Dalekovod d.d. — Interim / Quarterly Report 2015

Sep 3, 2015

Dalekovod d.d. Marijana Čavića 4 10 000 Zagreb

oalekovop

Management Report for January - June 2015

Unaudited, consolidated

Zagreb, 31 July 2015

CONTENTS:

• T. MANAGEMENT REPORT
• П. DECLARATION
• Ш. BALANCE SHEET
• IV. STATEMENT OF COMPREHENSIVE INCOME
• V. CASH FLOW STATEMENT
• STATEMENT OF CHANGES IN EQUITY VI.
• VII. NOTES TO FINANCIAL STATEMENTS

I. MANAGEMENT REPORT

Croatian quality

In the first half of 2015, Dalekovod Group (the "Group") achieved revenues in the amount of HRK 483 million, which is approximately the same level of revenues as achieved in the same period in 2014. Operating revenues prior to depreciation (EBITDA) are HRK 30 million, which is 44% less than the achieved in the same period in 2014. The Group's net income is HRK 6.7 million.

DaLekovop

In the same period, Dalekovod d.d. (the "Company") achieved operating revenues of HRK 338 million, which is at the level of revenues achieved in the first half of 2014. The revenues achieved in the first half of 2015 are lower than the planned due to delayed works primarily on domestic market because of public tenders postponement, and in Ukraine as a result of the local political situation. We expect that works on Ukraine projects will be completely realized by the end of the year and thus the planned revenues from that market achieved. The structure of works on the projects has resulted in higher operating expenses in relation to the last year. In addition, the Company had a one-time expense of obtaining the ECA guarantee for the project in Kosovo in the amount of ca. HRK 12 million. This has caused 66% lower earnings before depreciation (EBITDA) than the achieved in the first half of 2014, and they amount to HRK 13.4 million. In the first half of 2015, strong fluctuation of the Ukrainian currency - hryvnia (UAH) with a positive net effect

significantly affected the financial revenues and expenses.

The net income of HRK 6.9 million in the first half of 2015 was earned in regular operation and it is not comparable with the net income of HRK 217.8 million earned in the same period last year which was the result of financial income in the amount of HRK 223.7 million obtained as a result of the pre-bankruptcy settlement and calculation of the fair value of the deriving financial instruments. According to the prebankruptcy settlement and refinancing of liabilities to financial institutions, suppliers and other creditors, the fair value on the reporting date was calculated and presented in financial statements for 2014 in accordance with the International Accounting Standards representing a one-time effect on the Company's Income Statement and Balance Sheet.

The Company's business in the first half of 2015 was marked by positive shifts in the Company's and Group's operations:

• The Company is being restructured as planned
• Strong focus on the core activity and obtaining new contacts abroad ö
• Commitments undertaken by the pre-bankruptcy settlement are regularly settled

The change in the strategy of the Company and the Group include a strong focus on international markets. The Company and its management continue with further optimization of fixed costs for the Company to adapt to the newly emerged setting of reduced demand on the local market and adapt for penetrating international markets.

During the past period, the Company used additional efforts to obtain projects on the international market and new contracts on the international market were signed in the amount of ca. EUR 79.5 million. In August a new contract on Finnish market will be signed in the amount of ca. EUR 20 million, which is Dalekovod's first step forward to this promising market. In addition to the domestic market, the Company carries out the projects in Norway, Ukraine, Latvia, Montenegro, Kosovo, Poland and Slovenia.

The Group and the Company are competing in a number of tenders in the country and abroad to contract new works and meet the plan for sustainable growth of revenues in the upcoming years. As a result of strong international activity, the Company is expected to be awarded significant new contracts abroad, of which the Company will promptly notify its shareholders.

For the Company's Management Board:

Adrijana Raković, Marko Jurković

Members of the Management Board Dalekovod d.d.

Ĥ. DECLARATION

Croatian quality

Pursuant to Article 410, paragraph 1 and Article 407, paragraph 2, subparagraph 3 and paragraph 3 of the Capital Market Act, the persons responsible for preparation of the Report: Paško Vela - President of the Management Board, member of the Management Board, Željko Lakić - member of the Management Board, Adrijana Raković - member of the Management Board, Marko Jurković - member of the Management Board, hereby make this

DECLARATION

To the best of our knowledge, the summary set of financial statements of DALEKOVOD, prepared in compliance with the appropriate financial reporting standards, provides a full and true view of the assets and liabilities, as well as the operating result of DALEKOVOD, with a brief comment on the causes of the information provided. The financial statements have not been audited.

For the Company's Management Board:

JaLekovop

Adrijana Raković, Marko Jurković

Ш. BALANCE SHEET

Assets

Name of position:	AOP	Previous year (net)	Current year (net)
			DALEKOVOD jsc
1	$\overline{2}$	3	$\overline{\mathbf{4}}$
ASSETS
AI SUBSCRIBED CAPITAL UNPAID	001	0	n
B) NON CURRENT ASSETS (003+010+020+029+033)	002	1.068.950.323	1.064.828.624
INTANGIBLE ASSETS (004 to 009)	003	19.142.919	16.832.867
1. Research & Development expenditure	004	$\Omega$	$\Omega$
2. Patents, licences, roy alties, trade marks, software&similar rights	005	19.141.032	16.831.330
3. Goodwill	006	$\Omega$	$\alpha$
4. Prepay ments for intangible assets	007	$\circ$	$\overline{0}$
5. Intangible assets under construction	008	1.887	1.537
6. Other intangible assets	009	$\mathbf{0}$	$\circ$
II. TANGIBLE ASSETS (011 to 019)	010	497.507.434	496.912.293
1. Land	011	164.913.887	165.780.578
2. Property	012	53,740.411	63.679.319
3. Plants and equipment	013	61.144.279	54.860.075
4. Tools, plants &v ehicles	014	2.062.782	1.038.864
5. Biological asset	015 016	$\circ$ $\mathbf 0$	0 $\overline{0}$
6. Prepay ments for tangible assets 7. Assets under construction	017	0	$\overline{0}$
8. Other tangible assets	018	O	$\Omega$
9. Investments property	019	215.646.075	211.553.457
III, NON-CURRENT FINANCIAL ASSETS (021 to 028)	020	485 835,440	477.881.419
1. Share in related parties	021	287.780.917	280.534.492
2. Loans to related parties	022	13.921.127	13.786.413
3. Participating interests (stakes)	023	20.238.100	20.241.520
4. Loans to participating interest	024	0	$\Omega$
5. Investments in securities	025	9.856,565	9.870.236
6. Loans & deposits	026	2.680.872	2.643.980
7. Other non-current financial assets	027	151.357.859	150.804.778
8. Investment accounted by equity method	028	0	$\circ$
IV. TRADE RECEIVABLES (030 to 032)	029	66.464.530	73.202.045
1. Receivables from related parties	030	0	O
2. Receivables from credit sales	031	0	$\Omega$
3. Other receiv ables	032	66.464.530	73.202.045
V. DEFERRED TAX ASSETS	033	$\mathbf 0$	$\mathbf{0}$
C) CURENT ASSETS (035+043+050+058)	034	549.810.001	521.602.037
I. INVENTORIES (036 to 042)	035	20.313.480	42.384.892
1. Raw materials & consumables	036	19.725.812	29.346.425
2. Work in progress	037	$\overline{0}$	$\Omega$
3. Products	038	580.545	549.099
4. Merchandise	039	7.123	12.489.368
5. Prepay ments for inventories 6. Other available-for-sale assets	040 041	$\mathbf 0$ $\overline{0}$	0 $\mathbf{0}$
7. Biological asset	042	$\overline{0}$	$\overline{0}$
II. RECEIVABLES (044 to 049)	043	412.815.574	349.383.200
1. Receivables from related parties	044	55.330.944	29.147.820
2. Trade receivables	045	302.117.479	264.833.402
3. Receivables from participating parties	046	1.108.572	708.895
4. Amounts receivable from employees	047	99.610	152.645
5. Receivables from government agencies	048	15.489.948	18.106.310
6. Other receiv ables	049	38.669.021	36.434.128
III. CURRENT FINANCIAL ASSETS (051 to 057)	050	74.918.463	90.704.200
1. Share in related parties	051	$\circ$	O
2. Loans to related parties	052	17.702.151	22.395.929
3. Participating interests (stakes)	053	$\circ$	0
4. Loans to participating interest	054	2.000.000	0
5. Investments in securities	055	40.177.710	40.177.710
6. Loans & deposits	056	15.038.602	28.130.561
7. Other financial assets	057	$\circ$	0
IV. CASH ON HAND AND IN THE BANK	058	41 762.484	39.129.745
D) PREPAYMENTS AND ACCRUED INCOME	059	243.351	514.452
E) TOTAL ASSETS (001+002+034+059)	060	1.619.003.675	1.586.945.113
F) OFF-BALANCE SHEET ITEMS	061	441.662.074	495.018.546

Previous year (net)	Current year (net)
DALEKOVOD GROUP
5	Ŕ
Ō	Ö
1.214.364.820	1.194.632.597
22 182 740	19.876.294
0	o
20.969.740	18.559.044
1.213.000 0	1.213.000 Ω
0	104.251
$\Omega$	0
962 099 614	940.657.529
246.325.821	246.175.866
229.547.969 95.808.778	210.873.764 95.568.321
11.720.396	10.339.651
0	0
0	44.895
12.861.258	15.589.808
Ö 365.835.392	ö 362.065.224
157 986 706	158.537.016
n	46.448
O	0
14.653.574	14.836.604
0	0
10.269.173 5.568.987	10.280.695 6.344.180
127.494.972	27.029.089
o	٥
72.095.760	75.561.758
0	0
٥ 72.095.760	0 75.561.758
816.682.971	770.753.711
211 669.333	214.889.679
83.113.674	85.143.271
14.574.519 39.548.664	739.654 6. 30.370.717
8.534.589	21.857. 185
855.040	287.986
65.042.847	70.490.866
Ō
470.425.942 0	407.741.602 0
405.747.748	330.252.871
1.335.788	966.803
176.622	258.557
771.624 24. 38.394.160	23.204.023 53.059.350
68.200.482	88.892.601
0	$\overline{0}$
Ō	0
O	0
2.000.000	0
40.679.848 25.520.634	40.177.710 48.714.891
0	0
66.387.214	59.229.828
6.802.740	15.316.484
2.037.850.531	980.702.793 1
479.622.013	530.336.956

國

• 8 Croatian quality $\mathbf R$

Name of position:	AOP	Previous year (net)	Current year (net)	Previous year (net)	Current year (net)
			DALEKOVOD jsc		DALEKOVOD GROUP
1	$\overline{2}$	$\overline{\mathbf{3}}$	$\blacktriangle$	5	6
EQUITY AND LIABILITIES
A) CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	322.063.966	329.014.037	326.829.285	333.501.020
SHARE CAPITAL	063	247.193.050	247.193.050	247.193.050	247.193.050
II. CAPITAL RESERVES	064	86.141.670	86.141.670	86.141.670	86.141.670
III RESERVES FROM PROFIT (066+067-068+069+070)	065	44 368 386	44.368.886	74.098.665	74.389.320
1. Legal reserves	066	11.486.600	11,486,600	11.651.984	11.651.229
2. Reserves for own shares	067	7.773.071	7.773.071	7.773.071	7.773.071
3. Own shares and stakes (less)	068	7.773.071	7.773.071	7.773.071	7.773.071
4. Statutory reserves	069	32.882.286	32.882.286	32.882.286	32.924.976
5. Other reserves	070	$\Omega$	o	29.564.395	29.813.115
IV. REVALUATION RESERVES	071	40.014.573	40.031.664	40,014.627	40.031.718
V. RETAINED EARNINGS OR LOSS BROUGHT FORWARD (073-074)	072	$-159.390.318$	-95.654.213	-116.247.569	$-119.971.641$
1. Retained earnings	073
2. Loss brought forward	074	159.390.318	95.654.213	116.247.569	119.971.641
VI. PROFIT OR LOSS FOR THE FINANCIAL YEAR (076-077)	075	63.736.105	6.932.980	$-3.724.072$	6.932.016
1. Profit for the financial year	076	63.736.105	6.932.980	$\circ$	6.932.016
2. Loss for the financial year	077	0	O	3.724.072
VII MINORITY INTEREST	078	$\Omega$		-647.086	$-1.215.114$
B) PROVISIONS (080 to 082)	079	6.172.600	6.172.600	9.458.957	9.038.073
1. Provisions for pensions, severance pay and similar libabilities	080	6.172.600	6.172.600	7.029.074	9.006.613
2. Provisions for tax obligations	081	0		$\circ$
3. Other provisions	082	0	$\Omega$	2.429.883	31.460
C) NON-CURRENT LIBILITIES (084 to 092)	083	704.461.778	697.872.559	672.770.303	649.193.166
1. Liabilites to related parties	084	59.201.247	59,500.808	$\circ$
2. Liabilities for loans, deposits and other	085	$\Omega$	$\Omega$	$\Omega$
3. Liabilities towards banks and other financial institutions	086	407.616.798	407.616.799	429.230.879	417.794.379
4. Amounts pay able for prepay ment	087	$\Omega$	$\Omega$
5. Trade pay ables	088	204.382.993	199.802.414	210.278.684	200.446.249
6. Amounts pay able for securities	089	20.144.118	20.144.118	20.144.118	20.144.118
7. Liabilities toward participating interests	090	3.112.479	804.277	3.112.479	804.277
8. Other non-current liabilities	091	$\Omega$	$\Omega$	$\circ$
9. Deffered tax	092	10.004.143	10.004.143	10.004.143	10.004.143
D) CURRENT LIABILITIES (094 to 105)	093	574.108.756	539.864.134	1.016.595.411	974.783.858
1. Liabilites to related parties	094	31.312.674	35.726.610	$\circ$
2. Liabilities for loans, deposits and other	095	0	1.713.820	$\mathbf{0}$	1.762.006
3. Liabilities towards banks and other financial institutions	096	220.519.103	220.383.653	541.119.870	549.027.757
4. Amounts pay able for prepay ment	097	100.166.424	71.401.261	103.831.552	74.253.507
5. Trade pay ables	098	177.131.926	172.815.674	232.025.669	226.627.596
6. Amounts pay able for securities	099	0	$\circ$	$\Omega$
7. Liabilities toward participating interests	100	$\Omega$		586,699	744.788
8. Liabilities to emloyees	101	6.086.482	11.695.029	29.010.192	30.937.069
9. Taxes, contributions and similar liabilities	102	23.654.904	11.437.977	33.287.319	22.799.034
10. Liabilities arising from share in the result	103	1.899.762	1.899.762	1.899.762	1.899.762
11. Liabilities arising from non-current assets held for sale	104	O	$\overline{0}$	0
12. Other current liabilities	105	13.337.481	12.790.348	74.834.348	66.732.338
E) ACCRUED EXPENSES AND DEFERRED INCOME	106	12.196.575	14.021.783	12.196.575	14.186.677
F) TOTAL LIABILITIES (062+079+083+093+106)	107	1.619.003.675	1.586.945.113		2.037.850.531 1.980.702.793
G) OFF-BALANCE SHEET ITEMS	108	441.662.074	495.018.546	479.622.013	530.336.956
ANNEX TO THE BALANCE SHEET (to be filled in by a company preparing the consolidated annual financial statements
A) CAPITAL AND RESERVES
1. Attributable to equity holders of the parent company's capital	109			327.476.371	334.716.134
2. Attributable to non-controlling interests	110			$-647.086$	$-1.215.114$

TÜV

CERT

333.501.020 247.193.050 86.141.670 74.389.320 11.651.229 7.773.071 7.773.071 32.924.976 29.813.115 40.031.718 $-119.971.641$ $\overline{0}$ 119.971.641 6.932,016 6.932.016 $\overline{0}$ $-1, 215, 114$
9.038.073 9.006.613 $\overline{\mathbf{0}}$ 31,460 649.193.166 $\overline{\mathbf{0}}$ $\overline{0}$ 417.794.379 $\overline{\mathbf{0}}$ 200.446.249 20.144.118 804.277 $\overline{0}$ 10.004.143 974.783.858 $\overline{0}$ 1.762,006 549.027.757 74.253.507 226.627.596 $\overline{\circ}$ 744.788 30.937.069 22.799.034 1.899.762 $\overline{0}$ 66.732.338 14.186.677 980.702.793 530.336.956 334.716.134 $-1.215.114$

JaLekovop

IV. STATEMENT OF COMPREHENSIVE INCOME

Name of position	AOP	1H 2014	1H 2015	1H 2014	1H 2015
1	$\overline{2}$	$\overline{\mathbf{3}}$	$\overline{\bf{4}}$	5	$6\phantom{a}$
OPERATING INCOME (112+113)	111	339.661.569	DALEKOVOD J.S.C. 338.113.230	DALEKOVOD GROUP 486.246.189	483.257 303
1. Sales revenue	112	333, 769, 416	333.036.395	470.284.587	473 190 915
2. Other operating income	113	5 892.153	5.076.835	15,961,602	10.066.388
II. OPERATING EXPENSES (115+116+120+124+125+126+129+130)	114	315,773,653	341.584.082	455.113.966	478.624.708
1. Changes in inventories of finished products and work in progress 2. Material costs (117 to 119)	115 116	53.046 190.514.212	31.445 209.724.755	$-9.208.055$ 265.146.172	15.257.410 251.846.580
a) Cost of raw materials & consumables	117	47.247.310	70.445.249	77.297.337	95.421.085
b) Cost of goods sold	118	12.879.535	35 137 618	48.429.384	34 886 905
c) Other costs	119	130.387.367	104.141.888	139.419.450	121.538.591
3. Staff costs (121 to 123)	120	57.138.656	58.800.224	102.413.380	104.915.221
a) Net salaries	121	39.170.830	38.900.316	65.359.583	66.579.779
b) Employ ee income tax c) Tax on pay roll	122 123	11.558.625 6.409 201	12.790.112 7.109.796	24.360.692 12.693.105	24.479.704 13.855.738
4. Depreciation and amortisation	124	16.447.989	16.862.586	22.824.938	25.438.960
5. Other expenditures	125	45.448.062	55.855.029	63 987 882	72.635 874
6. Value adjustment (127+128)	126	$\Omega$	33.181	58.532	33 181
a) non-current assets (without financial assets)	127	$\circ$	$\Omega$
b) current asssets (without financial assets)	128	$\overline{0}$	33 181	58.532	33.181
7. Provisions 8. Other operating expenses	129 130	500.000 5.671.688	276.862	500.000 9.391.117	8.497.482
III. FINANCIAL INCOME (132 to 136)	131	228.482.315	87 155 767	204.211.699	82.510.926
1. Interest income, foreign exhange differences, dividends and other financial		29.283.364	11.847.042	326,764	o
income related to subsidiaries	132
2. Interest income, foreign exchange differences, dividends and other financial income related to third parties	133	20.539.859	75.308.725	25.218.168	82.488.297
3. Part of income from associates and participating interests	134	$\Omega$	$\circ$	7.471
4. Unrealized gains (income) from the financial assets	135	$\Omega$	$\overline{0}$
5. Other financial income	136	178.659.092	o	178,659,296	22.629
IV. FINANCIAL COSTS (138 to 141)	137	12.599.312	76.751.935	23.462.067	83.123.566
1. Interest, foreign exchange dfifferences and other expenses related to subsidiaries	138	393.026	927 826
2. Interest, foreign exchange differences and other expenses related to third parties	139	9.418.622	71.801.691	20.592.334	79.098.105
3. Unrealized loss (expenses) from the financial assets	140	$\Omega$	0	7.471
4. Other financial expenses	141	2.787.664	4.022.418	2,862.261	4.025.460
SHARE OF INCOME OF ASSOCIATES	142	$\overline{0}$	O	52.730	5.626.369
SHARE OF LOSS OF ASSOCIATES VI. EXTRAORDINARY - OTHER INCOME VII.	143 144	$\bf{0}$ $\Omega$	$\overline{0}$ o	2.444.877 $\Omega$	857 О
VIII. EXTRAORDINARY - OTHER EXPENSES	145	$\overline{0}$		$\overline{0}$
IX. TOTAL INCOME (111+131+142+144)	146	568.143.884	425.268.997	690.510.618	571.394.598
TOTAL EXPENSES (114+137+143 + 145) X.	147	328.372.965	418.336.017	481.020.909	561.749.131
XI. PROFIT OR LOSS BEFORE TAX (146-147)	148	239,770.919	6:932.980	209.489.709	9.645.467
1. Profit before tax (146-147) 2. Loss before tax (147-146)	149	239.770.919	6,932,980	209, 489, 709	9.645.467 $\Omega$
XII. INCOME TAX EXPENSE	150 151	$\circ$ 287 364	$\circ$ $\bf{0}$	n 1.539.342	2.976.893
XIII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	239.483.555	6.932.980	207.950.367	6.668.575
1. Profit for the period (149-151)	153	239, 483, 555	6.932.980	207, 950, 367	6.668.575
2. Loss for the period (151-148)	154	$\circ$	$\Omega$	$\circ$	$\circ$
ANNEX TO THE PROFIT AND LOSS ACCOUNT (to be filled in by entities submitting consolidated financial statements)
XIV. PROFIT OR LOSS FOR THE PERIOD 1. Attributable to owners of the company	155	0	$\circ$	207.954.628	6.932.014
2. Attributable to non-controlling interests	156	$\overline{0}$	$\overline{0}$	$-4.262$	$-263.439$
STATEMENTS OF COMPREHENSIVE INCOME (to be filled by entities who work in compliance with IFRS)
PROFIT OR LOSS FOR THE PERIOD (= 152)	157	239, 483, 555	6.932.980	207.950.367	6.668.575
II. OTHER COMPREHENSIVE INCOME /LOSS BEFORE TAX (159 to 165)	158	0	$\circ$	$\overline{0}$	O
1. Exchange differences arising from foreign operations	159	$\overline{0}$	$\circ$	O	$\overline{0}$
2. Revaluation of non-current assets and intangible assets 3. Gains or loss available for sale investments	160 161	$\mathbf 0$ $\overline{\mathbf{0}}$	$\circ$ $\overline{0}$	$\mathbf{O}$ $\mathbf{0}$	$\overline{0}$ $\overline{0}$
4. Gains or loss on net movement on cash flow hedges	162	$\overline{0}$	$\overline{0}$	$\overline{0}$	O
5. Gains or loss on net investments hedge	163	O	0	$\overline{0}$	$\circ$
6. Share of the other comprehensive income/loss of associates	164	$\overline{0}$	$\overline{0}$	$\overline{0}$	$\overline{\mathbf{0}}$
7. Acturial gain / loss on post employ ment benefit obligations	165	$\overline{0}$	$\overline{0}$	$\circ$	$\overline{\mathbf{0}}$
III. TAX ON OTHER COMPREHENSIVE INCOME OF THE PERIOD	166	$\overline{0}$	$\overline{0}$	$\circ$	$\overline{0}$
IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE YEAR (158-166) V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (157+167)	167 168	$\overline{0}$ 239.483.555	$\circ$ 6.932.980	$\overline{0}$ 207 950 367	$\circ$ 6 668 575
APPENDIX Statement of Comprehensive income (to be filled in by entities submitting consolidated financial statements)
VI. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD
1. Attributable to owners of the company	169	0	$\mathbf{0}$	207.954.628	6.932.014
2. Attributable to non-controlling interests	170	$\overline{\mathbf{0}}$	$\bf{0}$	$-4.262$	$-263.439$

$\overline{7}$

Tekuća godina $\overline{\bf{6}}$

9.645.467 25.438.960 $\overline{0}$ 62.684.340 $\overline{0}$ $\overline{\mathbf{0}}$ 97.768.767 15.743.829 $\overline{0}$ 3.220.346 39.879.879 58.844.054 38.924.713 $\overline{\mathfrak{o}}$

1.086.225 $\sqrt{0}$ 314.313 $\overline{0}$ 6.800.000 8.200.538 1.690.429 46.413 12.610.989 14.347.831 $\overline{\mathbf{0}}$ 6.147.293

$\circ$ 14.848.552 $\overline{\mathbf{0}}$ 14.848.552 15.967.355 $\overline{0}$ 4.634.767 $\overline{0}$ 25.883.035 54.783.358 $\overline{\mathbf{0}}$ 39.934.806 $\overline{0}$ 7.157.386 66.387.214 $\overline{0}$ 7.157.386 59.229.828

V. CASH FLOW STATEMENT

Naziv pozicije	AOP oznaka	Prethodna godina	Tekuća godina	Prethodna godina	Tekuća go
$\overline{1}$	$\overline{2}$	3	4	5	6
			DALEKOVOD d.d.		DALEKOVOD GRUPA
NOVCANI TIJEK OD POSLOVNIH AKTIVNOSTI
1. Dobit prije poreza	001	239.770.919	6.932.980	209.489.709	9.64
2. Amortizacija	002	16.447.989	16.862.586	22.824.938	25.43
3. Povećanje kratkoročnih obveza	003	$\circ$	97.684	$\Omega$
4. Smanjenje kratkotrajnih potraživanja	004	$\mathbf 0$	55.149.061	$\overline{0}$	62.68
5. Smanjenje zaliha	005	$\theta$	$\Omega$	$\overline{0}$
6. Ostalo povećanje novčanog tijeka	006	407.692.544		727.858.472
I. Ukupno povećanje novčanog tijeka od poslovnih aktivnosti (001	007	663.911.452	79.042.311	960.173.119	97.76
1. Smanjenje kratkoročnih obveza	008	93.934.031	$\Omega$	373.473.680	15.74
2. Povećanje kratkotrajnih potraživanja	009	53.651.577	$\Omega$	36.495.869
3. Povećanje zaliha	010	3.100.589	22.071.412	19.723.872	3.22
4. Ostalo smanjenje novčanog tijeka	011	589.163.940	38.230.904	589.163.940	39.87
II. Ukupno smanjenje novčanog tijeka od poslovnih aktivnosti (008	012	739.850.137	60.302.316	1.018.857.361	58.84
A1) NETO POVEĆANJE NOVĆANOG TIJEKA OD POSLOVNIH	013		18.739.995	$\mathbf{0}$	38.92
A2) NETO SMANJENJE NOVĆANOG TIJEKA OD POSLOVNIH	014	75.938.685	O	58.684.242
NOVCANI TIJEK OD INVESTICIJSKIH AKTIVNOSTI
1. Nov čani primici od prodaje dugotrajne materijalne i nematerijalne	015	$\circ$	50.655	0	1.08
2. Novčani primici od prodaje vlasničkih i dužničkih instrumenata	016		7.292.838	$\overline{0}$
3. Novčani primici od kamata	017	28.249	464.269	32,078	31
4. Nov čani primici od dividendi	018		8.298.201	$\Omega$
5. Ostali novčani primici od investicijskih aktivnosti	019	150.486.655	5.361.468	146.471.320	6.80
III. Ukupno novčani primici od investicijskih aktivnosti (015 do 019)	020	150.514.904	21.467.431	146.503.398	8.20
1. Nov čani izdaci za kupnju dugotrajne materijalne i nematerijalne	021	975.871	13.957.393	15.850.517	1.69
2. Novčani izdaci za stjecanje vlasničkih i dužničkih financijskih	022	$\Omega$	46.413	$\circ$
3. Ostali novčani izdaci od investicijskih aktivnosti	023	67.450.109	29.462.110	72.924.498	12.61
IV. Ukupno novčani izdaci od investicijskih aktivnosti (021 do 023)	024	68.425.980	43.465.916	88.775.015	14.34
B1) NETO POVECANJE NOVČANOG TIJEKA OD INVESTICIJSKIH	025	82.088.924		57.728.383
B2) NETO SMANJENJE NOVČANOG TIJEKA OD INVESTICIJSKIH	026	Ö	21.998.485	O	6.14
NOVCANI TIJEK OD FINANCIJSKIH AKTIVNOSTI
1. Novčani primici od izdavanja vlasničkih i dužničkih financijskih	027	$\overline{0}$		0
2. Nov čani primici od glav nice kredita, zadužnica, pozajmica i drugih	028	$\Omega$	7.514.532	$\overline{0}$	14.84
3. Ostali primici od financijskih aktivnosti	029	4.500.000		13.382.273
V. Ukupno novčani primici od financijskih aktivnosti (027 do 029)	030	4.500.000	7.514.532	13.382.273	14.84
1. Nov čani izdaci za otplatu glavnice kredita i obveznica	031	$\circ$	0	6,505,447	15.96
2. Novčani izdaci za isplatu dividendi	032	$\overline{0}$	Ō	$\Omega$
3. Nov čani izdaci za financijski najam	033	4.432.238	4.470.685	4.622.794	4.63
4. Novčani izdaci za otkup vlastitih dionica	034	$\Omega$		$\Omega$
5. Ostali nov čani izdaci od financijskih aktivnosti	035	$\Omega$	2.418.096	$\Omega$	25.88
VI. Ukupno novčani izdaci od financijskih aktivnosti (031 do 035)	036	4.432.238	6.888.781	11.128.241	54.78
C1) NETO POVEĆANJE NOVĆANOG TIJEKA OD FINANCIJSKIH	037	67.762	625.751	2.254.032
C2) NETO SMANJENJE NOVČANOG TIJEKA OD FINANCIJSKIH	038	$\Omega$	$\circ$	10	39.93
Ukupno povećanje novčanog tijeka (013 - 014 + 025 - 026 + 037 - 038)	039	6.218.001	0	1,298,173
Ukupno smanjenje nov čanog tijeka (014 - 013 + 026 - 025 + 038 - 037)	040	$\mathbf{0}$	2.632.739		7.15
Novac i novčani ekvivalenti na početku razdoblja	041	5.546.106	41.762.484	30.068.631	66.38
Povećanje novca i novčanih ekvivalenata	042	6.218.001		1.298.173
Smanjenje nov ca i nov čanih ekviv alenata	043		2.632.739		7.15
Novac i novčani ekvivalenti na kraju razdoblja	044	11.764.107	39.129.745	31.366.804	59.22

VI. STATEMENT OF CHANGES IN EQUITY

Name of position:	AOP	Previous period	Current period	Previous period	Current period
		DALEKOVOD jsc		DALEKOVOD GROUP
1.	$\overline{2}$	$\overline{\mathbf{3}}$	4	5	6
1. Share capital	001	247.193.050	247.193.050	247.193.050	247.193.050
2. Capital reserves	002	86.141.670	86.141.670	86.141.670	86.141.670
3. Reserves from profit	003	44.368.886	44.368.886	74.098.665	74.389.320
4. Retained profit or loss carried forw ard	004	$-159.390.318$	$-95.654.213$	$-116.247.569$	$-119.971.641$
5. Profit or loss of current year	005	63.736.105	6.932.980	$-3.724.072$	6.932.016
6. Revaluation of longterm tangible assets	006	40.014.573	40.014.573	40.014.573	40.014.573
7. Revaluation of intangible assets	007
8. Revaluation of financial assets available for sale	008		17.091		17.091
9. Other revaluations	009
10. Total equity and reserves (AOP 001 to 009)	010	322.063.966	329.014.037	327.476.371	334.716.133
11. Foreign exchange differences arising from the titles of net investment in foreign operations	011	$\Omega$	$\Omega$
12. Current and deferred taxes (part)	012	$\overline{0}$	0	n
13. Cash flow protection	013	$\Omega$
14. Changes in accounting policies	014	$\overline{0}$		n
15. Correction of significant errors in the previous period	015	$\overline{0}$		$\Omega$
16. Other changes in equity	016	$\Omega$		$\overline{0}$
17. Total increase or decrease in equity (AOP 011 to 016)	017	$\mathbf 0$	O	$\bf{0}$	O
17 a. Attributed to parent company equity holders	018			327.476.371	334.716.134
17 b. Attributed to minority interest	019			$-647.086$	$-1.215.114$

VII. NOTES TO FINANCIAL STATEMENTS

1. MANAGEMENT BOARD MEMBERS

• 1. President: Paško Vela
• 1. Member: Adrijana Raković
• 1. Member: Marko Jurković
• 1. Member: Željko Lakić

2. SUPERVISORY BOARD MEMBERS

Chairman: Marko Lesić Deputy Chairman: Ivan Peteržilnik Member: Vlado Čović Member: Uwe Heiland Member: Marko Makek Member: Hrvoje Markovinović Member: Anton Pernar Member: Krešimir Ružđak Member: Mirela Tomljanović Radović

3. SHAREHOLDER STRUCTURE (as at 30 June 2015):

Natural persons	3,474,187
Funds - pension	3,788,509
Banks	1,397,942
Konsolidator d.o.o.	15,000,000
Other	1,014,733
Own shares	43,934
TOTAL	24,719,305

4. MERGERS AND CONSOLIDATIONS

There were no mergers or consolidations in the first half of 2015.

5. UNCERTAINTY

Croatian quality

No items of doubtful and disputable debt affecting the business continuity were identified in the first half of 2015.

JaLekovoj

6. DESCRIPTION OF PRODUCTS AND SERVICES

Over time, Dalekovod d.d. has become specialized in performing contracts on a turnkey basis in the following areas:

• electrical facilities, especially transmission lines between 0.4 and 500 kV
• transformer stations of all levels and voltages up to 500 kV
• · air, underground and underwater cables up to 110 kV
• telecommunication facilities
• all types of networks and antennas
• production of suspension and joining equipment for all types of transmission lines and transformer stations 0.4 and 500 kV
• · production and installation of all metal parts for roads, especially for road lighting, safety barriers and traffic signals
• tunnel lighting and traffic management
• · electrification of railways and tramways

7. CHANGES IN ACCOUNTING POLICIES

No new accounting policies were introduced.