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Dalekovod d.d. — Interim / Quarterly Report 2017
Aug 8, 2017
2088_10-q_2017-08-08_f8eab8b5-a751-4992-9641-14fce585c8c9.pdf
Interim / Quarterly Report
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Zagreb, 28 July 2017
MANAGEMENT REPORT FOR JAN - JUN 2017
Unaudited, consolidated and unconsolidated
Povezujemo svjetove, gradimo budućnost.
SADRŽAJ:
- $\mathbf{L}$ MANAGEMENT BOARD'S REPORT
- $\mathbf{H}$ . DECLARATION
- BALANCE SHEET $III.$
- STATEMENT OF COMPREHENSIVE INCOME $\mathsf{IV}_{\mathsf{L}}$
- $V_{\rm{H}}$ STATEMENT OF CASH FLOWS
- STATEMENT OF CHANGES IN EQUITY $VI.$
- VII. NOTES TO THE FINANCIAL STATEMENTS
MANAGEMENT BOARD'S REPORT
KEY PERFORMANCE INDICATORS
L
Operating results achieved in the first half-year of 2017 indicate continuous recovery and growth in all operating segments of Dalekovod d.d. ("the Company") and Dalekovod Grupa ("the Group") after completing the pre-bankruptcy settlement.
The Croup's and Company's financial stability relied on activities in four key segments: profitable growth and development, cost-effectiveness, stability of cash flow and risk management.
The Group's focus on revenue growth is reflected in the 42.5% increase in operating revenue compared to the same period in 2016, with sales revenue increasing by 57.5%. Revenue growth is the result of a significant increase in activities compared to the same period last year, both on foreign markets, especially Norway and Finland, and on the domestic market. The share of the revenue generated on the foreign markets in the first half-year of 2017 was 63.4%, against 58.75% generated during the same period in 2016. Dalekovod Grupa remains focused on foreign markets and continues to secure new work contracts abroad. The Group secured a new EUR 35 million project in Norway, and a project in Sweden that is particularly significant, as it opens a new market from which Dalekovod has been absent in the past years.
The Group's EBITDA of HRK 39.4 million is lower by 39.6% compared to 2016, which is expected considering the effects of one-time items of revenue obtained by selling rights to the Ministry of Finance in the first quarter of 2016 (HRK 50 million) and currency translation gains from operating activities, while the first half-year of 2017 was unaffected by one-time items. Excluding the one-time items of revenue from 2016, EBITDA grew by 175.7%. In this period the Group's gross margin, as the best indicator of operating effectiveness, increased by HRK 28.1 million.
The Group's net profit obtained in the first half-year is HRK 11.7 million, HRK 16.4 million less compared to 2016, which is also the result of one-time items of revenue in 2016.
During the same period Dalekovod d.d. (the Company) achieved an operating revenue of HRK 555.1 million, which is a 45.3% increase compared to last year. Comparable to the Group level, the Company's sales revenue is particularly highlighted as it increased by 66.9% compared to the same period the year before.
The Company's EBITDA of HRK 41.3 million is 39.0% decrease compared to the same period last year. As with the Group, this is the result of a one-time item of revenue obtained by selling rights to the Ministry of Finance in the first quarter of 2016 (HRK 50 million) and currency translation gains from operating activities. Unaffected by one-time items from 2016, EBITDA for the first half-year increased by 157.4%. At the same time, the gross margin, as the best indicator of operating effectiveness, increased by 68.8%, continuing a strong upward trend for operating cash flow.
The Company's net profit in the first half-year is HRK 11.3 million, a 72.4% decrease compared to the same period last year, which is, as is the case with other indicators, the result of onetime items of revenue from the first half-year of 2016
On behalf of the Management, Board:
Alen Premužak Chairman of the Management Board Dąłekovoj
DECLARATION Ш.
Pursuant to Article 410(1), Article 407(2)(3), and Article (407)(3) of the Capital Market Act, the persons responsible for preparing the financial statements Alen Premužak - Chairman of the Management Board, Marko Jurković - member of the Management Board, Helena Jurčić Šestan - member of the Management Board, Ivica Kranjčić - member of the Management Board, Ivan Kurobasa - member of the Management Board, hereby make this
DECLARATION
To the best of our knowledge, the financial statements for the reporting period, prepared according to applicable financial reporting standards, provide an integral and true view of the assets, liabilities, and operating results of DALEKOVOD and of the companies included in consolidation, with the brief comment of the causes of presented information. The financial statements have not been audited.
On behalf of the Management Board:
Alen Premužak Chairman of the Management Board Dalekovod d.d.
Povezujemo svjetove, gradimo budućnost.
| Ш. | |||
|---|---|---|---|
| ASSETS |
BALANCE SHEET (unaudited)
| Name of position: | AOP | Previous year (net) |
Current year (net) | Previous year (net) |
Current year (net) |
|---|---|---|---|---|---|
| DALEKOVOD jsc | DALEKOVOD GROUP | ||||
| 1 | $\overline{2}$ | $\overline{3}$ | $\overline{4}$ | 5 1 | 6 |
| ASSETS | |||||
| A) SUBSCRIBED CAPITAL UNPAID | 001 | $\mathbf{0}$ | n | $\overline{0}$ | $\mathbf 0$ |
| B) NON CURRENT ASSETS (003+010+020+029+033) | 002 003 |
729.484.108 | 722.464.160 | 519.144.893 14.088.947 |
512.816.383 |
| I. INTANGIBLE ASSETS (004 to 009) 1. Research & Development expenditure |
004 | 9.817.024 $\Omega$ |
8.194.270 | 12.587.548 0 |
|
| 2. Patents, licences, roy alties, trade marks, software&similar rights | 005 | 9.000.768 | 7.378.014 | 10.400.077 | 8.693.342 |
| 3. Goodwill | 006 | $\mathbf{0}$ | 1.213.000 | 1.213.000 | |
| 4. Prepayments for intangible assets | 007 | $\Omega$ | $\Omega$ | 0 | |
| 5. Intangible assets under construction | 008 | 816.256 | 816.256 | 2.475.870 | 2.681.206 |
| 6. Other intangible assets | 009 | $\Omega$ | $\Omega$ | $\Omega$ | |
| II. TANGIBLE ASSETS (011 to 019) | 010 | 367.468.166 | 362.215.154 | 449.683.983 | 444.572.598 |
| 1. Land | 011 | 1.157.642 | 1.157.642 | 21.792.041 | 21.712.600 |
| 2. Property | 012 | 6.491.873 | 6.217.039 | 149.728.949 | 145.924.385 |
| 3. Plants and equipment | 013 | 20.960.778 | 23.196.862 | 76.064.955 | 71.986.677 |
| 4. Tools, plants &v ehicles | 014 | 13.468.054 | 16.484.454 | 25.372.856 | 29.531.525 |
| 5. Biological asset | 015 | $\Omega$ | $\Omega$ | 0 | |
| 6. Prepayments for tangible assets 7. Assets under construction |
016 017 |
$\mathbf{0}$ $\mathbf{0}$ |
$\Omega$ 8.928.218 |
$\circ$ | |
| 8. Other tangible assets | 018 | 161.425.158 | 160.377.357 | 161.425.158 | 8.842.818 160.377.357 |
| 9. Investments property | 019 | 163.964.661 | 154.781.800 | 6.371.806 | 6.197.236 |
| III. NON-CURRENT FINANCIAL ASSETS (021 to 028) | 020 | 326.699.590 | 321.922.709 | 29.677.574 | 25.389.786 |
| 1. Share in related parties | 021 | 276.891.774 | 280.922.991 | $\Omega$ | $\mathbf 0$ |
| 2. Loans to related parties | 022 | 18.924.528 | 13.954.002 | $\Omega$ | $\circ$ |
| 3. Participating interests (stakes) | 023 | 8.290.373 | 8.290.373 | 2.742.698 | 2.693.402 |
| 4. Loans to participating interest | 024 | $\mathbf{0}$ | 0 | ||
| 5. Investments in securities | 025 | 4.073.972 | 410.587 | 4.568.447 | 854.532 |
| 6. Loans & deposits | 026 | 18.518.943 | 18.344.756 | 22.366.429 | 21.841.852 |
| 7. Other non-current financial assets | 027 | $\mathbf{0}$ | $\Omega$ | 0 | |
| 8. Investment accounted by equity method | 028 | $\Omega$ | $\circ$ | ||
| IV. TRADE RECEIVABLES (030 to 032) | 029 | 25.499.328 | 30.132.027 | 25.694.389 | 30.266.451 |
| 1. Receivables from related parties 2. Receivables from credit sales |
030 031 |
$\mathbf 0$ $\Omega$ |
$\Omega$ | 0 $\mathbf 0$ |
|
| 3. Other receivables | 032 | 25.499.328 | 30.132.027 | 25.694.389 | 30.266.451 |
| V. DEFERRED TAX ASSETS | 033 | $\mathbf{0}$ | $\mathbf{0}$ | $\overline{0}$ | |
| C) CURENT ASSETS (035+043+050+058) | 034 | 620.960.788 | 609.500.982 | 926.739.408 | 901.849.616 |
| I. INVENTORIES (036 to 042) | 035 | 11.059.440 | 8.336.926 | 221.770.291 | 219.456.976 |
| 1. Raw materials & consumables | 036 | 10.347.176 | 7.678.923 | 77.210.362 | 70.558.096 |
| 2. Work in progress | 037 | $\mathbf{0}$ | $\Omega$ | 30.502.896 | 20.656.956 |
| 3. Products | 038 | 235.023 | 224.376 | 41.683.014 | 54.217.429 |
| 4. Merchandise | 039 | 477.241 | 433.627 | 6.803.287 | 8.064.934 |
| 5. Prepay ments for inventories | 040 | $\mathbf{0}$ | $\Omega$ | 527.886 | 916.715 |
| 6. Other av ailable-for-sale assets | 041 | $\mathbf{0}$ | $\Omega$ | 65.042.846 | 65.042.846 |
| 7. Biological asset | 042 | $\mathbf{0}$ | $\overline{0}$ | $\mathbf 0$ | $\mathbf 0$ |
| II. RECEIVABLES (044 to 049) 1. Receivables from related parties |
043 044 |
460.315.534 | 472.148.631 | 533.768.966 | 551.972.457 $\Omega$ |
| 2. Trade receivables | 045 | 37.496.398 177.715.374 |
25.636.858 173.018.277 |
275.484.785 | 263.128.394 |
| 3. Receivables from participating parties | 046 | 519.386 | 428.656 | 1.056.277 | 502.654 |
| 4. Amounts receivable from employees | 047 | 197.497 | 95.461 | 221.562 | 120.223 |
| 5. Receivables from government agencies | 048 | 10.334.763 | 9.133.139 | 16.176.070 | 14.114.660 |
| 6. Other receivables | 049 | 234.052.116 | 263.836.240 | 240.830.272 | 274.106.526 |
| III. CURRENT FINANCIAL ASSETS (051 to 057) | 050 | 62.736.871 | 74.529.856 | 65.772.027 | 66.254.327 |
| 1. Share in related parties | 051 | 0 | 0 | ||
| 2. Loans to related parties | 052 | 2.207.466 | 15.675.129 | $\mathbf 0$ | $\mathbf 0$ |
| 3. Participating interests (stakes) | 053 | $\Omega$ | $\mathbf 0$ | ||
| 4. Loans to participating interest | 054 | $\circ$ | |||
| 5. Investments in securities | 055 | 30.485.060 | 30.490.268 | 30.485.060 | 30.490.268 |
| 6. Loans & deposits | 056 | 30.044.345 | 28.364.459 | 35.286.967 | 35.764.059 |
| 7. Other financial assets IV. CASH ON HAND AND IN THE BANK |
057 058 |
$\Omega$ 86.848.943 |
54.485.569 | $\mathbf{0}$ 105.428.124 |
0 64.165.856 |
| D) PREPAYMENTS AND ACCRUED INCOME | 059 | 2.271.497 | 2.661.714 | 2.608.625 | 3.072.637 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 1.352.716.393 | 1.334.626.856 | 1.448.492.926 | 1.417.738.636 |
| F) OFF-BALANCE SHEET ITEMS | 061 | 669.618.925 | 634.411.257 | 793.206.354 | 691.792.784 |
LIABILITIES
| Name of position: | AOP | Previous year (net) |
Current year (net) | Previous year (net) |
Current year (net) |
|---|---|---|---|---|---|
| DALEKOVOD jsc | DALEKOVOD GROUP | ||||
| 1 | $\overline{2}$ | 3 | $\overline{4}$ | 5 | 6 |
| EQUITY AND LIABILITIES | |||||
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 271.183.667 | 282.463.616 | 259.907.516 | 270.793.608 |
| I. 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 | 43.675.007 | 43.675.007 | 75.581.849 | 74.744.130 |
| 1. Legal reserves | 066 | 11.486.600 | 11.486.600 | 11.652.410 | 11.652.410 |
| 2. Reserves for own shares | 067 | 8.465.950 | 8.465.950 | 8.465.950 | 8.465.950 |
| 3. Own shares and stakes (less) | 068 | $-8.465.950$ | $-8.465.950$ | $-8.465.950$ | $-8.465.950$ |
| 4. Statutory reserves | 069 | 32.188.407 | 32.188.407 | 67.117.790 | 67.117.790 |
| 5. Other reserves | 070 | $\Omega$ | $-3.188.351$ | $-4.026.070$ | |
| IV. REVALUATION RESERVES | 071 | 69.396.583 | 69.396.583 | 69.396.583 | 69.396.583 |
| V. RETAINED EARNINGS OR LOSS BROUGHT FORWARD (073-074) | 072 | -200.410.664 | -175.222.643 | $-254.479.421$ | $-217.711.128$ |
| 1. Retained earnings | 073 | $\Omega$ | n | ||
| 2. Loss brought forward | 074 | 200.410.664 | 175.222.643 | 254.479.421 | 217.711.128 |
| VI. PROFIT OR LOSS FOR THE FINANCIAL YEAR (076-077) | 075 | 25.188.021 | 11.279.949 | 36.768.293 | 11.721.151 |
| 1. Profit for the financial year | 076 | 25.188.021 | 11.279.949 | 36.768.293 | 11.721.151 |
| 2. Loss for the financial year | 077 | $\mathbf 0$ | $\sqrt{ }$ | $\Omega$ | |
| VII. MINORITY INTEREST | 078 | $-694.508$ | $-691.848$ | ||
| B) PROVISIONS (080 to 082) | 079 | 22.654.443 | 22.654.443 | 25.855.947 | 25.833.094 |
| 1. Provisions for pensions, severance pay and similar libabilities | 080 | 4.404.568 | 4.404.568 | 7.542.238 | 7.540.261 |
| 2. Provisions for tax obligations | 081 | $\Omega$ | $\mathbf 0$ | ||
| 3. Other provisions | 082 | 18.249.875 | 18.249.875 | 18.313.709 | 18.292.833 |
| C) NON-CURRENT LIBILITIES (084 to 092) | 083 | 428.509.757 | 424.134.461 | 415.647.492 | 412.856.875 |
| 1. Liabilites to related parties | 084 | 13.141.088 | 13.526.553 | $\mathbf 0$ | |
| 2. Liabilities for loans, deposits and other | 085 | $\Omega$ | $\Omega$ | $\mathbf{0}$ | |
| 3. Liabilities towards banks and other financial institutions | 086 | 347.508.682 | 341.229.792 | 347.718.745 | 343.411.377 |
| 4. Amounts pay able for prepay ment | 087 | $\Omega$ | $\Omega$ | ||
| 5. Trade pay ables | 088 | 9.742.640 | 10.894.674 | 9.811.399 | 10.962.056 |
| 6. Amounts pay able for securities | 089 | 42.495.986 | 43.007.202 | 42.495.987 | 43.007.202 |
| 7. Liabilities toward participating interests | 090 | 387.965 | 242.844 | 387.965 | 242.844 |
| 8. Other non-current liabilities | 091 | $\Omega$ | $\sqrt{ }$ | $\mathbf 0$ | |
| 9. Deffered tax | 092 | 15.233.396 | 15.233.396 | 15.233.396 | 15.233.396 |
| D) CURRENT LIABILITIES (094 to 105) | 093 | 614.606.694 | 594.468.787 | 731.320.138 | 697.349.510 |
| 1. Liabilites to related parties | 094 | 37.787.055 | 35.559.642 | 0 | $\mathbf 0$ |
| 2. Liabilities for loans, deposits and other | 095 | $\Omega$ | $\Omega$ | $\Omega$ | |
| 3. Liabilities towards banks and other financial institutions | 096 | 113.854.477 | 104.499.299 | 157.023.499 | 135.199.096 |
| 4. Amounts pay able for prepay ment | 097 | 130.455.505 | 90.031.566 | 135.581.042 | 94.582.228 |
| 5. Trade pay ables | 098 | 154.428.383 | 175.332.286 | 225.830.671 | 246.874.737 |
| 6. Amounts pay able for securities | 099 | 60.832.636 | 58.509.271 | 60.832.637 | 58.509.272 |
| 7. Liabilities toward participating interests | 100 | $\Omega$ | 1.153.639 | 486.179 | |
| 8. Liabilities to emloyees | 101 | 25.739.721 | 33.663.366 | 48.739.877 | 57.346.583 |
| 9. Taxes, contributions and similar liabilities | 102 | 28.301.085 | 37.852.970 | 33.408.724 | 42.651.252 |
| 10. Liabilities arising from share in the result | 103 | 100.985 | 100.985 | 100.985 | 100.985 |
| 11. Liabilities arising from non-current assets held for sale | 104 | $\mathbf{0}$ | $\mathbf 0$ | $\mathbf 0$ | - 0 |
| 12. Other current liabilities | 105 | 63.106.847 | 58.919.402 | 68.649.064 | 61.599.178 |
| E) ACCRUED EXPENSES AND DEFERRED INCOME | 106 | 15.761.832 | 10.905.549 | 15.761.833 | 10.905.549 |
| F) TOTAL LIABILITIES (062+079+083+093+106) | 107 | 1.352.716.393 | 1.334.626.856 | 1.448.492.926 | 1.417.738.636 |
| G) OFF-BALANCE SHEET ITEMS | 108 | 669.618.925 | 634.411.257 | 793.206.354 | 691.792.784 |
| 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 | 260.602.024 | 271.485.456 | ||
| 2. Attributable to non-controlling interests | 110 | $-694.508$ | $-691.848$ |
$W_{\cdot}$
STATEMENT OF COMPREHENSIVE INCOME (unaudited)
| Name of position | AOP | Previous period | Current period | Previous period | Current period |
|---|---|---|---|---|---|
| 1. | $\overline{2}$ | $\overline{3}$ $\overline{4}$ |
5 6 |
||
| DALEKOVOD J.S.C. | DALEKOVOD GROUP | ||||
| . OPERATING INCOME (112+113) 1. Sales revenue |
111 112 |
382.087.740 322.869.767 |
555.106.161 538.711.768 |
495.858.498 439.297.883 |
706.841.253 691.852.179 |
| 2. Other operating income | 113 | 59.217.973 | 16.394.393 | 56.560.615 | 14.989.074 |
| II. OPERATING EXPENSES (115+116+120+124+125+126+129+130) | 114 | 331.419.314 | 531.016.200 | 455.867.999 | 689.143.871 |
| 1. Changes in inventories of finished products and work in progress | 115 | 16.792 | 10.647 | $-25.564.112$ | $-2.589.574$ |
| 2. Material costs (117 to 119) | 116 | 204.747.281 | 386.533.286 | 282.273.999 | 475.977.067 |
| a) Cost of raw materials & consumables | 117 | 86.786.927 | 172.088.318 | 139.395.092 | 206.272.355 |
| b) Cost of goods sold | 118 | 22.094.027 | 84.220.976 | 35.404.442 | 115.116.903 |
| c) Other costs 3. Staff costs (121 to 123) |
119 120 |
95.866.327 74.842.853 |
130.223.992 88.291.575 |
107.474.465 121.192.327 |
154.587.809 135.924.112 |
| a) Net salaries | 121 | 55.125.397 | 67.429.558 | 83.311.837 | 97.266.475 |
| b) Employ ee income tax | 122 | 12.603.943 | 12.756.997 | 24.865.570 | 24.113.666 |
| c) Tax on pay roll | 123 | 7.113.513 | 8.105.020 | 13.014.920 | 14.543.971 |
| 4. Depreciation and amortisation | 124 | 16.961.993 | 17.167.751 | 25.301.518 | 21.709.195 |
| 5. Other expenditures | 125 | 5.649.101 | 5.838.330 | 10.802.039 | 12.032.990 |
| 6. Value adjustment (127+128) | 126 | 79.850 | 22.151 | 184.732 | |
| a) non-current assets (without financial assets) | 127 | $\Omega$ | 79.850 | 22.151 | 81.912 |
| b) current asssets (without financial assets) 7. Provisions |
128 129 |
$\Omega$ $\Omega$ |
$\mathbf{0}$ $\Omega$ |
$\mathbf 0$ $\Omega$ |
102.820 |
| 8. Other operating expenses | 130 | 29.201.294 | 33.094.761 | 41.840.077 | 45.905.349 |
| III. FINANCIAL INCOME (132 to 136) | 131 | 3.306.992 | 3.533.624 | 7.449.759 | 10.917.217 |
| 1. Interest income, foreign exhange differences, dividends and other financial income related to subsidiaries |
132 | 2.271.389 | 433.072 | $\mathbf{0}$ | $\mathbf 0$ |
| 2. Interest income, foreign exchange differences, dividends and other financial income related to third parties |
133 | 1.035.603 | 3.053.104 | 7.453.346 | 10.869.769 |
| 3. Part of income from associates and participating interests | 134 | $\mathbf 0$ | $\mathbf 0$ | $\mathbf 0$ | $\mathbf 0$ |
| 4. Unrealized gains (income) from the financial assets | 135 | $\Omega$ | $\Omega$ | $\Omega$ | $\Omega$ |
| 5. Other financial income | 136 | $\Omega$ | 47.448 | $-3.587$ | 47.448 |
| IV. FINANCIAL COSTS (138 to 141) | 137 | 10.738.086 | 13.787.886 | 17.986.907 | 14.073.333 |
| 1. Interest, foreign exchange dfifferences and other expenses related to subsidiaries |
138 | 659.636 | 641.745 | $\mathbf{0}$ | $\mathbf 0$ |
| 2. Interest, foreign exchange differences and other expenses related to third parties | 139 | 10.078.450 | 13.146.141 | 17.986.907 | 14.073.333 |
| 3. Unrealized loss (expenses) from the financial assets | 140 | $\Omega$ | $\mathbf 0$ | $\mathbf 0$ | $\mathbf 0$ |
| 4. Other financial expenses $V_{\rm{H}}$ |
141 142 |
$\mathbf 0$ $\mathbf{0}$ |
$\mathbf 0$ $\mathbf{0}$ |
$\mathbf 0$ 1.017.686 |
$\mathbf 0$ $\mathbf{0}$ |
| SHARE OF INCOME OF ASSOCIATES VI. SHARE OF LOSS OF ASSOCIATES |
143 | $\mathbf{0}$ | $\mathbf{0}$ | $\mathbf{0}$ | 49.297 |
| VII. EXTRAORDINARY - OTHER INCOME | 144 | $\mathbf{0}$ | $\mathbf{0}$ | $\mathbf{0}$ | $\bf{0}$ |
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | $\mathbf{0}$ | $\mathbf{0}$ | $\mathbf{0}$ | |
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 385.394.732 | 558.639.785 | 504.325.943 | 717.758.470 |
| TOTAL EXPENSES (114+137+143 + 145) | 147 | 342.157.400 | 544.804.086 | 473.854.906 | 703.266.501 |
| XI. PROFIT OR LOSS BEFORE TAX (146-147) | 148 | 43.237.332 | 13.835.699 | 30.471.037 | 14.491.969 |
| 1. Prof it before tax (146-147) | 149 | 43.237.332 | 13.835.699 | 30.471.037 | 14.491.969 |
| 2. Loss before tax (147-146) XII. INCOME TAX EXPENSE |
150 151 |
2.336.046 | $\Omega$ 2.555.750 |
$\Omega$ 2.396.198 |
2.770.818 |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | 40.901.286 | 11.279.949 | 28.074.839 | 11.721.151 |
| 1. Profit for the period (149-151) | 153 | 40.901.286 | 11.279.949 | 28.074.839 | 11.721.151 |
| 2. Loss for the period $(151-148)$ | 154 | U | υ | υ | |
| 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 | $\mathbf 0$ | $\mathbf 0$ | 28.074.839 | 11.721.151 |
| 2. Attributable to non-controlling interests | 156 | $\Omega$ | $\mathbf{0}$ | $\mathbf{0}$ | $\mathbf{0}$ |
| STATEMENTS OF COMPREHENSIVE INCOME (to be filled by entities who work in compliance with IFRS) I. PROFIT OR LOSS FOR THE PERIOD (= 152) |
157 | 40.901.286 | 11.279.949 | 28.074.839 | 11.721.151 |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165) | 158 | 0 | $\mathbf 0$ | 145.431 | $-835.059$ |
| 1. Exchange differences arising from foreign operations | 159 | $\mathbf 0$ | $\mathbf 0$ | 145.431 | $-835.059$ |
| 2. Revaluation of non-current assets and intangible assets | 160 | $\mathbf 0$ | $\mathbf 0$ | $\mathbf{0}$ | $\mathbf 0$ |
| 3. Gains or loss available for sale investments | 161 | $\mathbf 0$ | $\mathbf{0}$ | $\mathbf{0}$ | $\overline{0}$ |
| 4. Gains or loss on net movement on cash flow hedges | 162 | 0 | $\mathbf{0}$ | $\mathbf 0$ | $\overline{0}$ |
| 5. Gains or loss on net investments hedge | 163 | $\mathbf 0$ | ö | ö | õ |
| 6. Share of the other comprehensive income/loss of associates | 164 165 |
$\mathbf{0}$ $\mathbf 0$ |
$\overline{0}$ $\mathbf 0$ |
$\mathbf{0}$ $\mathbf{0}$ |
$\pmb{0}$ $\mathbf 0$ |
| 7. Acturial gain / loss on post employ ment benef it obligations III. TAX ON OTHER COMPREHENSIVE INCOME OF THE PERIOD |
166 | $\mathbf{0}$ | $\mathbf 0$ | $\mathbf{0}$ | $\mathbf 0$ |
| IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE YEAR (158-166) | 167 168 |
$\Omega$ 40.901.286 |
0 | 145.431 | $-835.059$ |
| V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (157+167) APPENDIX Statement of Comprehensive Income (to be filled in by entities submitting consolidated financial statements) |
11.279.949 | 28.220.270 | 10.886.092 | ||
| VI. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD | |||||
| 1. Attributable to owners of the company | 169 | 0 | $\mathbf 0$ | 28.222.425 | 10.883.431 |
| 2. Attributable to non-controlling interests | 170 | $\Omega$ | $\Omega$ | $-2.155$ | 2.661 |
| Name of position: | AOP | Previous period | Current period | Previous period | Current period |
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 |
| DALEKOVOD jsc | DALEKOVOD GROUP | ||||
| CASH FLOW FROM OPERATING ACTIVITIES | |||||
| 1. Pre-tax prof it | 001 | 43.237.332 | 13.835.699 | 30.471.037 | 14.491.969 |
| 2. Depreciation | 002 | 16.961.993 | 17.167.751 | 25.301.518 | 21.709.195 |
| 3. Increase in short-term liabilities | 003 | 0 | 18.676.490 | 0 | 20.376.606 |
| 4. Decrease in short-term receiv ables | 004 | 108.304.146 | 14.479.800 | 95.801.838 | 12.910.014 |
| 5. Reduction of stocks | 005 | 9.037.401 | 2.722.514 | 0 | 2.313.315 |
| 6. Other increase in cash f low | 006 | 0 | 0 | 0 | 0 |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 177.540.872 | 66.882.254 | 151.574.393 | 71.801.099 |
| 1. Decrease in short-term liabilities | 008 | 80.749.206 | 0 | 37.843.480 | 0 |
| 2. Increase in short-term receiv ables | 009 | 0 | 0 | 0 | 0 |
| 3. Increase in stocks | 010 | 0 | 0 | 32.486.275 | 0 |
| 4. Other decrease in cash f low | 011 | 47.461.969 | 63.402.252 | 60.492.040 | 78.561.052 |
| II Total decrease in cash flow from operating activities (008 to 011) | 012 | 128.211.175 | 63.402.252 | 130.821.795 | 78.561.052 |
| A1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (007-012) | 013 | 49.329.697 | 3.480.002 | 20.752.598 | 0 |
| A2) NET DECREASE IN CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 014 | 0 | 0 | 0 | 6.759.953 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||||
| 1. Cash receipts f rom sale of f ixed tangible and intangible assets | 015 | 0 | 0 | 6.398.734 | 0 |
| 2. Cash receipts f rom sale of treasury and debt f inancial instruments | 016 | 0 | 0 | 0 | 0 |
| 3. Cash receipts f rom interests | 017 | 0 | 404.258 | 0 | 0 |
| 4. Cash receipts f rom div idends | 018 | 0 | 2.167.567 | 0 | 0 |
| 5. Other cash receipts f rom inv estment activ ities | 019 | 382.866 | 4.785.535 | 4.963.193 | 91.573 |
| III. Total cash receipts from investment activities (015 to 019) | 020 | 382.866 | 7.357.360 | 11.361.927 | 91.573 |
| 1. Expenditures f or buy ing f ixed assets and intangible assets | 021 | 6.398.734 | 10.291.985 | 0 | 15.096.411 |
| 2. Expenditures f or purchasing treasury and debt f inancial instruments | 022 | 869.411 | 0 | 0 | 0 |
| 3. Other expenditures f rom inv estment activ ities | 023 | 3.266.424 | 13.751.681 | 597.133 | 0 |
| IV. Total expenditures from investment activities (021 to 023) | 024 | 10.534.569 | 24.043.666 | 597.133 | 15.096.411 |
| B1) NET INCREASE IN CASH FLOW FROM INVESTMENT ACTIVITIES (020-024) | 025 | 0 | 0 | 10.764.794 | 0 |
| b2) NET DECREASE IN CASH FLOW FROM INVESTMENT ACTIVITIES (024-020) | 026 | 10.151.703 | 16.686.306 | 0 | 15.004.838 |
| CASH FLOW FROM FINANCIAL ACTIVITIES | |||||
| 1. Cash receipts f rom issuance of treasury and debt f inancial instruments | 027 | 0 | 0 | 0 | 0 |
| 2. Cash receipts f rom loan principal, bonds, borrowings and other loans | 028 | 2.751.126 | 0 | 33.021.752 | 0 |
| 3. Total cash receipts f rom f inancial activ ities | 029 | 0 | 0 | 0 | 0 |
| V. Total cash receipts from financial activities (027 to 029) | 030 | 2.751.126 | 0 | 33.021.752 | 0 |
| 1. Expenditures f or repay ment of loan principal and bonds | 031 | 0 | 9.330.908 | 15.373.320 | 9.330.908 |
| 2. Expenditures f or pay ment of div idends | 032 | 0 | 0 | 0 | 0 |
| 3. Expenditures f or f inancial leasing | 033 | 6.250.790 | 8.014.013 | 6.387.505 | 8.354.419 |
| 4. Expenditures f or redemption of treasury shares | 034 | 649.148 | 0 | 503.718 | 0 |
| 5. Other expenditures f rom f inancial activ ities | 035 | 40.041.923 | 1.812.149 | 46.763.339 | 1.812.150 |
| VI. Total expenditures from financial activities (031 to 035) | 036 | 46.941.861 | 19.157.070 | 69.027.882 | 19.497.477 |
| C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (030-036) | 037 | 0 | 0 | 0 | 0 |
| C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (036-030) | 038 | 44.190.735 | 19.157.070 | 36.006.130 | 19.497.477 |
| Total increase in cash f low (013 – 014 + 025 – 026 + 037 – 038) | 039 | 0 | 0 | 0 | 0 |
| Total decrease in cash f low (014 – 013 + 026 – 025 + 038 – 037) | 040 | 5.012.741 | 32.363.374 | 4.488.738 | 41.262.268 |
| Cash and cash equivalents at the beginning of the period | 041 | 81.849.024 | 86.848.943 | 102.077.241 | 105.428.124 |
| Increase in cash and cash equivalents | 042 | 0 | 0 | 0 | 0 |
| Decrease in cash and cash equivalents | 043 | 5.012.741 | 32.363.374 | 4.488.738 | 41.262.268 |
| Cash and cash equivalents at the end of the period | 044 | 76.836.283 | 54.485.569 | 97.588.503 | 64.165.856 |
| Name of position: | AOP | Previous period |
Current period |
Previous period |
Current period |
|---|---|---|---|---|---|
| DALEKOVOD jsc | DALEKOVOD GROUP | ||||
| 1 | 2 | 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 | 43.675.007 | 43.675.007 | 75.581.849 | 74.744.130 |
| 4. Retained profit or loss carried forw ard | 004 | -200.410.664 | -175.222.643 | -255.173.929 | -218.402.976 |
| 5. Profit or loss of current year | 005 | 25.188.021 | 11.279.949 | 36.768.293 | 11.721.151 |
| 6. Revaluation of longterm tangible assets | 006 | 69.396.583 | 69.396.583 | 69.396.583 | 69.396.583 |
| 7. Revaluation of intangible assets | 007 | 0 | 0 | 0 0 |
|
| 8. Revaluation of financial assets available for sale | 008 | 0 | 0 | 0 0 |
|
| 9. Other revaluations | 009 | 0 | 0 | 0 0 |
|
| 10.Total equity and reserves (AOP 001 to 009) | 010 | 271.183.667 | 282.463.616 | 259.907.516 | 270.793.608 |
| 11. Foreign exchange differences arising from the titles of net | 011 | 0 | 0 | -71.160 | -835.059 |
| 12. Current and deferred taxes (part) | 012 | 0 | 0 | 0 0 |
|
| 13. Cash flow protection | 013 | 0 | 0 | 0 0 |
|
| 14. Changes in accounting policies | 014 | 0 | 0 | 0 0 |
|
| 15. Correction of significant errors in the previous period | 015 | 0 | 0 | 0 0 |
|
| 16. Other changes in equity | 016 | 0 | 0 | 37.812.521 | 11.723.811 |
| 17. Total increase or decrease in equity (AOP 011 to 016) | 017 | 0 | 0 | 37.741.361 | 10.888.752 |
| 17 a. Attributed to parent company equity holders | 018 | 0 | 0 | 37.739.999 | 10.886.092 |
| 17 b. Attributed to minority interest | 019 | 0 | 0 | 1.362 | 2.660 |
NOTES TO THE FINANCIAL STATEMENTS VII
1. GENERAL INFORMATION
MANAGEMENT BOARD
Alen Premužak - Chairman of the Management Board Marko Jurković - member of the Management Board Helena Jurčić Šestan - member of the Management Board Ivica Kranjčić – member of the Management Board Ivan Kurobasa - member of the Management Board SUPERVISORY BOARD Marko Lesić - Chairman of the Supervisory Board Ivan Peteržilnik - Deputy Chairman of the Supervisory Board Krešimir Ružđak - member of the Supervisory Board Vlado Čović - member of the Supervisory Board Hrvoje Markovinović - member of the Supervisory Board Uwe Heiland - member of the Supervisory Board Marko Makek - member of the Supervisory Board Mirela Tomljanović Radović - member of the Supervisory Board Anton Pernar - member of the Supervisory Board
Dalekovod dioničko društvo za inženjering, proizvodnju i izgradnju
Marijana Čavića 4, 10 000 Zagreb, CROATIA 10001 Zagreb, PO box 128 URL: www.dalekovod.hr, www.dalekovod.com E-mail: [email protected] Share capital: HRK 247,193,050.00 Number of shares: 24,719,305 IBAN: HR8323600001101226102 ZABA Zagreb Reg. No.: 080010093, the Commercial Court in Zagreb Stat. No.: 3275531 Tax number (OIB): 47911242222 Economic activity code: 4222 (Construction of utility projects for electricity and telecommunicationsl
2. SHAREHOLDER STRUCTURE (as of 30 June 2017):
| Konsolidator d.o.o. | 15,000,000 |
|---|---|
| Natural persons | 4,519,043 |
| Financial institutions | 4,170,952 |
| Others | 930,469 |
| Own shares | 98,841 |
| TOTAL | 24,719,305 |
3. MERGERS AND CONSOLIDATIONS
There were no mergers or consolidations in the first half-year of 2017.
4. UNCERTAINTY
No items of doubtful and bad debt affecting business continuity were identified in the first halfyear of 2017.
5. DESCRIPTION OF PRODUCTS AND SFRVICES
Over the years, Dalekovod d.d has specialized in performing turn-key contracts in the following areas:
- electrical facilities, especially transmission lines of voltage ranging from 0.4 to 750 kV
- substations of all levels and voltages, up to 500 kV
- overhead, 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 substations of voltage ranging from 0.4 to 750 kV
- production and installation of metal road equipment, especially road lighting, safety barriers and traffic signalling, tunnel lighting and traffic management
- electrification of railway and tram tracks
6. CHANGES IN ACCOUNTING POLICIES
There are no new accounting policies.