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Institut IGH d.d. — Interim / Quarterly Report 2011
Jul 29, 2011
2091_10-q_2011-07-29_65e7e81a-be5f-436d-abc8-d0774b86cb42.pdf
Interim / Quarterly Report
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Institut IGH d.d.
Janka Rakuše 1, 10000 Zagreb, CROATIA Tel: +385 1 6125 125, Fax: +385 1 6125 401, [email protected], www.igh.hr
GENERAL MANAGER'S REPORT ON BUSINESS RESULTS OF THE INSTITUT IGH, JSC AND ITS SUBSIDIARIES IN THE PERIOD FROM 1 JANUARY TO 30 JUNE 2011
The INSTITUT IGH, JSC, Zagreb and its subsidiaries provide professional services in the field of testing, design and project validation, works supervision and project management in the architectural and civil engineering spheres of design, and conduct scientific research activities.
The Institut IGH, JSC has 19 subsidiaries providing services either in the core activity of the company or in similar activities, the exception being one subsidiary company that provides services in the field of hotel industry and tourism.
The registered seat of the mother company "Institut IGH JSC" is in Zagreb, Janka Rakuše 1, company registration No.: MB 3750272, personal identification No. OIB 79766124714.
The total number of persons employed with the Institut IGH JSC and its subsidiaries was 1220 as on 30 June 2011.
Supervisory Board and Management of Institut IGH, JSC
The company's Supervisory Board members are:
Franjo Gregorić, Ph.D. (Econ.), President Dinko Tvrtković, B.Sc. (Civ. Eng.), Member Branko Kincl, Academician, Member Prof. Vlatka Rajčić, Ph.D. (Civ.Eng.), Member Ante Stojan, B. Arch., Member
The company's Management members are:
Prof. Jure Radić, Ph.D. (Civ. Eng.), General Manager
Equity capital
The equity capital amounts to HRK 63,432,000.00 and consists of 158,580 regular shares each with the nominal value of HRK 400.
Business results of the Institut IGH JSC Group in the period from 1 January to 30 June 2011
In the period from 1 January to 30 June 2011, the Institut IGH JSC and its subsidiary companies generated revenues, through sale of products and services, in the amount of HRK 230 million, out of which HRK 35.3 million was earned on foreign markets.
Consolidated revenues amount to HRK 242 million (compared to HRK 252 million earned over the same period in 2010).
The operating expenses amount to HRK 227 million and have been reduced by 7 percent with respect to the same period in the previous year. This reduction in operating expenses
Dielatnost: 73102 MB: 3750272 Poslovna banko Zagrebačka banka d.d. Zagreb, Paromlinska 2
Žiro račun
Devizni ročun
Mierodavni sud: 2360000-1101243767 Trgovočki sud u Zagrebu, registarski uložak s matičnim brojem (MBS) kod Zagrebačke banke d.d. Zagreb: 2100085026 080000959 OIR-79766124714
Temelini kanital: 63.432.000,00 kn uplaćen u cijelosti Broj izdanih dionica: 158.580, nominalna vrijednost dionice 400 kn
Uprava prof.dr.sc. Jure Radić, direktor, .
zostupa društvo pojedinačno i samostalno Nadzorni odbor dr. sc. Franjo Gregurić, predsjednik
is mostly due to the reduction in the cost of external services which have been reduced by 51%, and in personnel costs, which have been reduced by 14 percent when compared to the same period last year.
Total financial revenues amount to HRK 19 million, and are formed of interest revenues and currency exchange gains amounting to HRK 4 million, and revenues from sale of company shares amounting to HRK 15 million.
Financial expenses in the period from January to June 2011 amount to HRK 25 million and have been reduced by 6 percent when compared to financial expenses incurred over the same period last year. Financial expenses are mostly related to loan interest payments.
The INSTITUT IGH JSC and its subsidiary companies have realized in the period from January to June 2011 the consolidated pre-tax profit of HRK 6.5 million. The after-tax profit amounts to HRK 4.2 million. As the profit attributed to minority interest is HRK 616 thousand, the profit margin of mother-company shareholders is HRK 3.6 million.
The reduction registered in consolidated revenues and profits over the reporting period with respect to the same period last year is due to recession, which has resulted in the reduced scope of construction activity and stagnation of investment in the construction of infrastructure facilities in the Republic of Croatia, although it should be noted that such effects have been partly compensated by an increase marked in international operations.
On the day of this report the Institut IGH and its subsidiary companies claim HRK 209 million as unpaid trade receivables, and the contracts in hand, i.e. works in progress, amount to HRK 705 million.
Zagreb, 29 July 2011
Institut IGH, JSC Prof. Jure Radić, Ph.D. (Civ.Eng.) General Manager Kod'
| Attachment 1. Reporting period: |
01.01.2011 do |
30.06.2011 |
|---|---|---|
| Quarterly financial statement of the entrepreneur - TFI-POD | ||
| Tax number (MB): 03750272 |
||
| Company registration number 80000959 $(MBS)$ : |
||
| Personal identification 79766124714 number (OIB): |
||
| Issuing company: INSTITUT IGH D.D. | ||
| Postal code and place: 10000 |
ZAGREB | |
| Street and house number: JANKA RAKUŠE 1 | ||
| E-mail adress: [email protected] | ||
| Internet adress: http://www.institutigh.com | ||
| inicipality/city code and name: ZAGREB 133 |
||
| County code and name: GRAD ZAGREB 133 |
Number of employees 1.220 |
|
| Consolidated report: YES |
(quarter end) NKD code: 7219 |
|
| pmpanies of the consolidation subject (according to IFRS | Seat: | MB: |
| IGH MOSTAR D.O.O. | MOSTAR, BIŠĆE POLJE BB | 4227060470005 |
| GEOTEHNIKA INŽENJERING D.O.O. | ZAGREB, GRADIŠĆANSKA 26 | 01517597 |
| IGH PROJEKTIRANJE D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 02441918 |
| INCRO D.O.O. | ZAGREB, BRANIMIROVA 71 | 01982516 |
| IGH ENERGIJA D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 01819585 |
| FORUM CENTAR D.O.O. | ZAGREB, JAGODNJAK 17 | 01960229 |
| IGH TURIZAM D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 01974378 |
| PROJEKT ŠOLTA D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 02592363 |
| VOĐENJE PROJEKATA D.O.O. | ZAGREB, BIJENIČKA CESTA 8 | 02427648 |
| EKONOMSKO TEHNIČKI ZAVOD D.D. | OSIJEK, TRG A. STARČEVIĆA 7/II | 03013669 |
| PROJEKTNI BIRO PALMOTIĆEVA 45 D.O.O. | ZAGREB, PALMOTIĆEVA 45 | 03222853 |
| IGH KOSOVA Sha | PRIŠTINA, KOSOVO | |
| ARHITEKTURA THOLOS PROJEKTIRANJE D.O.O. | ZAGREB. LOPAŠIĆEVA 6 | 01605291 |
| HIDROINŽENJERING D.O.O. | ZAGREB, OKUČANSKA 30 | 03685110 |
| DP AQUA D.O.O. | ZAGREB, SREDNJACI 16 | 01907522 |
| TEHNIČKE KONSTRUKCIJE D.O.O. | ZAGREB, VLAŠKA 79 | 02405865 |
| MBM TERMOPROJEKT D.O.O. | ZAGREB, NIKOLA PAVIĆA 20 | 00335967 |
| CTP PROJEKT D.O.O. | ZAGREB, SAVSKA CESTA 144A | 02396173 |
| RADELJEVIĆ D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 01938533 |
$\bar{q}$
$\dot{\mathcal{P}}$
| Bookkeeping service: | |
|---|---|
| Contact person: SPINDERK JADRANKA | |
| (please enter only contact person's family name and name) Telephone: 01 6125 444 |
Telefax: 01 6125 404 |
| E-mail adress: [email protected] | |
| Family name and name: prof. dr. JURE RADIC, dipl. ing. grad. | |
| (person authorized to represent the company) | |
| Documents to be published: | |
| and notes to financial statements | 1. Financial statements (balance sheet, profit and loss statement, cash flow statement, statement of changes in equity, |
| 2. Statement of persons responsible for the drawing-up of financial statements | |
| 3. Report of the Management Board on the Company Status | (signature/of the person authorized to represent the company) |
| $\omega$ |
$\mathfrak{h}$
BALANCE SHEET as of 30.06.2011.
$\bar{u}$
| Position | AOP | Previous period | Current period |
|---|---|---|---|
| 1 | $\overline{2}$ | 3 | 4 |
| A) RECEIVABLES FOR SUBSCRIBED AND NON - PAID CAPITAL | 001 | ||
| B) LONG - TERM ASSETS (003+010+020+029+033) | 002 | 734.137.704 | 752.008.012 |
| I. INTANGIBLE ASSETS (004 to 009) | 003 | 33.959.545 | 34.608.088 |
| 1. Assets development | 004 | $\Omega$ | |
| 2. Concessions, patents, licence fees, merchandise and service brands, software and other rights | 005 | 2.620.163 | 1.795.785 |
| 3. Goodwill | 006 | 28.719.956 | 28.657.969 |
| 4. Prepayments for purchase of intangible assets | 007 | $\mathbf{0}$ | |
| 5. Intangible assets in preparation | 008 | 2.619.426 | 4.154.334 |
| 6. Other intangible assets | 009 | $\Omega$ | |
| II. TANGIBLE ASSETS (011 to 019) | 010 | 525.741.469 | 522.204.626 |
| 1. Land | 011 | 91.866.993 | 91.866.993 |
| 2. Buildings | 012 | 277.489.617 | 269.465.966 |
| 3. Plant and equipment | 013 | 26.135.735 | 26.324.297 |
| 4. Instuments, plant inventories and transportation assets | 014 | 7.053.055 | 5.185.453 |
| 5. Biological assets | 015 | $\bf{0}$ | |
| 6. Prepayments for tangible assets | 016 | 128.337 | 97.160 |
| 7. Tangible assets in preparation | 017 | 24.627.461 | 30.035.940 |
| 8. Other material assets | 018 | 1.316.301 | 1.382.357 |
| 9. Investment in buildings | 019 | 97.123.970 | 97.846.460 |
| III. LONG-TERM FINANCIAL ASSETS (021 to 028) 1. Shares (stocks) in related parties |
020 | 166.037.582 | 190.486.809 $\mathbf{0}$ |
| 2. Loans given to related parties | 021 022 |
28.120.000 | 28.120.000 |
| 3. Participating interests (shares) | 023 | 89.791 | 89.791 |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 024 | 0 | |
| 5. Investment in securities | 025 | $\Omega$ | |
| 6. Loans, deposits and similar assets | 026 | 13.249.298 | 8.925.703 |
| 7. Other long - term financial assets | 027 | 19.107.129 | 19.107.129 |
| 8. Investments accounted by equity method | 028 | 105.471.364 | 134.244.186 |
| IV. RECEIVABLES (030 to 032) | 029 | 6.117.447 | 2.426.828 |
| 1. Receivables from related parties | 030 | $\mathbf 0$ | |
| 2. Receivables based on trade loans | 031 | 6.117.447 | 2.426.828 |
| 3. Other receivables | 032 | $\Omega$ | |
| V. DEFERRED TAX ASSETS | 033 | 2.281.661 | 2.281.661 |
| C) SHORT TERMS ASSETS (035+043+050+058) | 034 | 561.061.453 | 582.313.634 |
| I. INVENTORIES (036 to 042) | 035 | 148.297.183 | 137.444.600 |
| 1. Row material | 036 | 101.256 | 351.284 |
| 2. Work in progress | 037 | 119.611.959 | 120.129.043 |
| 3. Finished goods | 038 | 20.872.844 | 6.605.571 |
| 4. Merchandise | 039 | 6.160.227 | 9.358.702 |
| 5. Prepayments for inventories | 040 | 1.550.897 | 1.000.000 |
| 6. Long - term assets held for sale | 041 | $\bf{0}$ $\Omega$ |
|
| 7. Biological assets | 042 | ||
| II. RECEIVABLES (044 to 049) 1. Receivables from related parties |
043 | 310.045.842 6.163.340 |
393.980.556 2.330.037 |
| 2. Accounts receivable | 044 045 |
161.474.555 | 208.912.636 |
| 3. Receivables from participating entrepreneurs | 046 | $\bf{0}$ | |
| 4. Receivables from employees and shareholders | 047 | 664.664 | 1.079.208 |
| 5. Receivables from government and other institutions | 048 | 6.372.217 | 4.604.703 |
| 6. Other receivables | 049 | 135.371.066 | 177.053.972 |
| III. SHORT - TERM FINANCIAL ASSETS (051 to 057) | 050 | 83.270.192 | 43.465.852 |
| 1. Shares (stocks) in related parties | 051 | 0 | |
| 2. Loans given to related parties | 052 | 15.969.304 | 17.553.769 |
| 3. Participating interests (shares) | 053 | 0 | |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 054 | $\mathbf 0$ | |
| 5. Investment in securities | 055 | 12.035.303 | 9.948.615 |
| 6. Loans, deposits and similar assets | 056 | 13.069.191 | 12.205.481 |
| 7. Other financial assets | 057 | 42.196.394 | 3.757.987 |
| IV. CASH AT BANK AND IN CASHIER | 058 | 19.448.236 | 7.422.626 |
| D) PREPAID EXPENSES AND ACCRUED INCOME | 059 | 53.817.473 | 34.329.046 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 1.349.016.630 | 1.368.650.692 |
| F) OFF-BALANCE SHEET NOTES | 061 | 128.346.841 | 122.457.060 |
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | |||
|---|---|---|---|
| 062 | 402.518.107 | 466.669.277 | |
| I. SUBSCRIBED CAPITAL | 063 | 63.432.000 | 63.432.000 |
| II. CAPITAL RESERVES | 064 | 13.998.640 | 13.998.640 |
| III. RESERVES FROM PROFIT (066+067-068+069+070) | 065 | 8.068.491 | 8.068.491 |
| 1. Reserves prescribed by law | 066 | 3.171.600 | 3.171.600 |
| 2. Reserves for treasury stocks | 067 | 6.343.200 | 6.343.200 |
| 3. Treasury stocks and shares (deduction) | 068 | 1.446.309 | 1.446.309 |
| 4. Statutory reserves | 069 | $\mathbf 0$ | |
| 5. Other reserves | 070 | $\mathbf 0$ | |
| IV. REVALUATION RESERVES | 071 | 61.688.896 | 61.653.599 |
| V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) | 072 | 241.862.057 | 249.413.741 |
| 1. Retained earnings | 073 | 241.862.057 | 249.413.741 |
| 2. Accumulated loss | 074 | ||
| VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077) | 075 | 8.300.652 | 3.619.175 |
| 1. Profit for the current year | 076 | 8.300.652 | 3.619.175 |
| 077 | |||
| 2. Loss for the current year | 078 | 66.483.631 | |
| VII. MINORITY INTEREST | 5.167.371 | 6.571.624 | |
| B) PROVISIONS (080 to 082) | 079 | 8.279.751 | |
| 1. Provisions for pensions, severance pay and similar liabilities | 080 | 3.257.923 | 3.257.923 |
| 2. Reserves for tax liabilities | 081 | ||
| 3. Other reserves | 082 | 5.021.828 | 3.313.701 |
| C) LONG TERM LIABILITIES (084 to 092) | 083 | 356.256.617 | 343.314.351 |
| 1. Liabilities to related parties | 084 | ||
| 2. Liabilities for loans, deposits etc. | 085 | 30.168.432 | 5.028.592 |
| 3. Liabilities to banks and other financial institutions | 086 | 313.796.999 | 326.135.922 |
| 4. Liabilities for received prepayments | 087 | ||
| 5. Accounts payable | 088 | 6.455.546 | 6.761.574 |
| 6. Liabilities arising from debt securities | 089 | 1.401.018 | 1.401.018 |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | ||
| 8. Other long-term liabilities | 091 | 528.165 | 80.788 |
| 9. Deferred tax liability | 092 | 3.906.457 | 3.906.457 |
| D) SHORT - TERM LIABILITIES (094 to 105) | 093 | 580.577.260 | 549.221.393 |
| 1. Liabilities to related parties | 094 | 820.676 | 1.684.488 |
| 2. Liabilities for loans, deposits etc. | 095 | 52.131.918 | 51.741.407 |
| 3. Liabilities to banks and other financial institutions | 096 | 169.460.999 | 163.933.530 |
| 4. Liabilities for received prepayments | 097 | 13.901.490 | 13.283.402 |
| 5. Accounts payable | 098 | 143.616.702 | 134.631.066 |
| 6. Liabilities arising from debt securities | 099 | 113.790.751 | 105.958.555 |
| 7. Liabilities to enterpreneurs in whom the entity holds participating interests | 100 | ||
| 8. Liabilities to employees | 101 | 10.175.100 | 10.466.191 |
| 9. Liabilities for taxes, contributions and similar fees | 102 | 18.585.194 | 22.425.873 |
| 10. Liabilities to share - holders | 103 | 2.410.448 | 2.410.448 |
| 11. Liabilities for long term assets held for sale | 104 | ||
| 12. Other short - term liabilities | 105 | 55.683.982 | 42.686.433 |
| E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD | 106 | 1.384.895 | 2.874.047 |
| F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106) | 107 | 1,349.016.630 | 1.368.650.692 |
| G) OFF-BALANCE SHEET NOTES | 108 | 128.346.841 | 122.457.060 |
| APPENDIX TO BALANCE SHEET (only for consolidated financial statements) | |||
| A) CAPITAL AND RESERVES | |||
| 1. Attributed to equity holders of parent company | 109 | 397.350.735 | 400.185.646 |
| 2. Attributed to minority interests | 110 | 5.167.371 | 66.483.631 |
$\mathbf{u}$
PROFIT AND LOSS ACCOUNT
for period 01.01.2011. to 30.06.2011.
| $101$ period $01.01.2011.$ to $30.00.201$ INSTITUT IGH D.D. |
|||||
|---|---|---|---|---|---|
| Position | AOP | Previous period | Current period | ||
| Cummulative | Periodical | Cummulative | Periodical | ||
| 1 | $\overline{\mathbf{2}}$ | 3 | 4 | 5 | 6 |
| I. OPERATING REVENUES (112+113) | 111 | 252.381.211 | 122.914.541 | 242.428.643 | 143.450.744 |
| 1. Sales revenues | 112 | 241.252.217 | 122.173.964 | 229.644.283 | 133.857.246 |
| 2. Other operating revenues | 113 | 11.128.994 | 740.577 | 12.784.360 | 9.593.498 |
| II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130) | 114 | 244.865.595 | 125.833.742 | 227.210.184 | 125.489.939 |
| 1. Changes in the value of work in progress and finished goods | 115 | $-58.785.902$ | $-31.084.280$ | 12.377.745 | 6.460.268 |
| 2. Material costs (117 to 119) | 116 | 138.826.662 12.504.290 |
74.808.972 9.592.210 |
79.937.736 18.182.838 |
50.986.810 11.774.239 |
| a) Raw material and material costs b) Costs of goods sold |
117 118 |
31.350 | 31.350 | ||
| c) Other external costs | 119 | 126.322.372 | 65.216.762 | 61.723.548 | 39.181.221 |
| 3. Staff costs (121 to 123) | 120 | 114.289.625 | 58.612.137 | 98.264.050 | 47.884.336 |
| a) Net salaries and wages | 121 | 61.259.239 | 31.416.105 | 54.941.734 | 27.938.207 |
| b) Costs for taxes and contributions from salaries | 122 | 36.572.680 | 18.755.884 | 28.979.387 | 12.857.879 |
| c) Contributions on gross salaries | 123 | 16.457.706 | 8.440.148 | 14.342.929 | 7.088.250 |
| 4. Depreciation | 124 | 15.522.593 | 5.719.699 | 11.124.965 | 4.607.653 |
| 5. Other costs | 125 | 18.612.295 | 10.739.604 | 21.349.640 | 13.632.912 |
| 6. Impairment (127+128) | 126 | 13.069.114 | 4.937.434 | 3.124.691 | 1.017.812 |
| a) Impairment of long-term assets (excluding financial assets) | 127 | $\mathbf 0$ | 0 | $\Omega$ | |
| b) Impairment of short-term assets (excluding financial assets) | 128 | 13.069.114 | 4.937.434 | 3.124.691 | 1.017.812 |
| 7. Provisions | 129 | 1.685.693 | 849.962 | $\mathbf 0$ | |
| 8. Other operating expenses | 130 | 1.645.515 | 1.250.214 | 1.031.357 | 900.148 |
| III. FINANCIAL INCOME (132 to 136) | 131 | 26.332.308 | 14.935.270 | 19.480.657 | 2.476.822 |
| 1. Interest income, foreign exchange gains, dividends and similar income from related parties |
132 | 0 | |||
| 2. Interest income, foreign exchange gains, dividends and similar income from non-related | 133 | 15.797.164 | 14.319.302 | 2.642.957 | 1.766.552 |
| 3. Share in income from affiliated entrepreneurs and participating interests | 134 | 1.109.538 | 576.935 | 1.356.756 | 682.126 |
| 4. Unrealized gains (income) from financial assets | 135 | $\mathbf{0}$ | |||
| 5. Other financial income | 136 | 9.425.606 | 39.033 | 15.480.944 | 28.144 15.277.320 |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 26.983.553 $\Omega$ |
16.914.830 0 |
25.452.677 | |
| 1. Interest expenses, foreign exchange losses and similar expenses from related parties 2. Interest expenses, foreign exchange losses and similar expenses from non - related |
138 139 |
26.983.553 | 16.914.830 | 25.077.940 | 14.902.583 |
| 3. Unrealized losses (expenses) on financial assets | 140 | $\mathbf 0$ | $\mathbf 0$ | $\Omega$ | |
| 4. Other financial expenses | 141 | 0 | 0 | 374.737 | 374.737 |
| V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS | 142 | $\mathbf 0$ | $\mathbf 0$ | ||
| VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS | 143 | 0 | 0 | 2.660.292 | 2.397.916 |
| VII. EXTRAORDINARY - OTHER INCOME | 144 | 0 | 0 | ||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | 0 | 0 | ||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 278.713.519 | 137.849.811 | 261.909.300 | 145.927.566 |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 271.849.148 | 142.748.572 | 255.323.153 | 143.165.175 |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | 6.864.371 | $-4.898.761$ | 6.586.147 | 2.762.391 |
| 1. Profit before taxation (146-147) | 149 | 6.864.371 | 0 | 6.586.147 | 2.762.391 |
| 2. Loss before taxation (147-146) | 150 | 0 1.294.240 |
|||
| XII. PROFIT TAX | 151 | 2.680.362 4.184.009 |
531.400 $-5.430.161$ |
2.350.388 4.235.759 |
1.468.151 |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) 1. Profit for the period(149-151) |
152 153 |
4.184.009 | $\Omega$ | 4.235.759 | 1.468.151 |
| 2. Loss for the period (151-148) | 154 | 0 | 5.430.161 | 0 | |
| XIV. PROFIT OR LOSS FOR THE PERIOD | |||||
| 1. Attributed to equity holders of parent company | 155 | 4.024.273 | -6.354.791 | 3.619.175 | 1.259.479 |
| 2. Attributed to minority interests | 156 | 159.736 | 924.630 | 616.584 | 208.672 |
| STATEMENT OF COMPREHENSIVE INCOME (IFRS) | |||||
| PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | 4.184.009 | $-5.430.161$ | 4.235.759 | 1.468.151 |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165) | 158 | $-83.243$ | $-47.116$ | $-35.348$ | $-11.154$ |
| 1. Exchange differences on translation of foreign operations | 159 | $-83.243$ | $-47.116$ | $-35.348$ | $-11.154$ |
| 2. Movements in revaluation reserves of long-term tangible and intangible assets | 160 | ŋ | $\Omega$ | $\overline{0}$ | |
| 3. Profit or loss from revaluation of financial assets available for sale | 161 | 0 | $\bf{0}$ | $\pmb{0}$ | |
| 4. Gains or losses on efficient cash flow hedging | 162 | $\mathbf 0$ | $\bf{0}$ | $\bf{0}$ | $\mathbf 0$ |
| 5. Gains or losses on efficient hedge of a net investment in foreign countries | 163 | 0 | $\bf{0}$ | 0 | $\pmb{0}$ |
| 6. Share in other comprehensive income / loss of associated companies | 164 | Ō 0 |
$\mathbf 0$ $\mathbf 0$ |
$\bf{0}$ $\overline{0}$ |
$\pmb{0}$ $\pmb{0}$ |
| 7. Actuarial gains / losses on defined benefit plans | 165 | $\bf{0}$ | $\mathbf{0}$ | ||
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD $(158-166)$ |
166 | $-83.243$ | $-47.116$ | $-35.348$ | $-11.154$ |
| IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167) |
167 168 |
4.100.766 | $-5.477.277$ | 4.200.411 | 1.456.997 |
| APPENDIX to Statement of comprehensive income (only for consolidated financial statements) | |||||
| VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD | |||||
| 1. Attributed to equity holders of parent company | 169 | 3.941.030 | $-6.401.907$ | 3.583.827 | 1.248.325 |
| 2. Attributed to minority interests | 170 | 159.736 | 924.630 | 616.584 | 208.672 |
STATEMENT OF CASH FLOWS - Indirect method period 01.01.2011. to 30.06.2011.
| Position | AOP | Previous period |
Current period |
|---|---|---|---|
| 1 | $\overline{2}$ | 3 | 4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before tax | 001 | 6.864.371 | 6.586.247 |
| 2. Depreciation | 002 | 15.522.593 | 11.124.965 |
| 3. Increase in short-term liabilities | 003 | 8.085.871 | |
| 4. Decrease in short term receivables | 004 | 0 | $\Omega$ |
| 5. Decrease in inventories | 005 | $\overline{0}$ | 10.852.583 |
| 6. Other cash flow increases | 006 | 24.607.556 | 57.844.150 |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 55.080.391 | 86.407.945 |
| 1. Decrease in short - term liabilities | 008 | $\mathbf 0$ | 31.355.867 |
| 2. Insrease in short - term receivables | 009 | 10.851.397 | 83.934.714 |
| 3. Increase in inventories | 010 | 55.779.598 | |
| 4. Other cash flow decreases | 011 | 17.388.639 | |
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 84.019.634 | 115.290.581 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012) | 013 | 0 | |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 014 | 28.939.243 | 28.882.636 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | 207.599 | 199.650 |
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | 11.159.760 | 31.300.000 |
| 3. Interest receipts | 017 | 1.652.884 | 1.084.986 |
| 4. Dividend receipts | 018 | ||
| 5. Other cash inflows from investing activities | 019 | 2.000.000 | 2.048.795 |
| III. Total cash inflows from investing activities(015 to 019) | 020 | 15.020.243 | 34.633.431 |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | 3.174.365 | 4.964.276 |
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | 21.626.776 | 31.300.000 |
| 3. Other cash outflows from investing activities | 023 | 5.070.692 | |
| IV. Total cash outflows from investing activities (021 to 023) | 024 | 29.871.833 | 36.264.276 |
| B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES(020-024) | 025 | $\Omega$ | |
| B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES(024-020) | 026 | 14.851.590 | 1.630.845 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1. Cash receipts from issuance of equity and debt financial instruments | 027 | 67.163.618 | 75.719.107 |
| 2. Cash inflows from loans, debentures, credits and other borrowings | 028 | 56.391.168 | 17.787.203 |
| 3. Other cash inflows from financing activities | 029 | 0 | |
| V. Total cash inflows from financing activities (027 to 029) | 030 | 123.554.786 | 93.506.310 |
| 1. Cash outflows for repayment of loans and bonds | 031 | 97.405.040 | 110.674.874 |
| 2. Dividends paid | 032 | 4.500 | 52.725 |
| 3. Cash outflows for finance lease | 033 | 1.907.850 | 1.151.296 |
| 4. Cash outflows for purchase of own stocks | 034 | 1.088.615 | 0 |
| 5. Other cash outflows from financing activities | 035 | $\Omega$ | $\Omega$ |
| VI. Total cash outflows from financing activities (031 do 035) | 036 | 100.406.005 | 111.878.895 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 23.148.781 | ||
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030) | 037 038 |
0 | 18.372.585 |
| Total increases of cash flows $(013 - 014 + 025 - 026 + 037 - 038)$ | 039 | 0 | |
| Total decreases of cash flows $(014 - 013 + 026 - 025 + 038 - 037)$ | 040 | 20.642.052 | 48.886.066 |
| Cash and cash equivalents at the beginning of period | 041 | 80.604.065 | 73.679.933 |
| Increase in cash and cash equivalents | 042 | 0 | |
| 20.642.052 | |||
| Decrease in cash and cash equivalents | 043 | 48.886.066 | |
| Cash and cash equivalents at the end of period | 044 | 59.962.013 | 24.793.867 |
| $\overline{\mathbf{c}}$ 01.01.2011 from |
30.06.2011 | ||||
|---|---|---|---|---|---|
| Position | AOP | Previous year |
Current year | ||
| ٣ | 2 | M | 4 | ||
| Subscribed capital | PO0 | 63.432.000 | 63.432.000 | ||
| 2. Capital reserves | 002 | 13.998.640 | 13.998.640 | ||
| 3. Reserves from profit | 003 | 8.068.491 | 8.068.491 | ||
| 4. Retained earnings or accumulated loss | 004 | 241.862.057 | 249.413.741 | ||
| /ear 5. Profit / loss for the current y |
005 | 8.300.652 | 3.619.175 | ||
| 6. Revaluation of long - term tangible assets | 006 | 53.606.519 | 53.606.570 | ||
| 7. Revaluation of intangible assets | 007 | $\circ$ | $\circ$ | ||
| 8. Revaluation of financial assets available for sale | 008 | 8.112.808 | 8.112.808 | ||
| 9. Other revaluation | 009 | $\circ$ | $\circ$ | ||
| 10. Total capital and reserves (AOP 001 to 009) | 010 | 397.381.167 | 400.251.425 | ||
| 1. Currency gains and losses arising from net investments in foreign operations | 011 | $-30.431$ | $-65.779$ | ||
| 2. Current and deferred taxes (part) | 012 | $\circ$ | |||
| 3. Cash flow hedging | 013 | $\circ$ | |||
| 4. Changes in accounting policies | 014 | $\circ$ | |||
| 5. Correction of significant errors in prior periods | 015 | $\circ$ | |||
| 6. Other changes in capital | 016 | $\circ$ | |||
| e in capital (AOP 011 to 016) 7. Total increase or decreas |
017 | $-30.431$ | $-65.779$ | ||
| 7 a. Attributed to equity holders of parent company | 018 | 397.350.736 | 400.185.646 | ||
| 17 b. Attributed to minority interst | 019 | 5.167.371 | 66.483.631 |
STATEMENT OF CHANGES IN EQUITY
ltems decreasing the capital are entered with a negative number sign
Data entered under AOP marks 001 to 009 are entered as situation on the Balance Sheet date
Institut IGH d.d.
Janka Rakuše 1, 10000 Zagreb, CROATIA Tel: +385 1 6125 125, Fax: +385 1 6125 401, [email protected], www.igh.hr
MANAGEMENT'S STATEMENT ON THE RESPONSIBILITY FOR PREPARING CONSOLIDATED REPORTS FOR THE INSTITUT IGH GROUP, JSC
The Company's Management has to ensure that the Group's consolidated financial reports for the first semester of 2011 are prepared in accordance with the Accountancy Law (Official Gazette 146/05) and in keeping with international accounting standards (Official Gazette 136/09, 08/10, 27/10, 65/10, 120/10) issued by the International Accounting Standards Board (IASB), so that these documents provide a true and unbiased picture of the Group's financial standing, business results, change in capital, and cash flow for the period under consideration.
After making due enquiries, the Management has a reasonable expectation that the Group has adequate resources to continue operation in the foreseeable future. Accordingly, the Group has prepared its financial reports under assumption that the Group will continue operating for an unlimited period of time.
During preparation of financial reports, the Management is responsible:
- for the selection and, thereafter, for consistent use of appropriate accounting policies;
- for giving reasonable and sensible assessments and estimates:
- for applying valid financial reporting standards and for making public and explaining every materially significant discrepancy discovered in financial reports;
- for preparing financial reports under assumption of an unlimited period of operation, except in cases when such assumption is inappropriate.
The Management is responsible for keeping proper accountancy records that will depict, to an acceptable level of accuracy, the financial standing and business results of the Group, in full compliance with the Accountancy Law and international accounting standards issued by the International Accounting Standards Board (IASB). The Management is also responsible for protecting and safeguarding the Group's assets, and hence for undertaking every measure it deems necessary to prevent and discover cases of fraud and other illegal activity.
Signed on behalf of the Management:
Prof. Jure Radić, Ph.D. (Civ/Eng.), General Manager Mod.
Institut IGH, d.d. Zagreb Janka Rakuše 1 10000 Zagreb
29 July 2011
Žiro ročun
Devizni račun
Dielotnost: 73102 MB: 3750272 Poslovna banka Zagrebačka banka d.d. Zagreb, Paromlinska 2
Mjerodavni sud: 2360000-1101243767 Trgovački sud u Zagrebu, registarski uložak kod Zagrebačke banke d.d.
Zagreb: 2100085026 s matičnim brojem (MBS) 080000959 OIB: 79766124714
Temelini kapital: 63.432.000.00 kn uplaćen u cijelosti Broj izdanih dionica: 158.580, nominalna vrijednost dionice 400 kn
Uprova prof.dr.sc. Jure Rodić, direktor, zastupa društvo pojedinačno i samostalno Nadzorni odbor: dr. sc. Franjo Gregurić, predsjednik