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Dalekovod d.d. — Management Reports 2018
Jul 31, 2018
2088_10-q_2018-07-31_fe832155-27e5-47da-9169-4536dd0b1c60.pdf
Management Reports
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Zagreb, 27 July 2018
MANAGEMENT REPORT FOR I-VI 2018
Unaudited, consolidated and unconsolidated
Povezujemo svjetove, gradimo budućnost.
CONTENTS:
- $\mathbb{R}^{\mathbb{Z}}$ MANAGEMENT BOARD'S REPORT
- II. DECLARATION
- $III.$ BALANCE SHEET
- IV. STATEMENT OF COMPREHENSIVE INCOME
- $V_{\perp}$ CASH FLOW STATEMENT
- REPORT ON CHANGES IN EQUITY $VI.$
- VII. NOTES TO FINANCIAL STATEMENTS
MANAGEMENT BOARD'S REPORT
T.
In the first semester of 2018 the total business revenues of Dalekovod d.d. were 464.5 million HRK, which is a decrease of 16% compared to the same period in 2017. This is the result of a decrease in operating activities compared to the same period last year, both on foreign markets and the domestic market, which is a consequence of a cyclical nature of the industry in which Dalekovod Group is competing, where a large number of tenders on which Dalekovod intends to compete is dynamically moved forward for several months. Sales activities have been significantly intensified over the past 18 months, and in the future period a significantly larger number of tenders is being prepared than in the previous periods.
The Company's EBITDA in the first semester of 2018 is 34.6 million HRK lower compared to the same period last year. The decrease in EBITDA compared to the first semester of 2017 was mainly due to a decrease in gross margin of 29.9 million HRK, caused by a decrease in operating activity, an increase in negative exchange rates of 4 million HRK compared to the last year resulting from the business activity in the Ukrainian market, as well as due to allocation of Dalekovod Laboratories as a business unit into Dalekovod manufacturing, which resulted in a lack of operating revenues of a separate business unit.
The net loss in the first semester of 2018 for Dalekovod d.d. is 4 million HRK, which is a decrease of 15.2 million HRK compared to the same period last year.
In 2018, Dalekovod d.d. continued fulfilling their obligations resulting from financial restructuring, as in previous years. The creditors were repaid 29 million HRK and cumulatively from 2014 to 2018, Dalekovod d.d. repaid 351 million HRK to their creditors. This strengthens the trust and good relations between Dalekovod d.d. and their partners. By paying the instalment of 31 March, Dalekovod completed their obligations from the pre-bankruptcy settlement towards their suppliers, and the rest are their obligations towards financial institutions for future periods, which significantly decreases the burden of the pre-bankruptcy settlement in the future period. The average annual amount of payments according to the restructuring plan for the period 2014 - 2017 amounted to 80 million HRK, but this amount decreased to 45 million HRK in the period 2018 -2021. The company's management has been actively working on two key activities that would result in significant improvements in the balance and inflows of cash. The first activity is the sale of the wind farm in the company's ownership, and the second is collection of receivables from the Ministry of Finance, which are put down as revenues in the financial year 2016, but until now they have not yet been charged.
In the first semester of 2018 the total business revenues of Dalekovod group amount to 588 million HRK which represents a decrease of 17% compared to the same period in 2017. The consolidated EBITDA shows a decrease of 28 million HRK compared to the same period last year, mostly due to previously mentioned reasons related to Dalekovod d.d. activities.
The Group plans to continue with further internationalisation and growth in sales revenues in foreign markets, primarily focusing on Scandinavian (Norway, Finland, Sweden), regional (Slovenia,
3
Bosnia and Herzegovina, Macedonia, Montenegro, Albania), and Eastern and Central European markets (Poland, Ukraine, Georgia). A strong emphasis shall be put on the German market, where Dalekovod has successfully pre-qualified for works on the transmission network at the largest German transmission system operator. In the past few years in these markets there has been an ongoing trend of continuous investment in renovation and extension of energy infrastructure, which represents a potential for the Group's long-term presence in the projects, on condition of its quality positioning.
Dalekovod's strategic quidelines for the future period are as follows:
Focus on revenues increase
Focus on efficacy in performance of projects and increase in gross margin
Strong orientation towards contracting new jobs abroad and in the domestic market
Personnel strengthening at all levels and increased leadership abilities as well as building supportive corporate culture
On behalf of the Management Board:
Alen Premuzak Chairman of the Management Board
Dalekovod d.d.
Pursuant to Article 410 Paragraph 1 and Article 407 Paragraph 2 Subparagraph 3 and Paragraph 3 of the Capital Market Act, the authorized persons for drawing up the report: Alen Premužak -Chairman of the Board, Helena Jurčić Šestan - member of the Board, Ivica Kranjčić - member of the Board, and Ivan Kurobasa - member of the Board, issue the following
DECLARATION
According to our best knowledge, the financial Reports for the reporting period were drawn up in compliance with the appropriate financial reporting standards; they provide a complete and honest representation of assets and obligations, and the result of Dalekovod's business activities, as well as of other companies included in the consolidation, with a brief overview of the causes for data provided. Financial reports are not revised.
On behalf of the Management Board:
Alen Prémužak Charrman of the Management Board Dalekovod d.d.
III. BALANCE SHEET (unaudited)
| Name of position: | AOP | Previous year (net) |
Current year (net) |
Previous year (net) |
Current year (net) |
|---|---|---|---|---|---|
| DALEKOVOD jsc | DALEKOVOD GROUP | ||||
| $\mathbf{1}$ | $\overline{2}$ | 3 | $\overline{a}$ | $5\phantom{.0}$ | 6 |
| ASSETS | |||||
| A) SUBSCRIBED CAPITAL UNPAID | 001 002 |
704.898.777 | $\Omega$ 501.798.770 |
$\Omega$ | |
| B) NON CURRENT ASSETS (003+010+020+029+033) I. INTANGIBLE ASSETS (004 to 009) |
003 | 700.223.851 6.785.437 |
5.126.748 | 11.003.454 | 502.615.072 9.300.111 |
| 1. Research & Development expenditure | 004 | $\mathbf{0}$ | $\Omega$ | $\Omega$ | $\Omega$ |
| 2. Patents, licences, royalties, trade marks, software&similar rights | 005 | 5.969.181 | 4.310.492 | 7.211.209 | 5.497.516 |
| 3. Goodwill | 006 | $\mathbf 0$ | $\Omega$ | 1.213.000 | 1.213.000 |
| 4. Prepayments for intangible assets | 007 | $\Omega$ | $\Omega$ | $\Omega$ | $\mathbf{0}$ |
| 5. Intangible assets under construction | 008 | 816.256 | 816.256 | 2.579.245 | 2.589.595 |
| 6. Other intangible assets | 009 | $\Omega$ | $\Omega$ | $\Omega$ | |
| II. TANGIBLE ASSETS (011 to 019) | 010 | 337.167.501 | 346.122.815 | 416.536.361 | 421.868.321 |
| 1. Land | 011 | $\Omega$ | 20.612.199 | 20.540.732 | |
| 2. Property 3. Plants and equipment |
012 013 |
803.874 21.551.028 |
1.215.905 34.270.603 |
136.337.822 62.259.604 |
131.999.760 67.952.324 |
| 4. Tools, plants&vehicles | 014 | 15.411.168 | 20.928.554 | 28.243.137 | 33.380.215 |
| 5. Biological asset | 015 | $\mathbf{0}$ | $\mathbf 0$ | $\mathbf{0}$ | $\mathbf{0}$ |
| 6. Prepayments for tangible assets | 016 | $\Omega$ | $\Omega$ | $\Omega$ | $\Omega$ |
| 7. Assets under construction | 017 | $\Omega$ | $\Omega$ | 9.255.438 | 8.855.516 |
| 8. Other tangible assets | 018 | 159.336.759 | 158.301.528 | 159.339.759 | 159.139.774 |
| 9. Investments property | 019 | 140.064.672 | 131.406.225 | 488.401 | $\mathbf{0}$ |
| III. NON-CURRENT FINANCIAL ASSETS (021 to 028) | 020 | 308.301.783 | 306.275.369 | 26.165.296 | 23.746.596 |
| 1. Share in related parties | 021 | 280.798.810 | 280.770.961 | $\mathbf{0}$ | 0 |
| 2. Loans to related parties | 022 | 7.127.296 | 6.757.743 | $\Omega$ | $\overline{0}$ |
| 3. Participating interests (stakes) | 023 | 7.000 $\Omega$ |
4.000 $\Omega$ |
7.000 $\Omega$ |
4.000 |
| 4. Loans to participating interest 5. Investments in securities |
024 025 |
1.343.025 | $\Omega$ | 1.599.335 | $\Omega$ 4.984 |
| 6. Loans & deposits | 026 | 19.025.652 | 18.742.665 | 24.558.961 | 23.737.612 |
| 7. Other non-current financial assets | 027 | $\mathbf{0}$ | $\mathbf 0$ | $\mathbf 0$ | $\mathbf 0$ |
| 8. Investment accounted by equity method | 028 | $\Omega$ | $\Omega$ | $\mathbf{0}$ | $\mathbf{0}$ |
| IV. TRADE RECEIVABLES (030 to 032) | 029 | 47.969.130 | 47.373.845 | 48.093.659 | 47.700.044 |
| 1. Receivables from related parties | 030 | $\Omega$ | $\Omega$ | $\Omega$ | |
| 2. Receivables from credit sales | 031 | $\Omega$ | $\Omega$ | $\Omega$ | |
| 3. Other receivables | 032 | 47.969.130 | 47.373.845 | 48.093.659 | 47.700.044 |
| V. DEFERRED TAX ASSETS | 033 | $\Omega$ | $\Omega$ | $\bf{0}$ | |
| C) CURENT ASSETS (035+043+050+058) I. INVENTORIES (036 to 042) |
034 | 572.126.184 | 586.155.222 | 812.072.394 | 819.466.243 |
| 1. Raw materials & consumables | 035 036 |
8.240.766 6.501.169 |
9.375.374 6.852.736 |
160.596.439 54.779.952 |
183.545.958 66.137.689 |
| 2. Work in progress | 037 | $\Omega$ | 10.160.871 | 22.681.889 | |
| 3. Products | 038 | 217.672 | 48.101 | 22.833.919 | 19.627.266 |
| 4. Merchandise | 039 | 1.521.925 | 2.474.537 | 7.530.187 | 9.793.454 |
| 5. Prepayments for inventories | 040 | $\mathbf 0$ | $\mathbf{0}$ | 254.133 | 268.283 |
| 6. Other available-for-sale assets | 041 | $\overline{0}$ | $\Omega$ | 65.037.377 | 65.037.377 |
| 7. Biological asset | 042 | $\mathbf 0$ | $\cup$ | - 0 | |
| II. RECEIVABLES (044 to 049) | 043 | 442.694.650 | 516.510.778 | 516.521.124 | 584.264.308 |
| 1. Receivables from related parties | 044 | 30.070.234 | 26.782.432 | 0 | |
| 2. Trade receivables | 045 | 217.276.741 $\Omega$ |
312.265.081 | 313.008.406 | 385.401.348 |
| 3. Receivables from participating parties 4. Amounts receivable from employees |
046 047 |
5.078 | 28.813 | 23.685 | $\mathbf 0$ 93.114 |
| 5. Receivables from government agencies | 048 | 9.667.482 | 8.421.840 | 14.342.466 | 16.700.255 |
| 6. Other receivables | 049 | 185.675.115 | 169.012.612 | 189.146.566 | 182.069.592 |
| III. CURRENT FINANCIAL ASSETS (051 to 057) | 050 | 31.841.696 | 35.878.562 | 27.576.440 | 22.571.452 |
| 1. Share in related parties | 051 | 0 | $\mathbf 0$ | $\boldsymbol{0}$ | |
| 2. Loans to related parties | 052 | 8.716.833 | 13.543.076 | $\mathbf{0}$ | $\mathbf 0$ |
| 3. Participating interests (stakes) | 053 | $\mathbf{0}$ | 0 | $\mathbf 0$ | $\mathbf 0$ |
| 4. Loans to participating interest | 054 | $\Omega$ | $\mathbf{0}$ | $\Omega$ | $\mathbf 0$ |
| 5. Investments in securities | 055 | 496.950 | $\Omega$ 22.335.486 |
496.950 | $\mathbf 0$ |
| 6. Loans & deposits 7. Other financial assets |
056 057 |
22.627.913 $\mathbf{0}$ |
27.079.490 $\mathbf 0$ |
22.571.452 $\mathbf 0$ |
|
| IV. CASH ON HAND AND IN THE BANK | 058 | 89.349.072 | 24.390.508 | 107.378.391 | 29.084.525 |
| D) PREPAYMENTS AND ACCRUED INCOME | 059 | 2.583.322 | 3.186.350 | 3.104.509 | 3.575.806 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 1.274.933.357 1.294.240.349 | 1.316.975.674 | 1.325.657.121 | |
| F) OFF-BALANCE SHEET ITEMS | 061 | 609.258.038 | 536.866.728 | 663.985.533 | 536.866.728 |
| Name of position: | AOP | Previous year (net) |
Current year (net) |
Previous year (net) |
Current year (net) |
|---|---|---|---|---|---|
| DALEKOVOD jsc | DALEKOVOD GROUP | ||||
| $\overline{2}$ | 3 | $\overline{4}$ | 5 5 | 6 | |
| EQUITY AND LIABILITIES | |||||
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 294.573.083 | 291.057.175 | 236.301.140 | 225.460.266 |
| SHARE CAPITAL | 063 | 247.193.050 | 247.193.050 | 247.193.050 | 247.193.050 |
| II. CAPITAL RESERVES | 064 | 87.214.738 | 87.712.402 | 87.214.738 | 87.712.402 |
| III. RESERVES FROM PROFIT (066+067-068+069+070) | 065 | 43.675.007 | 43.675.007 | 74.860.772 | 76.473.753 |
| 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 | $\mathbf{0}$ | 0 | $-3.909.428$ | $-2.296.447$ |
| IV. REVALUATION RESERVES | 071 | 69.402.489 | 69.402.489 | 69.402.489 | 69.402.489 |
| V. RETAINED EARNINGS OR LOSS BROUGHT FORWARD (073-074) | 072 | $-175.222.643$ | $-152.912.201$ | -254.040.325 | -245.756.266 |
| 1. Retained earnings | 073 | $\mathbf 0$ | 0 | $\mathbf{0}$ | $\mathbf{0}$ |
| 2. Loss brought forward | 074 | 175.222.643 | 152.912.201 | 254.040.325 | 245.756.266 |
| VI. PROFIT OR LOSS FOR THE FINANCIAL YEAR (076-077) | 075 | 22.310.442 | $-4.013.572$ | 12.364.147 | $-8.873.792$ |
| 1. Profit for the financial year | 076 | 22.310.442 | $\Omega$ | 12.364.147 | $\mathbf 0$ |
| 2. Loss for the financial year | 077 | $\mathbf{0}$ | 4.013.572 | $\Omega$ | 8.873.792 |
| VII. MINORITY INTEREST | 078 | $-693.731$ | $-691.371$ | ||
| B) PROVISIONS (080 to 082) | 079 | 21.805.338 | 21.451.691 | 25.135.246 | 24.629.351 |
| 1. Provisions for pensions, severance pay and similar libabilities | 080 | 3.154.198 | 2.975.487 | 6.418.406 | 6.088.225 |
| 2. Provisions for tax obligations | 081 | $\Omega$ | $\Omega$ | $\Omega$ | $\mathbf 0$ |
| 3. Other provisions | 082 | 18.651.140 | 18.476.204 | 18.716.840 | 18.541.127 |
| C) NON-CURRENT LIBILITIES (084 to 092) | 083 | 385.196.802 | 393.161.452 | 371.535.796 | 392.258.992 |
| 1. Liabilites to related parties | 084 | 10.352.893 | 10.070.278 | $\mathbf 0$ | $\mathbf 0$ |
| 2. Liabilities for loans, deposits and other | 085 | $\mathbf{0}$ | 0 | $\mathbf{0}$ | $\mathbf{0}$ |
| 3. Liabilities towards banks and other financial institutions | 086 | 315.901.100 | 304.098.039 | 312.524.631 | 313.025.670 |
| 4. Amounts payable for prepayment | 087 | $\Omega$ | $\Omega$ | $\mathbf 0$ | |
| 5. Trade payables | 088 | 1.368.346 | 1.197.302 | 1.436.702 | 1.267.844 |
| 6. Amounts payable for securities | 089 | 42.339.770 | 41.678.312 | 42.339.771 | 41.678.313 |
| 7. Liabilities toward participating interests | 090 | $\mathbf 0$ | 0 | $\mathbf{0}$ | $\mathbf 0$ |
| 8. Other non-current liabilities | 091 | $\Omega$ | $\overline{0}$ | $\Omega$ | $\mathbf{0}$ |
| 9. Deffered tax | 092 | 15.234.693 | 36.117.521 | 15.234.693 | 36.287.165 |
| D) CURRENT LIABILITIES (094 to 105) | 093 | 560.049.768 | 580.942.619 | 670.695.124 | 675.681.100 |
| 1. Liabilites to related parties | 094 | 17.988.054 | 19.020.777 | $\mathbf 0$ | $\mathbf 0$ |
| 2. Liabilities for loans, deposits and other | 095 | $\Omega$ | $\Omega$ | $\Omega$ | $\Omega$ |
| 3. Liabilities towards banks and other financial institutions 4. Amounts payable for prepayment |
096 097 |
114.921.873 | 119.673.137 55.327.274 |
151.030.116 70.871.547 |
143.135.669 |
| 5. Trade payables | 098 | 65.434.782 | 250.742.232 | 277.140.562 | 63.596.157 |
| 6. Amounts payable for securities | 099 | 216.931.837 60.346.066 |
59.977.247 | 59.669.539 | 308.153.357 59.708.651 |
| 7. Liabilities toward participating interests | 100 | 19.209 | 19.209 | 19.209 | $\mathbf{0}$ |
| 8. Liabilities to emloyees | 101 | 32.487.397 | 30.137.120 | 54.717.065 | 50.540.995 |
| 9. Taxes, contributions and similar liabilities | 102 | 35.189.353 | 33.332.566 | 40.568.227 | 37.661.555 |
| 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 | $\mathbf 0$ | $\Omega$ | $\mathbf 0$ | $\mathbf 0$ |
| 12. Other current liabilities | 105 | 16.630.212 | 12.612.072 | 16.577.875 | 12.783.731 |
| E) ACCRUED EXPENSES AND DEFERRED INCOME | 106 | 13.308.366 | 7.627.412 | 13.308.368 | 7.627.412 |
| F) TOTAL LIABILITIES (062+079+083+093+106) | 107 | 1.274.933.357 1.294.240.349 | 1.316.975.674 | 1.325.657.121 | |
| G) OFF-BALANCE SHEET ITEMS | 108 | 609.258.038 | 536.866.728 | 663.985.533 | 536.866.728 |
| 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 | $\mathbf 0$ | 0 | 236.994.871 | 226.151.637 |
| 2. Attributable to non-controlling interests | 110 | $\pmb{0}$ | $\mathbf 0$ | $-693.731$ | $-691.371$ |
IV. STATEMENT OF COMPREHENSIVE INCOME (unaudited)
| Name of position | AOP | Previous period | Current period | Previous period Current period | |
|---|---|---|---|---|---|
| $\overline{2}$ | 3 | 4 | 5 5 | 6 | |
| DALEKOVOD J.S.C. | DALEKOVOD GROUP | ||||
| OPERATING INCOME (112+113) | 111 | 555.106.161 | 464.493.540 | 706.841.253 | 588.235.744 |
| 1. Sales revenue 2. Other operating income |
112 113 |
538.711.768 16.394.393 |
441.212.083 23.281.457 |
691.852.179 14.989.074 |
559.298.711 28.937.033 |
| II. OPERATING EXPENSES (115+116+120+124+125+126+129+130) | 114 | 531.016.200 | 475.115.620 | 689.143.871 | 599.021.619 |
| 1. Changes in inventories of finished products and work in progress | 115 | 10.647 | 21.168 | $-2.589.574$ | $-10.053.555$ |
| 2. Material costs (117 to 119) | 116 | 386.533.286 | 292.109.205 | 475.977.067 | 362.660.246 |
| a) Cost of raw materials & consumables | 117 | 172.088.318 | 120.846.512 | 206.272.355 | 152.914.926 |
| b) Cost of goods sold | 118 | 84.220.976 | 40.030.307 | 115.116.903 | 52.473.579 |
| c) Other costs | 119 | 130.223.992 | 131.232.386 | 154.587.809 | 157.271.741 |
| 3. Staff costs (121 to 123) a) Net salaries |
120 121 |
88.291.575 67.429.558 |
102.723.078 | 135.924.112 97.266.475 |
147.836.319 109.424.772 |
| b) Employee income tax | 122 | 12.756.997 | 81.168.936 13.500.210 |
24.113.666 | 23.954.651 |
| c) Tax on payroll | 123 | 8.105.020 | 8.053.932 | 14.543.971 | 14.456.896 |
| 4. Depreciation and amortisation | 124 | 17.167.751 | 17.230.860 | 21.709.195 | 21.936.360 |
| 5. Other expenditures | 125 | 5.838.330 | 5.759.560 | 12.032.990 | 9.879.969 |
| 6. Value adjustment (127+128) | 126 | 79.850 | 0 | 184.732 | 67 |
| a) non-current assets (without financial assets) | 127 | 79.850 | $\mathbf 0$ | 81.912 | $\Omega$ |
| b) current asssets (without financial assets) | 128 | $\mathbf 0$ | $\mathbf 0$ | 102.820 | 67 |
| 7. Provisions | 129 | $\mathbf{0}$ | $\Omega$ | 10.586 | |
| 8. Other operating expenses | 130 | 33.094.761 | 57.271.749 | 45.905.349 | 66.751.626 |
| III. FINANCIAL INCOME (132 to 136) 1. Interest income, foreign exhange differences, dividends and other |
131 | 3.533.624 | 17.707.830 | 7.417.217 | 13.423.267 |
| financial | 132 | 433.072 | 14.940.896 | $\Omega$ | $\mathbf{0}$ |
| income related to subsidiaries | |||||
| 2. Interest income, foreign exchange differences, dividends and other | |||||
| financial | 133 | 3.053.104 | 2.764.000 | 7.369.769 | 13.420.334 |
| income related to third parties | |||||
| 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 | $\Omega$ | $\Omega$ | $\Omega$ | |
| 5. Other financial income | 136 | 47.448 | 2.934 | 47.448 | 2.934 |
| IV. FINANCIAL COSTS (138 to 141) | 137 | 13.787.886 | 11.099.322 | 14.073.333 | 11.410.464 |
| 1. Interest, foreign exchange dfifferences and other expenses related to subsidiaries |
138 | 641.745 | 467.361 | $\Omega$ | $\Omega$ |
| 2. Interest, foreign exchange differences and other expenses related to | |||||
| third parties | 139 | 13.146.141 | 10.608.466 | 14.073.333 | 11.410.464 |
| 3. Unrealized loss (expenses) from the financial assets | 140 | $\mathbf 0$ | ŋ | $\mathbf 0$ | $\mathbf 0$ |
| 4. Other financial expenses | 141 | $\mathbf{0}$ | 23.495 | $\mathbf 0$ | $\mathbf 0$ |
| SHARE OF INCOME OF ASSOCIATES | 142 | $\overline{0}$ | $\bf{0}$ | $\bf{0}$ | $\pmb{0}$ |
| VI. SHARE OF LOSS OF ASSOCIATES | 143 | $\bf{0}$ | $\bf{0}$ | 49.297 | $\pmb{0}$ |
| VII. EXTRAORDINARY - OTHER INCOME | 144 | $\bf{0}$ | $\overline{0}$ | $\mathbf{0}$ | $\mathbf 0$ |
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | $\mathbf{0}$ | $\bf{0}$ | $\mathbf{0}$ | $\mathbf{0}$ |
| IX. TOTAL INCOME (111+131+142+144) X. TOTAL EXPENSES (114+137+143 + 145) |
146 147 |
558.639.785 544.804.086 |
482.201.370 486.214.942 |
714.258.470 703.266.501 |
601.659.012 610.432.083 |
| XI. PROFIT OR LOSS BEFORE TAX (146-147) | 148 | 13.835.699 | $-4.013.572$ | 10.991.969 | $-8.773.070$ |
| 1. Profit before tax (146-147) | 149 | 13.835.699 | 0 | 10.991.969 | |
| 2. Loss before tax (147-146) | 150 | $\mathbf 0$ | 4.013.572 | 8.773.070 | |
| XII. INCOME TAX EXPENSE | 151 | 2.555.750 | 2.770.818 | 100.722 | |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | 11.279.949 | $-4.013.572$ | 8.221.151 | $-8.873.792$ |
| 1. Profit for the period (149-151) | 153 | 11.279.949 | 0 | 8.221.151 | $\mathbf 0$ |
| 2. Loss for the period (151-148) | 154 | $\mathbf 0$ | 4.013.572 | $\mathbf 0$ | 8.873.792 |
| ANNEX TO THE PROFIT AND LOSS ACCOUNT (to be filled in by entities submitting consolidated financial statements) | |||||
| XIV. PROFIT OR LOSS FOR THE PERIOD | 155 | $\mathbf 0$ $\mathbf 0$ |
0 | ||
| 1. Attributable to owners of the company 2. Attributable to non-controlling interests |
156 | $\mathbf 0$ | $\pmb{0}$ $\overline{0}$ |
8.221.151 0 |
$-8.873.792$ $\Omega$ |
| STATEMENTS OF COMPREHENSIVE INCOME (to be filled by entities who work in compliance with IFRS) | |||||
| PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | 11.279.949 | $-4.013.572$ | 8.221.151 | $-8.873.792$ |
| II. OTHER COMPREHENSIVE INCOME /LOSS BEFORE TAX (159 to 165) | 158 | 0 | 0 | $-835.059$ | 80.218 |
| 1. Exchange differences arising from foreign operations | 159 | $\mathbf 0$ | $\mathbf 0$ | $-835.059$ | 80.218 |
| 2. Revaluation of non-current assets and intangible assets | 160 | $\mathbf 0$ | $\mathbf 0$ | 0 | $\mathbf 0$ |
| 3. Gains or loss available for sale investments | 161 | $\mathbf 0$ | 0 | $\mathbf 0$ | $\mathbf 0$ |
| 4. Gains or loss on net movement on cash flow hedges | 162 | $\mathbf 0$ | $\mathbf 0$ | $\mathbf 0$ | $\mathbf 0$ |
| 5. Gains or loss on net investments hedge | 163 | $\mathbf 0$ | $\mathbf 0$ | $\overline{0}$ | $\mathbf 0$ |
| 6. Share of the other comprehensive income/loss of associates | 164 | $\mathbf 0$ | 0 | $\mathbf 0$ | $\mathbf 0$ |
| 7. Acturial gain / loss on post employment benefit obligations | 165 | $\mathbf 0$ | 0 | $\mathbf 0$ | $\mathbf 0$ |
| 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 | 167 | $\mathbf 0$ | $\mathbf 0$ | $-835.059$ | 80.218 |
| $(158-166)$ | |||||
| V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (157+167) | 168 | 11.279.949 | $-4.013.572$ | 7.386.092 | $-8.793.574$ |
| 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 | $\mathbf 0$ | 0 | 7.385.931 | $-8.793.383$ |
| 2. Attributable to non-controlling interests | 170 | $\pmb{0}$ | 0 | 161 | $-192$ |
| 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 profit | 001 | 13.835.699 | -4.013.572 | 10.991.969 | -8.773.070 |
| 2. Depreciation | 002 | 17.167.751 | 17.230.860 | 21.709.195 | 21.936.360 |
| 3. Increase in short-term liabilities | 003 | 18.676.490 | 34.843.118 | 23.876.606 | 9.618.670 |
| 4. Decrease in short-term receivables | 004 | 14.479.800 | 0 | 12.910.014 | 0 |
| 5. Reduction of stocks | 005 | 2.722.514 | 0 | 2.313.315 | 0 |
| 6. Other increase in cash flow | 006 | 0 | 9.326.224 | 0 | 28.707.268 |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 66.882.254 | 57.386.630 | 71.801.099 | 51.489.228 |
| 1. Decrease in short-term liabilities | 008 | 0 | 0 | 0 | 0 |
| 2. Increase in short-term receivables | 009 | 0 | 91.700.538 | 0 | 67.349.569 |
| 3. Increase in stocks | 010 | 0 | 1.134.608 | 0 | 22.949.519 |
| 4. Other decrease in cash flow | 011 | 63.402.252 | 0 | 78.561.052 | 8.725.948 |
| II Total decrease in cash flow from operating activities (008 to 011) | 012 | 63.402.252 | 92.835.146 | 78.561.052 | 99.025.036 |
| A1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (007- | 013 | 3.480.002 | 0 | 0 | |
| A2) NET DECREASE IN CASH FLOW FROM OPERATING ACTIVITIES (012- | 014 | 35.448.516 | 6.759.953 | 47.535.808 | |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||||
| 1. Cash receipts from sale of fixed tangible and intangible assets | 015 | 0 | 244.606 | 0 | 321.590 |
| 2. Cash receipts from sale of treasury and debt financial instruments | 016 | 0 | 0 | 0 | 249.775 |
| 3. Cash receipts from interests | 017 | 404.258 | 1.970.427 | 0 | 3.261.752 |
| 4. Cash receipts from dividends | 018 | 2.167.567 | 4.907.027 | 0 | 0 |
| 5. Other cash receipts from investment activities | 019 | 4.785.535 | 1.314.653 | 91.573 | 7.038.387 |
| III. Total cash receipts from investment activities (015 to 019) | 020 | 7.357.360 | 8.436.713 | 91.573 | 10.871.504 |
| 1. Expenditures for buying fixed assets and intangible assets | 021 | 10.291.985 | 24.527.485 | 15.096.411 | 25.920.539 |
| 2. Expenditures for purchasing treasury and debt financial instruments | 022 | 0 | 0 | 0 | 0 |
| 3. Other expenditures from investment activities | 023 | 13.751.681 | 6.941.471 | 0 | 82.587 |
| IV. Total expenditures from investment activities (021 to 023) | 024 | 24.043.666 | 31.468.956 | 15.096.411 | 26.003.126 |
| B1) NET INCREASE IN CASH FLOW FROM INVESTMENT ACTIVITIES | 025 | 0 | 0 | ||
| b2) NET DECREASE IN CASH FLOW FROM INVESTMENT ACTIVITIES | 026 | 16.686.306 | 23.032.243 | 15.004.838 | 15.131.622 |
| CASH FLOW FROM FINANCIAL ACTIVITIES | |||||
| 1. Cash receipts from issuance of treasury and debt financial | 027 | 0 | 0 | 0 | 0 |
| 2. Cash receipts from loan principal, bonds, borrowings and other | 028 | 0 | 7.915.781 | 0 | 14.621.858 |
| 3. Total cash receipts from financial activities | 029 | 0 | 0 | 0 | 0 |
| V. Total cash receipts from financial activities (027 to 029) | 030 | 0 | 7.915.781 | 0 | 14.621.858 |
| 1. Expenditures for repayment of loan principal and bonds | 031 | 9.330.908 | 6.194.128 | 9.330.908 | 21.084.128 |
| 2. Expenditures for payment of dividends | 032 | 0 | 0 | 0 | 0 |
| 3. Expenditures for financial leasing | 033 | 8.014.013 | 8.199.458 | 8.354.419 | 8.333.913 |
| 4. Expenditures for redemption of treasury shares | 034 | 0 | 0 | 0 | 0 |
| 5. Other expenditures from financial activities | 035 | 1.812.149 | 0 | 1.812.150 | 830.253 |
| VI. Total expenditures from financial activities (031 to 035) | 036 | 19.157.070 | 14.393.586 | 19.497.477 | 30.248.294 |
| C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (030- | 037 | 0 | 0 | ||
| C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (036- | 038 | 19.157.070 | 6.477.805 | 19.497.477 | 15.626.436 |
| Total increase in cash flow (013 – 014 + 025 – 026 + 037 – 038) | 039 | 0 | 0 | 0 | 0 |
| Total decrease in cash flow (014 – 013 + 026 – 025 + 038 – 037) | 040 | 32.363.374 | 64.958.564 | 41.262.268 | 78.293.866 |
| Cash and cash equivalents at the beginning of the period | 041 | 86.848.943 | 89.349.072 | 105.428.124 | 107.378.391 |
| Increase in cash and cash equivalents | 042 | 0 | 0 | 0 | 0 |
| Decrease in cash and cash equivalents | 043 | 32.363.374 | 64.958.564 | 41.262.268 | 78.293.866 |
| Cash and cash equivalents at the end of the period | 044 | 54.485.569 | 24.390.508 | 64.165.856 | 29.084.525 |
| Name of position: | AOP | Previous period | Current period | Previous period | Current period |
|---|---|---|---|---|---|
| DALEKOVOD jsc | DALEKOVOD GROUP | ||||
| 1. Share capital | 001 | 247.193.050 | 247.193.050 | 247.193.050 | 247.193.050 |
| 2. Capital reserves | 002 | 87.214.738 | 87.712.402 | 87.214.738 | 87.712.402 |
| 3. Reserves from profit | 003 | 43.675.007 | 43.675.007 | 74.860.772 | 76.473.753 |
| 4. Retained profit or loss carried forward | 004 | -175.222.643 | -152.912.201 | -254.040.325 | -245.756.266 |
| 5. Profit or loss of current year | 005 | 22.310.442 | -4.013.572 | 12.364.147 | -8.873.792 |
| 6. Revaluation of longterm tangible assets | 006 | 69.402.489 | 69.402.489 | 69.402.489 | 69.402.489 |
| 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 | 294.573.083 | 291.057.175 | 236.994.871 | 226.151.637 |
| 11. Foreign exchange differences arising from the titles of net investment in foreign operations |
011 | 0 | 0 | -721.078 | 1.236.077 |
| 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 | 23.389.416 | -3.515.908 | 13.442.669 | -12.079.311 |
| 17. Total increase or decrease in equity (AOP 011 to 016) | 017 | 23.389.416 | -3.515.908 | 12.721.591 | -10.843.234 |
| 17 a. Attributed to parent company equity holders | 018 | 0 | 0 | 236.994.871 | 226.151.637 |
| 17 b. Attributed to minority interest | 019 | 0 | 0 | -693.731 | -691.371 |
1. BASIC INFORMATION
MANAGEMENT BOARD
Alen Premužak - Chairman of the Management Board Helena Jurčić Šestan - Management Board member Ivica Kranjčić - Management Board member Ivan Kurobasa - Management Board member
SUPERVISORY BOARD
Rajko Pavelić - Member
UNTIL 20.06.2018. Marko Lesić - President Ivan Peteržilnik - Deputy President Krešimir Ružđak – Member Vlado Čović - Member Hrvoje Markovinović - Member Milan Račić - Member Marko Makek - Member Mirela Tomljanović Radović - Member FROM 20.06.2018 Željko Perić - President Hrvoje Markovinović - Member Hrvoje Habuš - Member Dinko Novoselec - Member Vlado Čović - Member Vladimir Maoduš - Member Rajko Pavelić - Member
Dalekovod Dioničko društvo za inženjering, proizvodnju i izgradnju
Marijana Čavića 4, 10 000 Zagreb, Croatia 10001 Zagreb, P.P. 128 URL: www.dalekovod.hr, www.dalekovod.com E-mail: [email protected] Share capital: 247,193,050.00 HRK. Number of shares: 24,719,305 IBAN: HR8323600001101226102 ZABA Zagreb Reg. No.: 080010093, Commercial Court in Zagreb Stat. No.: 3275531 PIN: 47911242222 Activity code: 4222 (Construction of electricity and telecommunications lines)
2. SHAREHOLDERS STRUCTURE (on 30 June 2018):
| Konsolidator d.o.o. | 15,000,000 |
|---|---|
| Domestic natural persons | 4,715,592 |
| Financial institutions | 4,200,814 |
| Others | 704,058 |
| Own shares | 98,841 |
| TOTAL | 24,719,305 |
3. ACQUISITION AND MERGERS
There were no acquisitions or mergers in the first semester of 2018.
4. UNCERTAINTY
There were no identified suspicious or disputable claims in the first semester 2018 which would affect the continuity of business.
5. DESCRIPTION OF PRODUCTS AND SERVICES
Over time, Dalekovod d.d. specialized for the realisation of "turn-key" contracts in the following fields:
- electricity facilities, especially transmission lines between 0.4 and 750 kV
- transformer substations of all levels and voltages up to 500 kV
- · air, underground and underwater cables up to 100 kV
- telecommunications facilities, all types of networks and antennas
- production of suspension and jointing equipment for all types of transmission lines and sub-stations between 0.4 and 750 kV
• manufacture and installation of all metal parts for roads, especially for road lighting, security barriers and traffic signals, tunnel lighting and traffic management
· electrification of railroads and tramways
6. CHANGES IN ACCOUNTING POLICIES
There are no new accounting policies.