446 | 2,979,046 | - | - | |
| 2 Pre-tax loss (ADP 178-177) | 057 | - | - | (3,981,654) | (6,115,594) | |
| XII INCOME TAX | 058 | 633,934 | 633,934 | 684,334 | 673,028 | |
| XIII PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 059 | 315,512 | 2,345,112 | (4,665,988) | (6,788,622) | |
| 1 Profit for the period (ADP 179-182) | 060 | 315,512 | 2,345,112 | - | - | |
| 2 Loss for the period (ADP 182-179) | 061 | - | - | (4,665,988) | (6,788,622) | |
| 2 Pre-tax loss on discontinued operations | 064 | 53,867 | 53,867 | 79,600 | 79,600 | |
| XVI PRE-TAX PROFIT OR LOSS (ADP 179+186) | 068 | 895,579 | 2,925,179 | (4,061,254) | (6,195,194) | |
| 1 Pre-tax profit (ADP 192) | 069 | 895,579 | 2,925,179 | - | - | |
| 2 Pre-tax loss (ADP 192) | 070 | - | - | 4,061,254 | 6,195,194 | |
| XVII INCOME TAX (ADP 182+189) | 071 | 633,934 | 633,934 | 684,334 | 673,028 | |
| XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 192-195) | 072 | 261,645 | 2,291,245 | (4,745,588) | (6,868,222) | |
| 1 Profit for the period (ADP 192-195) | 073 | 261,645 | 2,291,245 | - | - | |
| 2 Loss for the period (ADP 195-192) | 074 | - | - | 4,745,588 | 6,868,222 | |
| XIX PROFIT OR LOSS FOR THE PERIOD (ADP 200+201) | 075 | - | - | (4,745,588) | (6,868,222) | |
| 1 Attributable to owners of the parent | 076 | - | - | (4,745,588) | (6,868,222) | |
| STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS) | ||||||
| I PROFIT OR LOSS FOR THE PERIOD | 078 | 261,645 | 2,291,245 | (4,745,588) | (6,868,222) | |
| VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 202+213) | 098 | 1,170,416 | 3,200,016 | (4,745,588) | (6,868,222) | |
| APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements) | ||||||
| VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 216+217) | 099 | 1,170,416 | 3,200,016 | (4,745,588) | (6,868,222) | |
| 1 Attributable to owners of the parent | 100 | 1,170,416 | 3,200,016 | (4,745,588) | (6,868,222) |
Ordinary share DLKV-R-A listed on the Zagreb Stock Exchange Official Market Notification pursuant to the Capital Market Act
Cash flow statement
| Item | AOP code |
Same period of the previous year |
Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| Cash flow from operating activities | |||
| 1 Pre-tax profit | 1 | 895,579 | (4,061,254) |
| 2 Adjustments (ADP 003 to 010): | 2 | 57,512,918 | 3,356,908 |
| a) Depreciation | 3 | 3,627,118 | 3,059,904 |
| b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets | 4 | 8,211 | (90,854) |
| c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets | 5 | (265,446) | 6,636,140 |
| d) Interest and dividend income | 6 | (362,175) | (1,046,203) |
| e) Interest expenses | 7 | 704,758 | 972,411 |
| f) Provisions | 8 | (305,060) | 732,387 |
| g) Exchange rate differences (unrealised) | 9 | (86,403) | (529,335) |
| h) Other adjustments for non-cash transactions and unrealised gains and losses | 10 | 54,191,915 | (6,377,542) |
| I Cash flow increase or decrease before changes in working capital (ADP 001+002) | 11 | 58,408,497 | (704,346) |
| 3 Changes in the working capital (ADP 013 to 016) | 12 | (14,084,681) | 9,925,770 |
| a) Increase or decrease in short-term liabilities | 13 | 4,194,041 | (43,889) |
| b) Increase or decrease in short-term receivables | 14 | (18,226,292) | 11,314,745 |
| c) Increase or decrease in inventories | 15 | (52,691) | (1,345,086) |
| d) Other increase or decrease in working capital | 16 | 261 | - |
| II Cash from operations (ADP 011+012) | 17 | 44,323,816 | 9,221,424 |
| 4 Interest paid | 18 | (4,916,982) | (288,907) |
| 5 Income tax paid | 19 | (1,056,739) | (634,966) |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 20 | 38,350,095 | 8,297,551 |
| Cash flow from investment activities | - | - | |
| 1 Cash receipts from sales of fixed tangible and intangible assets | 21 | 370,429 | 815,376 |
| 3 Interest received | 23 | 40,879 | - |
| 4 Dividends received | 24 | 454,443 | - |
| 5 Cash receipts from repayment of loans and deposits | 25 | 67,821 | 942,532 |
| 6 Other cash receipts from investment activities | 26 | 40,480 | - |
| III Total cash receipts from investment activities (ADP 021 to 026) | 27 | 974,052 | 1,757,908 |
| 1 Cash payments for the purchase of fixed tangible and intangible assets | 28 | (977,769) | (1,728,284) |
| 3 Cash payments for loans and deposits for the period | 30 | (711,527) | (1,293,115) |
| IV Total cash payments from investment activities (ADP 028 to 032) | 33 | (1,689,296) | (3,021,399) |
| B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033) | 34 | (715,244) | (1,263,491) |
| Cash flow from financing activities | - | - | |
| 1 Cash receipts from the increase in initial (subscribed) capital | 35 | - | - |
| 3 Cash receipts from credit principals, loans and other borrowings | 37 | 962,904 | 4,959,999 |
| 4 Other cash receipts from financing activities | 38 | - | 1,381 |
| V Total cash receipts from financing activities (ADP 035 to 038) | 39 | 962,904 | 4,961,380 |
| 1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial ins | 40 | (38,744,310) | (1,685,481) |
| 3 Cash payments for finance lease | 42 | (3,510,916) | (1,418,595) |
| 5 Other cash payments from financing activities | 44 | (237,839) | (1,677,005) |
| VI Total cash payments from financing activities (ADP 040 to 044) | 45 | (42,493,065) | (4,781,081) |
| C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045) | 46 | (41,530,161) | 180,299 |
| 1 Unrealised exchange rate differences in respect of cash and cash equivalents | 47 | - | 210,278 |
| D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020+034+046+047) | 48 | (3,895,310) | 7,424,637 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 49 | 6,732,571 | 2,837,261 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049) | 50 | 2,837,261 | 10,261,898 |
Report on the changes in the capital for the current period
| easu y | Attributable to owners of the parent | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Item | AOP code |
Initial (subscribed) capital |
Capital reserves |
Reserves for treasury shares |
shares and holdings (deductible item) |
Revaluation reserves |
Retained profit / loss brought forward |
Profit/loss for the business year |
Total attributable to owners of the parent ( |
Total capital and reserves |
| 1 | 2 | 3 | 4 | 6 | 7 | 10 | 16 | 17 | + 8 do 17) | 20 (18+19) |
| Current period | ||||||||||
| 1 Balance on the first day of the current business year | 28 | 54,744,433 | - | 1,123,568 | 1,123,568 | 6,404,565 | (1,371,946) | 261,645 | 60,038,697 | 60,038,697 |
| 4 Balance on the first day of the current business year (restated) (ADP 27 to 29) | 31 | 54,744,433 | - | 1,123,568 | 1,123,568 | 6,404,565 | (1,371,946) | 261,645 | 60,038,697 | 60,038,697 |
| 5 Profit/loss of the period | 32 | - | - | - | - | - | - | (4,745,588) | (4,745,588) | (4,745,588) |
| 15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy settlement procedure or from | 42 | (13,497,240) | 12,386,939 | 1,110,301 | - | - | ||||
| 22 Transfer to reserves according to the annual schedule | 49 | 261,645 | (261,645) | - | - | |||||
| 23 Balance on the last day of the current business year reporting period (ADP 30 to 48) | 51 | 41,247,193 | 12,386,939 | 1,123,568 | 1,123,568 | 6,404,565 | - | (4,745,588) | 55,293,109 | 55,293,109 |
| APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS) | ||||||||||
| I OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET OF TAX | 52 | - | - | - | - | - | - | - | - | - |
| II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 31+50) | 53 | - | - | - | - | - | - | (4,745,588) | (4,745,588) | (4,745,588) |
| III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY | 54 | (13,497,240) | 12,386,939 | - | - | - | 1,371,946 | (261,645) | - | - |
Report on the changes in the capital for the previous period
| easu y | Attributable to owners of the parent | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Item | shares and | Total | |||||||
| Initial | Reserves for | holdings | Retained profit / | attributable to | |||||
| AOP | (subscribed) | treasury | (deductible | Revaluation | loss brought | Profit/loss for | owners of the | ||
| code | capital | shares | item) | reserves | forward | the business year | parent ( |
Total capital and reserves | |
| 1 | 2 | 3 | 6 | 7 | 10 | 16 | 17 | + 8 do 17) | 20 (18+19) |
| Previous period | |||||||||
| 1 Balance on the first day of the previous business year | 1 | 54,744,433 | 1,123,568 | 1,123,568 | 5,734,702 | (3,128,420) | 1,517,565 | 58,868,280 | 58,868,280 |
| 4 Balance on the first day of the previous business year (restated) (ADP 01 to 03) | 4 | 54,744,433 | 1,123,568 | 1,123,568 | 5,734,702 | (3,128,420) | 1,517,565 | 58,868,280 | 58,868,280 |
| 5 Profit/loss of the period | 5 | - | - | - | - | - | 261,645 | 261,645 | 261,645 |
| 7 Changes in revaluation reserves of fixed tangible and intangible assets | 7 | - | - | - | 669,863 | 238,909 | 908,772 | 908,772 | |
| 22 Transfer to reserves according to the annual schedule | 22 | 1,517,565 | (1,517,565) | - | - | ||||
| 24 Balance on the last day of the previous business year reporting period (ADP 04 to 23) | 24 | 54,744,433 | 1,123,568 | 1,123,568 | 6,404,565 | (1,371,946) | 261,645 | 60,038,697 | 60,038,697 |
| APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS) | |||||||||
| I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX (ADP 06 to 14) | 25 | - | - | - | 669,863 | 238,909 | - | 908,772 | 908,772 |
| II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+24) | 26 | - | - | - | 669,863 | 238,909 | 261,645 | 1,170,417 | 1,170,417 |
| III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN | 27 | - | - | - | - | 1,517,565 | (1,517,565) | - | - |
NOTES TO FINANCIAL STATEMENTS
Dalekovod dioničko društvo za inženjering, proizvodnju i izgradnju (Dalekovod joint stock company for engineering, production and construction) Ulica Marijana Čavića 4, 10 000 Zagreb, Croatia, 10001 Zagreb, P.O. Box 128 URL: www.dalekovod.hr, www.dalekovod.com E-mail: [email protected] Share capital: EUR 41,247,193.00 / HRK 310,776,975.66 Number of shares: 41,247,193 IBAN: HR8323600001101226102 ZABA Zagreb Company registration number (MBS): 080010093, Commercial Court in Zagreb Registration number (MB): 3275531 Personal identification number (OIB): 47911242222 Activity code: 4222 (Construction of electricity and telecommunication lines)
Basic data
MANAGEMENT BOARD
Tomislav Rosandić - Chairman of the Management Board Eugen Paić-Karega – Member of the Management Board Tvrtko Zlopaša – Member of the Management Board
SUPERVISORY BOARD
Gordan Kolak (Chairman of the Supervisory Board), Josip Jurčević (Deputy Chairman of the Supervisory Board), Josip Lasić (Member of the Supervisory Board), Božidar Poldrugač (Member of the Supervisory Board), Damir Spudić (Member of the Supervisory Board), Pavao Vujnovac (Member of the Supervisory Board), Dražen Buljić (Member of the Supervisory Board).
24
Basic information (continued)
Description of products and services
Over time, Dalekovod d.d. has specialised in the performance of "turnkey" contracts in the following fields:
- electric power facilities, especially transmission lines (0.4 to 750 kV)
- substations of all levels and voltage levels up to 500 kV
- overhead, underground and submarine cables up to 110 kV
- telecommunication facilities, all types of networks and antennas
- production of suspension and connection equipment for transmission lines and substations (0.4 to 750 kV)
• manufacture and installation of all metal parts for transmission lines and roads, especially road lighting,
protective fences and traffic signalling, tunnel lighting and traffic management
• electrification of railway and tram tracks
Amendments to the Financial Standing and Performance Report
Major business events related to the amendments to the Financial Standing and Performance Report for the quarterly reporting period of the issuer in relation to the last business year have been described in the Management Board Report issued together with these financial statements.
Access to financial statements
The revised annual financial statements for the Company and the Group for 2022 are published on the Company's website (www.dalekovod.hr) and the website of the Zagreb Stock Exchange (eho.zse.hr).
Accounting policies
The Company's and Group's accounting policies applied in preparing the financial statements for 2023 are the same as the accounting policies applied in the annual financial statement for 2022.
Performance
An explanation of the Company's and Group's performance is given in the Management Board Report attached hereto.
Contingent liabilities and commitments
As on 31 December 2023, the Group had concluded contracts whose performance had started, but has not been completed. Income assumed yet to be generated under these contracts is estimated at EUR 281 million.
As on 31 December 2023, the Group and the Company were subject to contingent liabilities on account of issued bank guarantees (as payment and quality performance insurance and insurance) in the total amount of EUR 57,021 thousand and EUR 47,489 thousand (as on 31 December 2022: Group - EUR 52,233 thousand and the Company - EUR 43,960 thousand). As its subsidiaries' co-debtor, the Company is additionally subject to a liability of EUR 8,814 thousand (as on 31 December 2022: EUR 6,478 thousand). The Group and the Company estimate that it is not probable that the contingent liabilities on account of bank guarantees will be collected since the Group and the Company, just as in the previous periods, have been meeting all their project-related contractual obligations.
During regular business operations, the Group was involved in several court proceedings, either as the plaintiff or the respondent. Based on the opinion of the Management Board and the legal consultant, reservations have been made for those disputes that could potentially result in a loss. In addition to the disputes for which reservations have been made, there are also court proceedings which, in the opinion of the Board and the legal consultant will not result in a loss.
Income and expenditure
All the significant changes in the Company's and Group's income and expenditure are indicated in the Management Board Report attached hereto.
Borrowing
The amount of the loans and other Company's and Group's borrowings is described and given in the Management Board Report attached hereto.
Employees
As on 31 December 2023, the Company employed 645, while the Group employed 1,029.
The employee structure per Group company is given below:
| Dalekovod Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Number of employees | 31.12.2022 31.12.2023 | ||||||||
| Dalekovod DD | 700 | 645 | |||||||
| Proizvodnja (MK i OSO i Cinčaona do 2019) | 271 | 273 | |||||||
| Dalekovod projekt | 03 | 92 | |||||||
| EMU | 10 | 10 | |||||||
| Other affiliates | 14 | 9 | |||||||
| Total Group | 1,088 | 1,029 |
Cost capitalization
Cost of salary in 2023 was cpitalized in the amount of EUR 5,992 thousand.
Deferred tax assets and liabilities
The Company and the Group stated deferred tax assets in the Financial Standing Report, and there have been no changes in this regard in relation to the previous period.
Capital
As on 31 December 2023, the capital was divided in 41,247,193 shares in the nominal value of EUR 1.00 each.
The shareholder structure as on 31 December 2023 was as follows:
| Number of shares | Share | |||||
|---|---|---|---|---|---|---|
| Shareholders | 31.12.2022. | 31.12.2023. | 31.12.2022. | 31.12.2023. | ||
| Napredna energetska rješenja d.o.o. | 31,000,000 | 31,000,000 | 75. 6% | 75. 6% | ||
| Financial Institutions | 7,004,080 | 9,144,950 | 16.98% | 22.17% | ||
| Foreigns | 2,401,233 | 1,234 | 5.82% | 0.00% | ||
| Individuals | 200,729 | 466,682 | 0.49% | 1.13% | ||
| Own Shares | 988 | 988 | 0.00% | 0.00% | ||
| Others | 640,163 | 633,339 | 1.55% | 1.54% | ||
| lotal | 41,247,193 | 41,247,193 | 100% | 100% |
Merger, acquisition, disposal, establishment
There were no mergers, acquisitions or establishments in 2023. In 2023, Dalekovod Adria d.o.o., which did not have an operational business, was sold. The positive effects of the sale are visible at the level of the Dalekovod d.d. company in the amount of EUR 380,522. In 2023, Dalekovod MK d.o.o. sold shares in Dalekovod OSO d.o.o. to the parent company Dalekovod d.d. The transaction was carried out based on the estimated market value of the company Dalekovod OSO., with the aim of harmonizing the management structure of the Group.
Uncertainty
In 2023, no items have been identified that would indicate doubtful or contested claims affecting the continuity of business operations of the Company and the Group.
Events after the balance sheet date
In January 2024, the company Proizvodnja MK d.o.o. changed its name to Dalekovod MK d.o.o., apart from the above, there were no events requiring publication.
Other publications
Other publications related to understanding and interpreting these reports are indicated in the Management Board Report attached hereto.
List of associated companies
The list of associated companies is given in the Management Board Report attached hereto. The amount of the capital of each associated company in which Dalekovod d.d. has a share or a company owned by its subsidiary is indicated below:
| Dalekovod d.d. | Proizvodnja MK d.o.o. |
Dalekovod Projekt d.o.o. |
Dalekovod EMU d.o.o. |
EL-RA d.o.o. | Dalekovod Ukrajina d.o.o., Ukrajina |
Dalekovod Ljubljana d.o.o., Slovenija |
Dalekovod Mostar d.o.o., BIH |
Dalekovod Norge AS, Norveška |
Proizvodnja OSO d.o.o. |
Cinčaonica Usluge d.o.o. |
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| I. INITIAL (SUBSCRIBED) CAPITAL | 41,247,193 | 26,109,151 | 2,772,500 | 198,553 | 65,300 | 1,563 | 217,172 | 8,041 | 180,597 | 2,982,840 | 2,654 |
| II. CAPITAL RESERVES | 12,386,939 | - | - | - | - | - | - | - | - | - | - |
| III. RESERVES FROM PROFIT | - | - | 609,152 | - | - | 247 | 26,831 | - | 26 | 20 | - |
| IV. REVALUATION RESERVES | 6,404,565 | - | - | - | - | - | - | - | - | - | - |
| VI. RETAINED PROFIT OR LOSS BROUGHT FORWARD |
- | (23,872,889) | - | 88,320 | (20,943) | 16,006 | 1,157,745 | 2,314,046 | 29,105 | 168,734 | (2,387,396) |
| VII. PROFIT OR LOSS FOR THE BUSINESS YEAR |
(4,745,588) | 2,269,044 | 220,910 | 2,129 | (875) | (5,996) | 267,003 | 420,770 | 1,580 | 976,942 | (11,603) |
| Total capital | 55,293,109 | 4,505,306 | 3,602,562 | 289,002 | 43,482 | 11,820 | 1,668,751 | 2,742,857 | 211,308 | 4,128,537 | (2,396,345) |
*The Cinčaonica usluge company is presented as a discontinued operation in the Profit and Loss Account, that is, as assets/liabilities intended for sale in the Financial Position Report.