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Dalekovod d.d. Audit Report / Information 2025
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Audit Report / Information
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UNAUDITED
CONSOLIDATED AND
NON-CONSOLIDATED
FINANCIAL REPORTS
JANUARY - DECEMBER 2025
DALEKOVOD GROUP
Povezujemo svjetove,
gradimo budućnost
Connecting worlds, building the future
D
DALEKOVOD
Član GRUPE KONČAR
www.dalekovod.hr
TABLE OF CONTENTS
Management Board Report 4
- Key messages 4
- The Group’s and Company’s financial results for period January - December 2025 6
- Financial results for companies part of Group for period January – December 2025 7
- Financial position of the Group and the Company 10
- Financial debt of the Group and the Company 10
Statement 12
- GROUP’S FINANCIAL STATEMENTS FOR JANUARY-DECEMBER 2025 13
- Financial position report 13
- COMPANY’S FINANCIAL STATEMENTS FOR JANUARY-DECEMBER 2025 18
- Profit and loss account 19
- Cash flow statement 20
- Report on the changes in the capital for the current period 21
- Report on the changes in the capital for the previous period 22
NOTES TO FINANCIAL STATEMENT 23
- Basic information 23
- Basic information (continued) 24
3
OPERATING INCOME, EBITDA AND NET PROFIT OF THE GROUP
(January – December 2025)
OPERATING INCOME, EBITDA AND NET INCOME OF DALEKOVOD D.D.
(January - December 2025)
Redovna dionica DLKV-R-A uvrštena na Službeno tržište Zagrebačke burze
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4
MANAGEMENT BOARD REPORT
Key messages
Dalekovod Group continues to deliver results that confirm the continuity of successful and sustainable operations, to which all Group segments and all key markets have contributed, while the fundamental prerequisites for growth in the upcoming period have also been established:
-
Continued investment in people—primarily in material conditions, as well as occupational health and safety—has positioned us as a desirable employer. We have successfully increased the number of employees, particularly in the execution of Energy and Infrastructure projects, by more than 20%. In the forthcoming period, the focus will be on further selection, education and training in order to enhance overall competencies and quality, also supported by the activities of the DLKV Academy. The large number of less experienced colleagues calls for additional effort, energy and resources to be invested in protecting the health and safety of our employees.
-
Revenue of EUR 280.2 million was generated, representing a 43% increase compared to 2024.
-
Although, pursuant to a decision of the Supreme Court of the Republic of Croatia, an amount of EUR 11.8 million was collected in the dispute with Podravska banka, this item has been recognised as deferred income. Podravska banka has filed a constitutional complaint with the Constitutional Court of the Republic of Croatia, which we have not yet received and therefore have no knowledge of its content. Given that a constitutional complaint is a specific instrument of constitutional protection aimed at safeguarding individual human rights and fundamental freedoms guaranteed by the Constitution of the Republic of Croatia, and also taking into account certain unexpected adverse court decisions in the recent period, Management believes that a sufficient level of uncertainty exists and that recognising this income at this time would be premature.
-
Profitability and operating efficiency have improved as a result of better coordination and cooperation, leading to high capacity utilisation. The procurement process has also been efficient, and investments in key tangible resources have continued. Consequently, Normalized EBITDA increased by EUR 6 million to EUR 19 million, while profit for the period amounted to EUR 11.7 million.
-
Dynamic contracting activity has continued, resulting in a solid order backlog of EUR 414 million. We particularly highlight the contract concluded with Svenska kraftnät, the transmission system operator in Sweden, in the amount of EUR 103 million for the construction of a 400 kV transmission line on the
Redovna dionica DLKV-R-A uvrštena na Službeno tržište Zagrebačke burze
Obavijest sukladno Zakonu o tržištu kapitala
5
Odensala–Kappetorp section near Stockholm, with a total length of 36 kilometres. Dalekovod d.d. was selected in this tender primarily on the basis of the assessment that it was the only bidder capable of delivering this exceptionally demanding project within the required timeframe and quality standards.
- The continuation of these positive trends is expected in the forthcoming period, given the significant need for investment in both energy and transport infrastructure, as well as overall electrification across Europe. Regardless of the market in which we operate, the pace of project execution depends on project readiness, particularly in terms of completed detailed designs, issued construction and environmental permits, and the availability of key materials and raw materials. Across all markets, we observe the need to address these factors and to identify ways to shorten the timeframe from project conception to completion, including the engagement of competent ministries and regulators. Unstable geostrategic and economic conditions also call for additional caution. In all these circumstances, Dalekovod Group has successfully positioned itself and continues to increase its execution and manufacturing capacities, while remaining fully aware of the overall risks, which are continuously monitored, and prepared to respond swiftly to changing conditions.
Redovna dionica DLKV-R-A uvrštena na Službeno tržište Zagrebačke burze
Obavijest sukladno Zakonu o tržištu kapitala
6
The Group's and Company's financial results for period January - December 2025
| Indicators
(in 000 EUR) | Dalekovod Grupa | | | Dalekovod d.d. | | |
| --- | --- | --- | --- | --- | --- | --- |
| | I-XII 2024 | I-XII 2025 | Index/Diff | I-XII 2024 | I-XII 2025 | Index/Diff |
| Operating income | 195,847 | 280,172 | 143 | 138,301 | 212,783 | 154 |
| Sales revenue | 194,489 | 278,221 | 143 | 135,154 | 208,978 | 155 |
| Operating expenses | 187,365 | 267,677 | 143 | 134,734 | 200,672 | 149 |
| EBITDA ADJUSTED | 12,509 | 19,000 | 6,491 | 7,142 | 16,306 | 9,164 |
| EBIT Adjusted | 8,483 | 14,227 | 5,744 | 3,567 | 12,111 | 8,544 |
| Net profit | 6,067 | 11,664 | 5,597 | 2,615 | 11,811 | 9,196 |
| Adjustment Item | | (1,733) | (1,733) | - | - | - |
| EBITDA margin Adjusted | 6.4% | 6.8% | | 5.2% | 7.7% | |
- At the Group level, EBITDA has been normalized for the effect of the sale of Dalekovod MK.
The Group's operating revenues in 2025 amounted to EUR 280.2 million, representing an increase of 43% compared to the same period of the previous year, while the Company's operating revenues amounted to EUR 212.8 million, up 54% compared to the same period of the previous year.
Normalized EBITDA at the Group level amounted to EUR 19 million, representing an increase of EUR 6.5 million compared to the same period of the previous year, mainly as a result of increased activity and improved efficiency and profitability across almost all Group segments. The Group's normalized EBITDA margin increased to 6.8%, compared to 6.4% in 2024.
EBITDA at the Company level amounted to EUR 16.3 million, representing an increase of EUR 9.2 million compared to the same period of the previous year. The Group's net profit in 2025 amounted to EUR 11.7 million, while the Company's net profit amounted to EUR 11.8 million.
The quality of the customer and project portfolio, as well as the level of the order backlog, provide a solid basis for positive expectations in the period ahead.
Redovna dionica DLKV-R-A uvrštena na Službeno tržište Zagrebačke burze
Obavijest sukladno Zakonu o tržištu kapitala
7
Financial results for companies part of Group for period January – December 2025
| Company name
(in 000 EUR) | Operating income | | | Adjusted EBITDA | | |
| --- | --- | --- | --- | --- | --- | --- |
| | I-XII 2024 | I-XII 2025 | Index | I-XII 2024 | I-XII 2025 | % |
| Dalekovod d.d. | 138,301 | 212,783 | 154 | 7,142 | 16,306 | 128% |
| Dalekovod MK d.o.o. | 10,344 | 11,539 | 112 | (925) | (152) | -84% |
| Dalekovod OSO d.o.o. | 18,574 | 19,442 | 105 | 2,640 | 2,194 | -17% |
| Dalekovod Ljubljana d.o.o. | 20,799 | 16,297 | 78 | 321 | 418 | 30% |
| Dalekovod Projekt d.o.o. | 6,685 | 10,660 | 159 | 266 | 625 | 135% |
| Dalekovod Mostar d.o.o. | 17,470 | 26,097 | 149 | 842 | 1,395 | 66% |
| Dalekovod EMU d.o.o. | 339 | 449 | 132 | (97) | (61) | 37% |
| Other affiliates | 21 | 21 | 100 | (12) | (12) | 0% |
| Elimination | (16,686) | (17,116) | 103 | 2,332 | (1,713) | -173% |
| Total Group | 195,847 | 280,172 | 143 | 12,509 | 19,000 | 52% |
An overview of business activities of the Group’s key segments
The energy projects realization segment (construction of transmission lines and substations) recorded a 57% increase in revenue in 2025 compared to the same period last year, with total revenues amounting to EUR 170 million.
Transmission line construction is currently active on 34 major projects (4 in Norway, 5 in Sweden, 3 in the region, 4 in Germany and 18 in Croatia) and 5 smaller projects (Croatia), while substation construction is underway on 10 projects (2 in Croatia, 4 in North Macedonia, 1 in Ukraine, 1 in Albania, 1 in Germany and 1 in Bulgaria).
The Infrastructure project realization segment The segment recorded a 48% increase in revenue compared to the same period of the previous year, with total revenues amounting to EUR 40 million. Currently, three projects are active.
On the Dugo Selo – Križevci project, works have been significantly intensified in order to complete the project within the newly established deadlines. However, following a decision of the Dispute Adjudication Board, which only partially upheld the claim for compensation of increased costs, it was necessary to recognise a potential loss of EUR 3.5 million in 2025 on this project, which was originally contracted back in 2015.
We are continuing activities aimed at recovering the increased costs in order to avoid further negative impacts and to seek compensation for this loss.
Redovna dionica DLKV-R-A uvrštena na Službeno tržište Zagrebačke burze
Obavijest sukladno Zakonu o tržištu kapitala
The production segment is carried out through two companies – Dalekovod MK d.o.o. and Dalekovod OSO d.o.o.
Company Dalekovod OSO d.o.o. in 2025, produced/processed 2,122 tonnes of equipment, representing a 1.2% increase compared to the same period of the previous year. Operating revenues of Dalekovod OSO d.o.o. in 2025 increased by EUR 868 thousand compared to the same period of the previous year, primarily as a result of a different structure of contracted projects compared to the previous year. EBITDA decreased by 17% compared to the same period last year due to higher costs incurred on projects with lower margins. This is expected to change in the forthcoming period, given the structure of contracted projects for the upcoming period.
Taking into account increased investment activity in the market, the positive trend in new contract awards continues. Accordingly, a significant investment cycle in new machinery has been initiated. An intensive capital expenditure process is underway, encompassing the replacement of most key machines as well as upgrades to IT support systems.
Company Dalekovod MK d.o.o. In the first nine months of 2025, the company stabilized its operations compared to the same period of the previous year. Taking into account the need for significant investments in capacity renewal, prevailing market conditions, and the business outlook for the upcoming period, and as part of an initiative at the Končar Group level aimed at analysing optimal strategic options for Dalekovod MK d.o.o., the sale of Dalekovod MK d.o.o. to Končar MK was completed in October 2025.
This transaction achieved key objectives: preserving expertise in the production of steel lattice structures within the Končar Group, as well as creating the conditions for maintaining and increasing employment levels and improving the material conditions of employees.
The design segment, related to the activities of Dalekovod Projekt d.o.o., recorded a 59% increase in operating revenues in 2025 compared to the previous year, amounting to EUR 10.7 million (2024: EUR 6.7 million). Particularly noteworthy is the further breakthrough in the Swedish market, where Dalekovod Projekt is establishing itself as a serious and reliable partner in the field of transmission line design for Svenska kraftnät.
Dalekovod Emu d.o.o. operates at locations in Zagreb and Vela Luka and generated revenue of EUR 449 thousand in 2025. The company's operations cover the measurement and testing of high- and low-frequency electromagnetic fields (EMF) as well as the calibration of electricity meters. EMF measurements are a legal requirement for companies that operate sources of high- and low-frequency radiation and are carried out throughout Croatia.
Redovna dionica DLKV-R-A uvrštena na Službeno tržište Zagrebačke burze
Obavijest sukladno Zakonu o tržištu kapitala
The company’s second business segment, meter calibration at its own calibration facility in Vela Luka, continues to meet the annual needs of HEP for the installation of meters in new buildings, while a complete replacement of old meters with new smart meters is expected in the upcoming period.
Dalekovod Ljubljana d.o.o. in 2025, generated revenues of EUR 16.3 million, with the most significant portion, EUR 7.3 million, coming from the 2x110 kV Hudo–Kočevje project. The company is recognized as a reliable partner and confirms its stable market position.
The achieved results are in line with the dynamic plan, and continued successful operations are expected in the upcoming period.
Dalekovod d.o.o. Mostar in 2025, generated revenues of EUR 26.1 million, representing a 49% increase compared to the previous year. EBITDA for the period amounted to EUR 1.4 million and, due to the significant revenue growth combined with a somewhat lower increase in costs, is 66% higher than in the previous year. The substantially higher revenues are the result of a high level of contract backlog as well as the accelerated execution of projects contracted over the past two years.
Redovna dionica DLKV-R-A uvrštena na Službeno tržište Zagrebačke burze
Obavijest sukladno Zakonu o tržištu kapitala
10
Financial position of the Group and the Company
| Dalekovod Group
(in 000 EUR) | Dalekovod Group | | | Dalekovod d.d. | | |
| --- | --- | --- | --- | --- | --- | --- |
| | 31.12.2024 | 31.12.2025 | Index | 31.12.2024 | 31.12.2025 | Index |
| ASSETS | 156,440 | 203,297 | 130 | 132,729 | 179,169 | 135 |
| Fixed assets | 42,569 | 53,153 | 125 | 47,255 | 55,060 | 117 |
| Current assets | 113,870 | 150,145 | 132 | 85,474 | 124,109 | 145 |
| LIABILITIES | 88,128 | 120,340 | 137 | 74,820 | 106,355 | 142 |
| Provisions | 6,615 | 5,252 | 79 | 6,162 | 4,850 | 79 |
| Long-term liabilities | 9,217 | 12,045 | 131 | 9,433 | 9,950 | 105 |
| Short-term liabilities | 72,296 | 103,044 | 143 | 59,226 | 91,555 | 155 |
| CAPITAL AND RESERVES | 68,311 | 82,957 | 121 | 57,908 | 72,814 | 126 |
Financial debt of the Group and the Company
| Type of financial debt
(in 000 EUR) | Dalekovod Grupa | | | Dalekovod d.d. | | |
| --- | --- | --- | --- | --- | --- | --- |
| | 31.12.2024 | 31.12.2025 | Indeks | 31.12.2024 | 31.12.2025 | Indeks |
| Lease liabilities | 7,452 | 8,783 | 118 | 7,258 | 8,596 | 118 |
| Bonds | 1,345 | 1,143 | 85 | 1,776 | 1,508 | 85 |
| Bank loans | 4,035 | 9,828 | 244 | 4,217 | 7,679 | 182 |
| Total financial debt | 12,833 | 19,754 | 154 | 13,251 | 17,783 | 134 |
| Cash | 12,328 | 30,022 | 244 | 9,692 | 26,188 | 270 |
| Net financial debt | 505 | (10,269) | (2,033) | 3,559 | (8,405) | (236) |
The increase in financial debt from bank loan obligations is primarily attributable to the loan for financing the fixed assets of Dalekovod OSO d.o.o., amounting to EUR 2.33 million.
In addition, the Company increased its short-term bank debt to finance projects, specifically to intensify work on the Dugo Selo-Križevci project in the second half of the year, while maintaining continuity in financing certain fixed assets (CAPEX) through financial leasing instruments.
The cash position in the balance sheet was also impacted by the collection of EUR 11.8 million based on the decision of the Supreme Court in the dispute with Podravska banka, received shortly before the end of the financial year, which resulted in a negative net debt being reported for both the Company and the Group.
Regardless of this collection, the Company/Group maintains a stable net financial debt and a sustainable level of leverage to cover all credit obligations from operational activities, as a result of increased overall business profitability and the cash position in the balance sheet.
Redovna dionica DLKV-R-A uvrštena na Službeno tržište Zagrebačke burze
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11
The January - December 2025 reporting period, the consolidated reports of the Dalekovod Group include:
- Dalekovod d.d., Hrvatska
- Dalekovod MK d.o.o., Hrvatska
- Dalekovod OSO d.o.o., Hrvatska
- Dalekovod Projekt d.o.o., Hrvatska
- Dalekovod EMU d.o.o., Hrvatska
- EL-RA d.o.o., Hrvatska
- Dalekovod Mostar d.o.o., BIH
- Dalekovod Ljubljana d.o.o., Slovenia
- Dalekovod Norge AS, Norway
- Dalekovod Ukrajina d.o.o., The Ukraine
U Management Board of Dalekovod d.d.
Eugen Paić-Karega
Chairman of the Management Board
Tvrtko Zlopaša
Member of the Management Board
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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: Eugen Paić-Karega– Chairman of the Management Board, Tvrtko Zlopaša – Member of the Management Board, issue the following
STATEMENT
To the best of our knowledge, the financial statements for the reporting period have been prepared on the basis of relevant financial reporting standards and 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.
Eugen Paić-Karega
Chairman of the Management Board
Tvrtko Zlopaša
Member of the Management Board
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GROUP'S FINANCIAL STATEMENTS FOR JANUARY-DECEMBER 2025
Financial position report
| Item | AOP code | Last day of the preceding 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 | 42,569,442 | 53,152,610 |
| I INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 939,343 | 995,728 |
| II TANGIBLE ASSETS (ADP 011 to 019) | 010 | 35,794,102 | 45,522,284 |
| III FIXED FINANCIAL ASSETS (ADP 021 to 030) | 020 | 921,099 | 919,443 |
| IV RECEIVABLES (ADP 032 to 035) | 031 | 4,914,898 | 3,815,156 |
| V DEFERRED TAX ASSETS | 036 | - | 1,900,000 |
| C) CURRENT ASSETS (ADP 038+046+053+063) | 037 | 113,006,080 | 149,457,271 |
| I INVENTORIES (ADP 039 to 045) | 038 | 16,189,004 | 13,763,585 |
| II RECEIVABLES (ADP 047 to 052) | 046 | 84,259,606 | 105,437,539 |
| III CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 229,705 | 233,973 |
| IV CASH AT BANK AND IN HAND | 063 | 12,327,765 | 30,022,174 |
| D) PREPAID EXPENSES AND ACCRUED INCOME | 064 | 864,376 | 687,281 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 156,439,898 | 203,297,163 |
| OFF-BALANCE SHEET ITEMS | 066 | 100,696,719 | 89,584,936 |
| LIABILITIES | - | ||
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 68,311,488 | 82,956,677 |
| I INITIAL (SUBSCRIBED) CAPITAL | 068 | 41,247,193 | 41,247,193 |
| II CAPITAL RESERVES | 069 | 12,386,939 | 12,386,939 |
| III RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | 3,704,881 | 2,035,474 |
| IV REVALUATION RESERVES | 076 | 6,404,565 | 9,499,807 |
| V FAIR VALUE RESERVES (ADP 078 to 080) | 077 | - | - |
| VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 082-083) | 083 | (1,499,020) | 6,123,321 |
| VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 085-086) | 086 | 6,066,930 | 11,663,942 |
| VIII MINORITY (NON-CONTROLLING) INTEREST | 089 | - | - |
| B) PROVISIONS (ADP 089 to 094) | 090 | 6,614,538 | 5,251,946 |
| C) LONG-TERM LIABILITIES (ADP 096 to 106) | 097 | 9,217,419 | 12,044,517 |
| D) SHORT-TERM LIABILITIES (ADP 108 to 121) | 109 | 62,854,373 | 85,576,691 |
| E) ACCRUALS AND DEFERRED INCOME | 124 | 9,442,080 | 17,467,332 |
| F) TOTAL - LIABILITIES (ADP 067+088+095+107+122) | 125 | 156,439,898 | 203,297,163 |
| G) OFF-BALANCE SHEET ITEMS | 126 | 100,696,719 | 89,584,936 |
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Profit and loss account
| Item | ADP code | Some period of the previous year | Current period | ||
|---|---|---|---|---|---|
| Cumulative | Quarter | Cumulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 |
| I OPERATING INCOME (ADP 126 to 130) | 001 | 195,847,381 | 56,483,744 | 280,171,839 | 77,785,664 |
| 1 Income from sales with undertakings within the group | 002 | 829,704 | 463,735 | 6,452,776 | 4,227,697 |
| 2 Income from sales (outside group) | 003 | 193,659,649 | 56,240,927 | 271,767,758 | 72,557,761 |
| 5 Other operating income (outside the group) | 006 | 1,358,027 | (220,919) | 1,951,305 | 1,000,206 |
| II OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 007 | 187,364,634 | 56,021,640 | 267,677,469 | 78,983,805 |
| 1 Changes in inventories of work in progress and finished goods | 008 | (154,851) | 308,255 | (1,212,345) | 14,142 |
| 2 Material costs (ADP 134 to 136) | 009 | 122,395,425 | 34,494,948 | 180,591,025 | 52,233,962 |
| a) Costs of raw materials and consumables | 010 | 41,513,156 | 9,798,043 | 79,412,496 | 21,275,714 |
| b) Costs of goods sold | 011 | 23,222,176 | 6,188,437 | 20,902,818 | 4,875,829 |
| c) Other external costs | 012 | 57,660,092 | 18,508,467 | 80,195,711 | 26,082,419 |
| 3 Staff costs (ADP 138 to 140) | 013 | 38,848,120 | 11,161,662 | 50,108,063 | 10,995,267 |
| a) Net salaries and wages | 014 | 26,609,696 | 7,309,148 | 33,445,175 | 6,747,220 |
| b) Tax and contributions from salary costs | 015 | 8,474,732 | 2,738,280 | 11,372,523 | 2,943,257 |
| c) Contributions on salaries | 016 | 3,763,693 | 1,114,235 | 5,290,365 | 1,304,789 |
| 4 Depreciation | 017 | 4,026,536 | 1,145,033 | 4,772,521 | 1,314,762 |
| 5 Other costs | 018 | 6,862,715 | 3,257,184 | 9,865,466 | 4,897,190 |
| 6 Value adjustments (ADP 144+145) | 019 | 155,184 | 164,501 | 168,394 | 163,800 |
| b) current assets other than financial assets | 021 | 155,184 | 164,501 | 168,394 | 163,800 |
| 7 Provisions (ADP 147 to 152) | 022 | (1,445,471) | (1,445,471) | 49,147 | 48,417 |
| c) Provisions for ongoing legal cases | 025 | (1,445,471) | (1,445,471) | 49,147 | 48,417 |
| 8 Other operating expenses | 029 | 16,676,976 | 6,935,528 | 23,335,197 | 9,316,265 |
| III FINANCIAL INCOME (ADP 155 to 164) | 030 | 754,363 | 296,473 | 376,697 | (194,906) |
| 7 Other interest income | 037 | - | (23,836) | - | - |
| 8 Exchange rate differences and other financial income | 038 | 675,998 | 380,133 | 367,210 | 82,023 |
| 10 Other financial income | 040 | 78,365 | (59,824) | 9,487 | (276,930) |
| IV FINANCIAL EXPENSES (ADP 166 to 172) | 041 | 1,810,173 | 668,358 | 931,945 | 21,694 |
| 3 Interest expenses and similar expenses | 044 | 728,743 | 202,883 | 761,020 | 185,810 |
| 4 Exchange rate differences and other expenses | 045 | 1,081,418 | 514,668 | 161,733 | 55,893 |
| 7 Other financial expenses | 048 | 12 | (49,193) | 9,192 | (220,009) |
| IX TOTAL INCOME (ADP 125+154+173+174) | 053 | 196,601,743 | 56,780,216 | 280,548,536 | 77,590,758 |
| X TOTAL EXPENDITURE (ADP 131+165+175+176) | 054 | 189,174,807 | 56,689,998 | 268,609,413 | 79,005,499 |
| XI PRE-TAX PROFIT OR LOSS (ADP 177-178) | 055 | 7,426,937 | 90,219 | 11,939,123 | (1,414,742) |
| 1 Pre-tax profit (ADP 177-178) | 056 | 7,426,937 | 90,219 | 11,939,123 | - |
| 2 Pre-tax loss (ADP 178-177) | 057 | - | - | - | (1,414,742) |
| XII INCOME TAX | 058 | 1,360,007 | 1,252,133 | 275,180 | 161,913 |
| XIII PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 059 | 6,066,930 | (1,161,914) | 11,663,942 | (1,576,654) |
| 1 Profit for the period (ADP 179-182) | 060 | 6,066,930 | - | 11,663,942 | - |
| 2 Loss for the period (ADP 182-179) | 061 | - | (1,161,914) | - | (1,576,654) |
| DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations) | |||||
| XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS (ADP 187-188) | 062 | - | 1,744 | - | - |
| 2 Pre-tax loss on discontinued operations | 064 | - | (1,744) | - | - |
| XV INCOME TAX OF DISCONTINUED OPERATIONS | 065 | - | - | - | - |
| 2 Discontinued operations less for the period (ADP 189-186) | 067 | - | (1,744) | - | - |
| XVI PRE-TAX PROFIT OR LOSS (ADP 179+186) | 068 | - | 91,963 | - | - |
| 1 Pre-tax profit (ADP 192) | 069 | - | 91,963 | - | - |
| XVII INCOME TAX (ADP 182+189) | 071 | - | 1,252,133 | - | - |
| XIX PROFIT OR LOSS FOR THE PERIOD (ADP 200+201) | 075 | 6,066,930 | (1,160,170) | 11,663,942 | (1,576,654) |
| 1 Attributable to owners of the parent | 076 | 6,066,930 | (1,160,170) | 11,663,942 | (1,576,654) |
| STATEMENT OF OTHER COMPREHENSIVE INCOME (to be filled in by undertakings subject to IFRS) | |||||
| I PROFIT OR LOSS FOR THE PERIOD | 078 | 6,066,930 | (1,160,170) | 11,663,942 | (1,576,654) |
| II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (ADP 204 to 211) | 079 | 92,593 | 209,799 | (113,996) | (3,088) |
| 1 Exchange rate differences from translation of foreign operations | 088 | 92,593 | 209,799 | (113,996) | (3,088) |
| V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 203-212) | 097 | 92,593 | 209,799 | (113,996) | (3,088) |
| VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 202+213) | 098 | 6,159,523 | (950,371) | 11,549,947 | (1,579,742) |
| 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 | 6,159,523 | (950,371) | 11,549,947 | (1,579,742) |
| 1 Attributable to owners of the parent | 100 | 6,159,523 | (950,371) | 11,549,947 | (1,579,742) |
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Cash flow statement
| Item | AOP code | Same period of the previous year | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| Cash flow from operating activities | |||
| 1 Cash receipts from customers | 1 | 188,343,874 | 282,405,585 |
| 3 Cash receipts from insurance premiums | 3 | 47,623 | 176,001 |
| 4 Cash receipts from tax refund | 4 | 8,958,177 | 11,980,094 |
| 5 Other cash receipts from operating activities | 5 | 2,321,850 | 14,106,718 |
| I Total cash receipts from operating activities (ADP 001 to 005) | 6 | 199,671,524 | 308,668,398 |
| 1 Cash payments to suppliers | 7 | (136,864,177) | (206,983,178) |
| 2 Cash payments to employees | 8 | (42,394,409) | (55,369,074) |
| 3 Cash payments for insurance premiums | 9 | (1,303,449) | (1,550,850) |
| 4 Interest paid | 10 | (594,712) | (661,831) |
| 5 Income tax paid | 11 | (1,648,772) | (1,578,553) |
| 6 Other cash payments from operating activities | 12 | (7,926,752) | (20,334,581) |
| II Total cash payments from operating activities (ADP 007 to 012) | 13 | (190,732,271) | (286,478,067) |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 006 + 013) | 14 | 8,939,253 | 22,190,331 |
| Cash flow from investment activities | |||
| 1 Cash receipts from sales of fixed tangible and intangible assets | 15 | 79,172 | 36,782 |
| 2 Cash receipts from sales of financial instruments | 16 | - | 1,000,000 |
| 3 Interest received | 17 | 602 | 405 |
| 5 Cash receipts from repayment of loans and deposits | 19 | 4,009,495 | - |
| 6 Other cash receipts from investment activities | 20 | 39,816 | - |
| III Total cash receipts from investment activities (ADP 015 to 020) | 21 | 4,129,085 | 1,037,187 |
| 1 Cash payments for the purchase of fixed tangible and intangible assets | 22 | (3,776,121) | (8,591,988) |
| 3 Cash payments for loans and deposits | 24 | (4,005,175) | - |
| 5 Other cash payments from investment activities | 26 | (1,734) | - |
| IV Total cash payments from investment activities (ADP 022 to 026) | 27 | (7,783,030) | (8,591,988) |
| B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 021 + 027) | 28 | (3,653,945) | (7,554,801) |
| Cash flow from financing activities | |||
| 3 Cash receipts from credit principals, loans and other borrowings | 31 | 18,984 | 19,338,735 |
| 4 Other cash receipts from financing activities | 32 | 24,926 | 80 |
| V Total cash receipts from financing activities (ADP 029 to 032) | 33 | 43,910 | 19,338,815 |
| 1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial in | 34 | (1,828,367) | (13,754,129) |
| 3 Cash payments for finance lease | 36 | (1,656,805) | (2,520,960) |
| 5 Other cash payments from financing activities | 38 | (1,484,277) | (263,343) |
| VI Total cash payments from financing activities (ADP 034 to 038) | 39 | (4,969,449) | (16,538,432) |
| C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 + 039) | 40 | (4,925,539) | 2,800,383 |
| 1 Unrealised exchange rate differences in cash and cash equivalents | 41 | (377,333) | 258,496 |
| D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 + 040 + 041) | 42 | (17,564) | 17,694,409 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 43 | 12,345,329 | 12,327,765 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (ADP 042+043) | 44 | 12,327,765 | 30,022,174 |
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16
Report on the changes in the capital for the current period
| Item | AOP code | Attributable to owners of the parent | Total capital and reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Initial (subscribed) capital | Capital reserves | Legal reserves | Reserves for treasury shares | Security shares and holdings (deductible) | Statutory reserves | Revaluation reserves | Profit/loss for the business year | Retained profit / loss brought forward | Profit/loss for the business year | Total attributable to owners of the parent | |||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 10 | 15 | 16 | 17 | 18 (1.00% = 0.00 17) | 20 (10=19) |
| Current period | |||||||||||||
| 1 Balance on the first day of the current business year | 28 | 41,247,193 | 12,386,939 | 22,007 | 1,123,568 | 1,123,568 | 4,329,751 | 6,404,565 | (646,877) | (1,499,020) | 6,066,930 | 68,311,488 | 68,311,488 |
| 4 Balance on the first day of the current business year (restated) (ADP 2 | 31 | 41,247,193 | 12,386,939 | 22,007 | 1,123,568 | 1,123,568 | 4,329,751 | 6,404,565 | (646,877) | (1,499,020) | 6,066,930 | 68,311,488 | 68,311,488 |
| 5 Profit/loss of the period | 32 | - | - | - | - | - | - | - | - | - | 11,663,942 | 11,663,942 | 11,663,942 |
| 6 Exchange rate differences from translation of foreign operations | 33 | - | - | - | - | - | - | - | (113,996) | - | - | (113,996) | (113,996) |
| 7 Changes in revaluation reserves of fixed tangible and intangible assets | 34 | - | - | - | - | - | - | 3,095,242 | - | - | - | 3,095,242 | 3,095,242 |
| 13 Other changes in equity unrelated to owners | 40 | - | - | - | - | - | (1,555,432) | - | - | 1,555,432 | - | - | - |
| 22 Transfer to reserves according to the annual schedule | 49 | - | - | - | - | - | - | - | - | 6,066,930 | (6,066,930) | - | - |
| 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 | 2,774,319 | 9,499,807 | (760,872) | 6,123,342 | 11,663,942 | 82,956,677 | 82,956,677 |
| 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 | - | - | - | - | - | (1,555,432) | 3,095,242 | (113,996) | 1,555,432 | - | 2,981,247 | 2,981,247 |
| II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 3 | 53 | - | - | - | - | - | (1,555,432) | 3,095,242 | (113,996) | 1,555,432 | 11,663,942 | 14,645,189 | 14,645,189 |
| III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED | 54 | - | - | - | - | - | - | - | - | 6,066,930 | (6,066,930) | - | - |
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Report on the changes in the capital for the previous period
| Item | ADP Code | Attributable to owners of the parent | Total capital and reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Initial (subscribed) capital | Capital reserves | Legal reserves | Reserves for treasury shares | Transfer shares and holdings (deducted) | Statutory reserves | Revaluation reserves | Profit/loss for the business year | Retained profit / loss brought forward | Profit/loss for the business year | Total attributable to owners of the parent | |||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 10 | 11 | 14 | 17 | 18 (1 or 2 = 1 + 8 or 17) | 20 (10+19) |
| Previous period | |||||||||||||
| 1 Balance on the first day of the previous business year | 1 | 41,247,193 | 12,386,939 | 22,007 | 1,123,568 | 1,123,568 | 4,329,751 | 6,404,565 | (739,470) | 1,710,877 | (3,209,897) | 62,151,965 | 62,151,965 |
| 4 Balance on the first day of the previous business year (restated) (ADP C | 4 | 41,247,193 | 12,386,939 | 22,007 | 1,123,568 | 1,123,568 | 4,329,751 | 6,404,565 | (739,470) | 1,710,877 | (3,209,897) | 62,151,965 | 62,151,965 |
| 5 Profit/loss of the period | 5 | - | - | - | - | - | - | - | - | - | 6,066,930 | 6,066,930 | 6,066,930 |
| 6 Exchange rate differences from translation of foreign operations | 6 | - | - | - | - | - | - | - | 92,593 | - | - | 92,593 | 92,593 |
| 22 Transfer to reserves according to the annual schedule | 22 | - | - | - | - | - | - | - | - | (3,209,897) | 3,209,897 | - | - |
| 24 Balance on the last day of the previous business year reporting period | 24 | 41,247,193 | 12,386,939 | 22,007 | 1,123,568 | 1,123,568 | 4,329,751 | 6,404,565 | (646,877) | (1,499,020) | 6,066,930 | 68,311,488 | 68,311,488 |
| 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 | - | - | - | - | - | - | - | 92,593 | - | - | 92,593 | 92,593 |
| II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP | 26 | - | - | - | - | - | - | - | 92,593 | - | 6,066,930 | 6,159,523 | 6,159,523 |
| III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD | 27 | - | - | - | - | - | - | - | - | (3,209,897) | 3,209,897 | - | - |
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18
COMPANY'S FINANCIAL STATEMENTS FOR JANUARY-DECEMBER 2025
Financial position report
| Item | AOP code | Last day of the preceding 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 | 47,254,595 | 55,060,036 |
| I INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 720,757 | 716,255 |
| II TANGIBLE ASSETS (ADP 011 to 019) | 010 | 32,595,194 | 40,093,003 |
| III FIXED FINANCIAL ASSETS (ADP 021 to 030) | 020 | 9,036,436 | 8,548,313 |
| IV RECEIVABLES (ADP 032 to 035) | 031 | 4,902,208 | 3,802,466 |
| V DEFERRED TAX ASSETS | 036 | - | 1,900,000 |
| C) CURRENT ASSETS (ADP 038+046+053+063) | 037 | 84,630,306 | 123,429,258 |
| I INVENTORIES (ADP 039 to 045) | 038 | 2,357,688 | 3,397,043 |
| II RECEIVABLES (ADP 047 to 052) | 046 | 72,252,388 | 93,669,377 |
| III CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 328,134 | 174,458 |
| IV CASH AT BANK AND IN HAND | 063 | 9,692,096 | 26,188,380 |
| D) PREPAID EXPENSES AND ACCRUED INCOME | 064 | 843,822 | 679,735 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 132,728,723 | 179,169,029 |
| OFF-BALANCE SHEET ITEMS | 066 | 98,811,752 | 90,655,919 |
| LIABILITIES | |||
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 57,908,269 | 72,814,462 |
| I INITIAL (SUBSCRIBED) CAPITAL | 068 | 41,247,193 | 41,247,193 |
| II CAPITAL RESERVES | 069 | 12,386,939 | 12,386,939 |
| III RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | - | - |
| IV REVALUATION RESERVES | 076 | 6,404,565 | 9,499,807 |
| V FAIR VALUE RESERVES (ADP 078 to 080) | 077 | - | - |
| VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 082-083) | 083 | (4,745,588) | (2,130,428) |
| VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 085-086) | 086 | 2,615,160 | 11,810,950 |
| VIII MINORITY (NON-CONTROLLING) INTEREST | 089 | - | - |
| B) PROVISIONS (ADP 089 to 094) | 090 | 6,162,286 | 4,849,642 |
| C) LONG-TERM LIABILITIES (ADP 096 to 106) | 097 | 9,432,564 | 9,950,056 |
| D) SHORT-TERM LIABILITIES (ADP 108 to 121) | 109 | 49,783,519 | 74,087,538 |
| E) ACCRUALS AND DEFERRED INCOME | 124 | 9,442,085 | 17,467,332 |
| F) TOTAL - LIABILITIES (ADP 067+088+095+107+122) | 125 | 132,728,723 | 179,169,029 |
| G) OFF-BALANCE SHEET ITEMS | 126 | 98,811,752 | 90,655,919 |
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Profit and loss account
| Item | AOP code | Same period of the previous year | Current period | ||
|---|---|---|---|---|---|
| Cumulative | Quarter | Cumulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 |
| I OPERATING INCOME (ADP 126 to 130) | 001 | 138,301,043 | 40,863,566 | 212,782,580 | 60,907,293 |
| 1 Income from sales with undertakings within the group | 002 | 5,876,289 | 2,089,323 | 5,170,489 | 3,831,805 |
| 2 Income from sales (outside group) | 003 | 129,278,070 | 37,724,440 | 203,807,199 | 55,776,313 |
| 4 Other operating income with undertakings within the group | 005 | 2,183,436 | 1,314,018 | 2,571,414 | 483,056 |
| 5 Other operating income (outside the group) | 006 | 963,249 | (264,214) | 1,233,477 | 816,118 |
| II OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 007 | 134,734,200 | 42,251,927 | 200,671,672 | 59,122,436 |
| 1 Changes in inventories of work in progress and finished goods | 008 | 5,078 | 1,013 | 4,530 | 2,609 |
| 2 Material costs (ADP 134 to 136) | 009 | 81,949,412 | 22,642,078 | 135,949,912 | 41,736,086 |
| a) Costs of raw materials and consumables | 010 | 33,635,995 | 6,713,680 | 75,248,184 | 20,496,305 |
| b) Costs of goods sold | 011 | 9,351,035 | 2,694,856 | 1,260,082 | 37,230 |
| c) Other external costs | 012 | 38,962,382 | 13,233,542 | 59,441,647 | 21,202,551 |
| 3 Staff costs (ADP 138 to 140) | 013 | 28,208,042 | 8,313,920 | 37,787,936 | 8,257,491 |
| a) Net salaries and wages | 014 | 20,056,975 | 5,642,382 | 25,852,804 | 5,078,388 |
| b) Tax and contributions from salary costs | 015 | 5,706,210 | 1,909,240 | 8,187,652 | 2,215,615 |
| c) Contributions on salaries | 016 | 2,444,857 | 762,298 | 3,747,481 | 963,488 |
| 4 Depreciation | 017 | 3,575,336 | 995,843 | 4,195,276 | 1,145,150 |
| 5 Other costs | 018 | 5,413,532 | 2,797,044 | 7,410,450 | 3,717,675 |
| 6 Value adjustments (ADP 144+145) | 019 | 3,236,759 | 3,245,695 | 169,121 | 163,339 |
| a) fixed assets other than financial assets | 020 | 3,109,854 | 3,109,854 | ||
| b) current assets other than financial assets | 021 | 126,905 | 135,841 | 169,121 | 163,339 |
| 7 Provisions (ADP 147 to 152) | 022 | (1,446,346) | (1,446,346) | 44,064 | 44,064 |
| c) Provisions for ongoing legal cases | 025 | (1,446,346) | (1,446,346) | 44,064 | 44,064 |
| 8 Other operating expenses | 029 | 13,792,386 | 5,702,679 | 15,110,382 | 4,056,022 |
| III FINANCIAL INCOME (ADP 155 to 164) | 030 | 1,567,786 | 959,847 | 1,056,983 | 38,119 |
| 1 Income from investments in holdings (shares) of undertakings within the group | 031 | 904,877 | 700,001 | 54,624 | - |
| 4 Other interest income from operations with undertakings within the group | 034 | 14,522 | 3,377 | 3,506 | 1,364 |
| 7 Other interest income | 037 | - | (10,958) | 9,627 | (1,009) |
| 8 Exchange rate differences and other financial income | 038 | 571,559 | 328,786 | 980,618 | 315,572 |
| 10 Other financial income | 040 | 76,829 | (61,358) | 8,609 | (277,808) |
| IV FINANCIAL EXPENSES (ADP 166 to 172) | 041 | 1,737,831 | 640,459 | 1,632,267 | 272,682 |
| 1 Interest expenses and similar expenses with undertakings within the group | 042 | 17,526 | 4,340 | 14,942 | 3,686 |
| 3 Interest expenses and similar expenses | 044 | 706,904 | 184,376 | 757,169 | 184,847 |
| 4 Exchange rate differences and other expenses | 045 | 1,013,401 | 500,935 | 850,970 | 304,158 |
| 7 Other financial expenses | 048 | - | (49,192) | 9,186 | (220,009) |
| IX TOTAL INCOME (ADP 125+154+173+174) | 053 | 139,868,829 | 41,823,413 | 213,839,563 | 60,945,412 |
| X TOTAL EXPENDITURE (ADP 131+165+175+176) | 054 | 136,472,030 | 42,892,385 | 202,303,940 | 59,395,118 |
| XI PRE-TAX PROFIT OR LOSS (ADP 177-178) | 055 | 3,396,799 | (1,068,972) | 11,535,623 | 1,550,294 |
| 1 Pre-tax profit (ADP 177-178) | 056 | 3,396,799 | - | 11,535,623 | 1,550,294 |
| 2 Pre-tax loss (ADP 178-177) | 057 | - | (1,068,972) | - | - |
| XII INCOME TAX | 058 | 781,640 | 733,223 | (275,327) | (296,175) |
| XIII PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 059 | 2,615,160 | (1,802,194) | 11,810,950 | 1,846,468 |
| 1 Profit for the period (ADP 179-182) | 060 | 2,615,160 | - | 11,810,950 | 1,846,468 |
| 2 Loss for the period (ADP 182-179) | 061 | - | (1,802,194) | - | - |
| XIV PROFIT OR LOSS FOR THE PERIOD (ADP 200+201) | 075 | 2,615,160 | 1,852,070 | 11,810,950 | 1,846,468 |
| 1 Attributable to owners of the parent | 076 | 2,615,160 | 1,852,070 | 11,810,950 | 1,846,468 |
| STATEMENT OF OTHER COMPREHENSIVE INCOME (to be filled in by undertakings subject to IFRS) | |||||
| I PROFIT OR LOSS FOR THE PERIOD | 078 | 2,615,160 | 1,852,070 | 11,810,950 | 1,846,468 |
| V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 203-212) | 097 | - | - | - | - |
| VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 202+213) | 098 | 2,615,160 | 1,852,070 | 11,810,950 | 1,846,468 |
| 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 | 2,615,160 | 1,852,070 | 11,810,950 | 1,846,468 |
| 1 Attributable to owners of the parent | 100 | 2,615,160 | 1,852,070 | 11,810,950 | 1,846,468 |
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Cash flow statement
| Item | AOP code | Same period of the previous year | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| Cash flow from operating activities | |||
| 1 Cash receipts from customers | 1 | 127,165,348 | 204,557,799 |
| 3 Cash receipts from insurance premiums | 3 | 47,179 | 173,131 |
| 4 Cash receipts from tax refund | 4 | 8,272,337 | 11,080,668 |
| 5 Other cash receipts from operating activities | 5 | 2,158,166 | 14,034,861 |
| I Total cash receipts from operating activities (ADP 001 to 005) | 6 | 137,643,030 | 229,846,459 |
| 1 Cash payments to suppliers | 7 | (91,044,680) | (147,192,982) |
| 2 Cash payments to employees | 8 | (30,447,151) | (42,174,917) |
| 3 Cash payments for insurance premiums | 9 | (1,236,913) | (1,509,321) |
| 4 Interest paid | 10 | (614,007) | (648,043) |
| 5 Income tax paid | 11 | (629,037) | (821,653) |
| 6 Other cash payments from operating activities | 12 | (6,764,731) | (17,589,145) |
| II Total cash payments from operating activities (ADP 007 to 012) | 13 | (130,736,519) | (209,936,061) |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 006 + 013) | 14 | 6,906,511 | 19,910,398 |
| Cash flow from investment activities | |||
| 1 Cash receipts from sales of fixed tangible and intangible assets | 15 | 75,272 | 6,368 |
| 2 Cash receipts from sales of financial instruments | 16 | - | 1,000,000 |
| 3 Interest received | 17 | 602 | 398 |
| 4 Dividends received | 18 | 700,000 | - |
| 5 Cash receipts from repayment of loans and deposits | 19 | 4,293,924 | 263,165 |
| III Total cash receipts from investment activities (ADP 015 to 020) | 21 | 5,069,798 | 1,269,931 |
| 1 Cash payments for the purchase of fixed tangible and intangible assets | 22 | (3,208,556) | (5,422,550) |
| 3 Cash payments for loans and deposits | 24 | (4,155,175) | - |
| IV Total cash payments from investment activities (ADP 022 to 026) | 27 | (7,363,731) | (5,422,550) |
| B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 021 + 027) | 28 | (2,293,933) | (4,152,619) |
| Cash flow from financing activities | |||
| 3 Cash receipts from credit principals, loans and other borrowings | 31 | - | 17,000,000 |
| 4 Other cash receipts from financing activities | 32 | 8,640 | 80 |
| V Total cash receipts from financing activities (ADP 029 to 032) | 33 | 8,640 | 17,000,080 |
| 1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial | 34 | (1,890,766) | (13,819,024) |
| 3 Cash payments for finance lease | 36 | (1,654,076) | (2,517,870) |
| 5 Other cash payments from financing activities | 38 | (1,271,219) | (188,150) |
| VI Total cash payments from financing activities (ADP 034 to 038) | 39 | (4,816,061) | (16,525,044) |
| C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 + 039) | 40 | (4,807,421) | 475,036 |
| 1 Unrealised exchange rate differences in cash and cash equivalents | 41 | (374,959) | 263,469 |
| D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 + 040 + 041) | 42 | (569,802) | 16,496,284 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 43 | 10,261,898 | 9,692,096 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (ADP 042+043) | 44 | 9,692,096 | 26,188,380 |
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Report on the changes in the capital for the current period
| Item | ADP code | Attributable to owners of the parent | Total capital and reserves | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||
| 1 | 2 | 3 | 4 | 6 | 7 | 10 | 16 | 17 | -> 8 do 17) | 28 (18+19) |
| Current period | ||||||||||
| 1 Balance on the first day of the current business year | 28 | 41,247,193 | 12,386,939 | 1,123,568 | 1,123,568 | 6,404,565 | (4,745,588) | - | 55,293,109 | 55,293,109 |
| 4 Balance on the first day of the current business year (restated) (ADP 27 to 29) | 31 | 41,247,193 | 12,386,939 | 1,123,568 | 1,123,568 | 6,404,565 | (4,745,588) | - | 55,293,109 | 55,293,109 |
| 5 Profit/loss of the period | 32 | - | - | - | - | - | - | 11,810,950 | 11,810,950 | 11,810,950 |
| 7 Changes in revaluation reserves of fixed tangible and intangible assets | 34 | - | - | - | - | 3,095,242 | - | - | 3,095,242 | 3,095,242 |
| 22 Transfer to reserves according to the annual schedule | 49 | - | - | - | - | - | 2,615,160 | - | 2,615,160 | 2,615,160 |
| 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 | 9,499,807 | (2,130,428) | 11,810,950 | 72,814,462 | 72,814,462 |
| 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 | - | - | - | - | 3,095,242 | - | - | 3,095,242 | 3,095,242 |
| II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 31+50) | 53 | - | - | - | - | 3,095,242 | - | 11,810,950 | 14,906,193 | 14,906,193 |
| III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY | 54 | - | - | - | - | - | 2,615,160 | - | 2,615,160 | 2,615,160 |
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22
Report on the changes in the capital for the previous period
| Item | ADP code | Attributable to owners of the parent | Total capital and reserves | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Initial (subscribed) capital | Capital reserves | Reserves for treasury shares | Shares sold buildings (deductible item) | Revaluation reserves | Retained profit / less brought forward | Profit/less for the business year | Total attributable to owners of the parent | |||
| 1 | 2 | 3 | 4 | 6 | 7 | 10 | 16 | 17 | <- 8 do 17) | 28 (18 > 19) |
| Previous period | ||||||||||
| 1 Balance on the first day of the previous business year | 1 | 41,247,193 | 12,386,939 | 1,123,568 | 1,123,568 | 6,404,565 | - | - | 60,038,697 | 60,038,697 |
| 4 Balance on the first day of the previous business year (restated) (ADP 01 to 03) | 4 | 41,247,193 | 12,386,939 | 1,123,568 | 1,123,568 | 6,404,565 | - | - | 60,038,697 | 60,038,697 |
| 5 Profit/loss of the period | 5 | - | - | - | - | - | - | 2,615,160 | 2,615,160 | 2,615,160 |
| 22 Transfer to reserves according to the annual schedule | 22 | - | - | - | - | - | (4,745,588) | - | (4,745,588) | (4,745,588) |
| 24 Balance on the last day of the previous business year reporting period (ADP 04 to 23) | 24 | 41,247,193 | 12,386,939 | 1,123,568 | 1,123,568 | 6,404,565 | (4,745,588) | 2,615,160 | 57,908,269 | 57,908,269 |
| 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 | - | - | - | - | - | - | - | - | - |
| II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+24) | 26 | - | - | - | - | - | - | 2,615,160 | 2,615,160 | 2,615,160 |
| III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN | 27 | - | - | - | - | - | (4,745,588) | - | (4,745,588) | (4,745,588) |
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23
NOTES TO FINANCIAL STATEMENTS
Dalekovod, joint stock company for engineering, production and construction
Marijana Čavića 4, 10 000 Zagreb, Hrvatska, 10001 Zagreb, P.O. Box 128
URL: www.dalekovod.hr, www.dalekovod.com
E-mail: [email protected]
Share capital: 41.247.193,00 eur / 310.776.975,66 kn. Number of shares: 41.247.193
IBAN: HR8323600001101226102 ZABA Zagreb
MBS: 080010093, Commercial Court in Zagreb
MB: 3275531 OIB: 47911242222
Business code: 71.12 (Engineering and related technical consultancy)
Basic information
MANAGEMENT BOARD
Eugen Paić-Karega – Chairman to the Management Board
Tvrtko Zlopaša – Member of the Management Board
SUPERVISORY BOARD
Gordan Kolak (Chairman of the Supervisory Board),
Mario Radaković (Deputy Chairman of the Supervisory Board)
Ivan Paić (Member of the Supervisory Board),
Dalibor Štrlek (Member of the Supervisory Board),
Miki Huljić (Member of the Supervisory Board).
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Basic information (continued)
Description of products and services
Dalekovod d.d. has specialized in the implementation of contracts per „turnkey“ system within the following fields:
- electric power facilities, especially transmission lines from 0.4 to 750 kV
- substations of all levels and voltage levels up to 500 kV
- air, underground and underwater cables up to 110 kV
- telecommunication facilities, all network and antenna types
- production of suspension and jointing equipment for transmission lines and substations from 0.4 to 750 kV
- production and installation of all metal parts for transmission lines and roads, especially road lighting, protective railing and traffic signalization, tunnel lighting and traffic management
- electrification of train and tram railways
Amendments to the Financial Standing and Performance Report
The 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 previous business year have been described in the Management Board Report issued jointly with these financial statements.
Access to financial statements
The revised annual financial statements for the Company and the Group for 2024 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 implemented in the preparation of the financial statements for 2025 are the same as the accounting policies implemented in the annual financial statement for 2024.
Performance
An explanation of the Company's and Group's performance is given in the Management Board Report attached hereto.
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25
Contingent and Assumed Liabilities
As of 31 December 2025, the Group has contracts that have commenced but are not yet completed. The revenues expected to arise from these contracts are estimated at EUR 414 million.
As of 31 December 2025, the Group and the Company are exposed to contingent liabilities arising from issued bank guarantees (as a means of securing payment or ensuring the quality of completed works) totaling EUR 89,063 thousand and EUR 78,020 thousand, respectively (as of 31 December 2024: EUR 92,503 thousand for the Group and EUR 78,408 thousand for the Company). In addition, the Company is exposed as a co-debtor for subsidiaries in the total amount of EUR 12,636 thousand (31 December 2024: EUR 12,552 thousand). During the period, a claim was made under a guarantee by the investor Mepso amounting to EUR 780 thousand for the Skopje–Veles transmission line project. The Group considers this claim unfounded, and the reconciliation process is underway, which is expected to result in a refund of the collected amount.
Regarding other exposures, the Group and the Company assess that it is not probable that payments will be required under these bank guarantees, as both the Group and the Company continue to fulfill contractual obligations under projects in the agreed quality and within the contracted deadlines, consistent with previous periods.
During regular operations, the Group has been involved in several legal proceedings, either as plaintiff or defendant. In the opinion of Management and the legal advisor, provisions have been recognized for those disputes that could potentially result in losses. In addition to these, there are legal disputes that, in the opinion of Management and the legal advisor, are not expected to result in losses.
Income and expenditure
All 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.
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Empoyees
As of 31 December 2025, the Company employed 806 people, while the Group employed 1,116 people. The reduction in the number of employees in Production is a result of the divestment of Dalekovod MK from the Dalekovod Group.
Below is the breakdown of employees by companies within the Group:
| Dalekovod Group | ||
|---|---|---|
| Number of employees | 31.12.2024 | 31.12.2025 |
| Dalekovod DD | 684 | 806 |
| Proizvodnja (MK i OSO i Cinčaona do 2019) | 276 | 183 |
| Dalekovod projekt | 98 | 104 |
| EMU | 10 | 10 |
| Other affiliates | 13 | 13 |
| Total Group | 1,081 | 1,116 |
Capitalization of Costs
In 2025, neither the Company nor the Group capitalized payroll costs.
Deferred Tax Assets and Liabilities
In the Statement of Financial Position, the Company and the Group recognize a Deferred Tax Liability (2025: EUR 2.1 million; 2024: EUR 1.4 million) and a Deferred Tax Asset (2025: EUR 1.9 million). The Company recognized the Deferred Tax Asset based on carried forward tax losses.
Capital
As of December 31, 2025, the capital was divided in 41,247,193 shares in the nominal value of EUR 1.00 each.
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The shareholders structure as of December 31, 2025 is as follows:
| Shareholders | Number of shares | Share | ||
|---|---|---|---|---|
| 30.09.2025. | 31.12.2025. | 30.09.2025. | 31.12.2025. | |
| Končar d.d. | 31,000,271 | 31,000,271 | 75.16% | 75.16% |
| Financial Institutions | 7,749,293 | 7,705,231 | 18.79% | 18.68% |
| Foreign | 3,574 | 3,574 | 0.01% | 0.01% |
| Individuals | 2,312,042 | 2,343,096 | 5.61% | 5.68% |
| Own Shares | 988 | 988 | 0.00% | 0.00% |
| Others | 181,025 | 194,033 | 0.44% | 0.47% |
| Total | 41,247,193 | 41,247,193 | 100% | 100% |
Merger, acquisition, disposal, establishment
On 1 October 2025, the transaction for the sale of 100% of the share capital in DALEKOVOD MK d.o.o. to KONČAR MK d.o.o. was completed. The profit from the transaction amounted to EUR 621,062.
At the Group level, the transaction resulted in a net effect of EUR -1,733,002, due to the derecognition of Dalekovod MK's net assets and the recognition of the transaction gain.
No mergers, acquisitions, or new company formations took place.
Uncertainty
In 2025, 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 balance sheet date
As of 31 December 2025, no events after the reporting date have been recorded.
Other publications
Other publications related to understanding and interpretation of these reports are indicated in the Management Board Report attached hereto.
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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. | 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., BIN | Dalekovod Norge AS, Norveška | Dalekovod OSO d.o.o. | |
|---|---|---|---|---|---|---|---|---|---|
| I. INITIAL (SUBSCRIBED) CAPITAL | 41,247,193 | 2,772,500 | 198,553 | 65,300 | 1,315 | 217,172 | 8,041 | 171,656 | 2,982,840 |
| II. CAPITAL RESERVES | 12,386,939 | - | - | - | - | - | - | - | - |
| III. RESERVES FROM PROFIT | - | 609,152 | - | - | - | 26,831 | - | - | 20 |
| IV. REVALUATION RESERVES | 9,499,807 | - | - | - | - | - | - | - | - |
| VI. RETAINED PROFIT OR LOSS BROUGHT FORWARD | (2,130,428) | - | (19,688) | (22,433) | 3,072 | 976,997 | 3,473,009 | 29,893 | 2,684,018 |
| VII. PROFIT OR LOSS FOR THE BUSINESS YEAR | 11,810,950 | 264,782 | (71,630) | (4,837) | (2,305) | 309,739 | 1,235,710 | 440 | 905,747 |
| Total capital | 72,814,462 | 3,646,434 | 107,236 | 38,029 | 2,082 | 1,530,738 | 4,716,760 | 201,989 | 6,572,626 |
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