Institut IGH d.d. — Interim / Quarterly Report 2011

Jan 31, 2012

MANAGEMENT'S STATEMENT ON THE RESPONSIBILITY FOR PREPARING FINANCIAL REPORTS FOR THE INSTITUT IGH, JSC

The Company's Management has to ensure that the INSTITUT IGH d.d. financial reports for the fourth quarter 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 Company'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 Company has adequate resources to continue operation in the foreseeable future. Accordingly, the Management has prepared its financial reports under assumption that the Company will continue to operate 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; $\bullet$
• for giving reasonable and sensible assessments and estimates; $\bullet$
• 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 Company, 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 Company'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 $\beta$ f the Managements Prof. Jure Radić, Ph.D. Kits Eng.), General Manager Institut IGH, d.d. Zagreb Janka Rakuše 1 Jalibolp u joy 10000 Zagreb

31 January 2012

GENERAL MANAGER'S REPORT ON PRELIMINARY BUSINESS RESULTS OF THE INSTITUT IGH AND ITS SUBSIDIARIES IN THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 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 also conduct scientific research.

Institut IGH JSC has 19 subsidiary companies providing services either in its core activity or in associated fields of activity, 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 situated in Zagreb, Janka Rakuše 1, company registration No.: MB 3750272, personal identification No. OIB 79766124714.

The total number of 1105 persons were employed with Institut IGH JSC and its subsidiaries on 31 December 2011.

Supervisory Board and Management Board 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., Member

Ante Stojan, B.Arch., Member

The company's Management Board member is:

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 and its subsidiaries in the period from 1 January to 31 December 2011

In the period from 1 January to 31 December 2011, the revenues of the Institut IGH and its subsidiaries amounted to HRK 483 million, out of which the amount of HRK 82 million was earned on foreign markets.

The consolidated revenues amount to HRK 513 million, while operating expenses amount to HRK 476 million, which is a 5% reduction when compared to the same period last year. This particularly concerns reductions made in personnel costs and costs of external services.

The total financial revenues amount to HRK 33 million, and are formed of interest and positive exchange rate differences, and of revenues generated through sale of company's shares and other financial revenues.

Financial expenses in the period from January to December 2011 amount to HRK 60 million. Financial expenses mostly concern loan interest payments amounting to HRK 47 million, and net losses due to negative exchange rate differences amounting to HRK 12 million.

Based on the above mentioned preliminary indicators, the pre-tax profit of Institut IGH, JSC and its subsidiaries amounts to HRK 7.1 million, i.e. the preliminary after-tax profit margin of mother-company shareholders is HRK 1.3 million.

The Company intends to continue with rationalization of its operations. Based on the surplus employee placement program and regular retirement schedule, the number of persons employed in mother company was reduced by 72 by the end of 2011. The completion of construction/investment projects "Ban Centar" and "Centar Bundek" is due in 2012, which is expected to result in reduction of financial expenses by the end of 2012, as related to expenses generated in 2011.

Zagreb, 31 January 2012

Institut IGH, d.d. rof. Jure Radić, Ph.D. (Civ.Eng.) General Manager

Attachment 1.
Reporting period:		01.01.2011	do	31.12.2011
	Quarterly financial statement of the entrepreneur - TFI-POD
Tax number (MB):	03750272
Company registration number (MRS)	80000959
Personal identification number (OIB):	79766124714
Issuing company: INSTITUT IGH D.D.
Postal code and place:	10000	ZAGREB
Street and house number: JANKA RAKUŠE 1
E-mail adress: igh@igh.hr
Internet adress: http://www.institutigh.com
unicipality/city code and name: 133	ZAGREB
County code and name: 133	GRAD ZAGREB			Number of employees	848
Consolidated report: NO				(quarter end) NKD code:	7219
pmpanies of the consolidation subject (according to IFRS		Seat:		MB:
Bookkeeping service:
Contact person: SPINDERK JADRANKA	(please enter only contact person's family name and name)
Telephone: 01 6125 444				Telefaks: 01 6125 404
E-mail adress: igh@igh.hr
Family name and name: prof. dr. JURE RADIĆ, dipl. ing. građ.	(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
	M.P.			(signature of the person authorized to represent the company)
			Toc
				Oveditelistvu

BALANCE SHEET as of 30.09.2011.

uju vuluvlev n INSTITUT IGH D.D.
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) I. INTANGIBLE ASSETS (004 to 009)	002	652.108.571	626.174.785
1. Assets development	003 004	18.066.215 0	18.277.963 $\mathbf 0$
2. Concessions, patents, licence fees, merchandise and service brands, software and other rights	005	2.091.193	2.328.941
3. Goodwill	006	13.355.595	13.355.595
4. Prepayments for purchase of intangible assets	007	0	$\mathbf 0$
5. Intangible assets in preparation	008	2.619.427	2.593.427
6. Other intangible assets	009	0	$\Omega$
II. TANGIBLE ASSETS (011 to 019)	010	215.006.072	212.971.296
1. Land	011	45.615.550	45.615.550
2. Buildings	012	104.762.894	94.764.832
3. Plant and equipment	013	3.238.984	2.821.651
4. Instuments, plant inventories and transportation assets	014	1.989.856	1.793.522
5. Biological assets	015	$\Omega$	$\mathbf{0}$
6. Prepayments for tangible assets	016	95.843	44.687
7. Tangible assets in preparation	017	24.695.834	29.667.964
8. Other material assets	018	379.356	331.344
9. Investment in buildings	019	34.227.755	37.931.746 388.231.293
III. LONG-TERM FINANCIAL ASSETS (021 to 028) 1. Shares (stocks) in related parties	020 021	410.827.205 317.933.356	302.265.556
2. Loans given to related parties	022	65.324.225	64.102.981
3. Participating interests (shares)	023	62.220	62.220
4. Loans to entrepreneurs in whom the entity hold participating interests	024	$\Omega$	$\mathbf 0$
5. Investment in securities	025	$\Omega$	$\mathbf 0$
6. Loans, deposits and similar assets	026	8.400.275	601.734
7. Other long - term financial assets	027	19.107.129	21.198.802
8. Investments accounted by equity method	028		$\mathbf 0$
IV. RECEIVABLES (030 to 032)	029	6.117.448	4.602.602
1. Receivables from related parties	030	$\Omega$	$\mathbf{0}$
2. Receivables based on trade loans	031	6.117.448	4.602.602
3. Other receivables	032	O	$\mathbf 0$
V. DEFERRED TAX ASSETS	033	2.091.631	2.091.631
C) SHORT TERMS ASSETS (035+043+050+058)	034 035	464.248.608 26.221.082	440.546.230 6.019.586
I. INVENTORIES (036 to 042) 1. Row material	036	$\Omega$	$\mathbf 0$
2. Work in progress	037	501.348	247.493
3. Finished goods	038	19.033.411	4.392.516
4. Merchandise	039	6.135.426	1.379.577
5. Prepayments for inventories	040	550.897	$\mathbf 0$
6. Long - term assets held for sale	041	$\mathbf 0$	$\bf 0$
7. Biological assets	042	$\mathbf 0$	$\bf 0$
II. RECEIVABLES (044 to 049)	043	281.317.191	338.665.630
1. Receivables from related parties	044	30.097.509	23.575.850
2. Accounts receivable	045	125.205.973	101.961.915
3. Receivables from participating entrepreneurs	046	0	0
4. Receivables from employees and shareholders	047	636.527	1.053.845
5. Receivables from government and other institutions	048	5.765.880	31.262
6. Other receivables	049	119.611.302	212.042.758
III. SHORT - TERM FINANCIAL ASSETS (051 to 057)	050	148.002.027 0	93.737.012 $\bf{0}$
1. Shares (stocks) in related parties 2. Loans given to related parties	051 052	83.613.337	59.130.806
3. Participating interests (shares)	053	$\Omega$	$\mathbf 0$
4. Loans to entrepreneurs in whom the entity hold participating interests	054	$\Omega$	$\bf{0}$
5. Investment in securities	055	11.993.303	10.871.441
6. Loans, deposits and similar assets	056	10.198.993	23.734.765
7. Other financial assets	057	42.196.394	$\mathbf{0}$
IV. CASH AT BANK AND IN CASHIER	058	8.708.308	2.124.002
D) PREPAID EXPENSES AND ACCRUED INCOME	059	48.418.697	70.644.896
E) TOTAL ASSETS (001+002+034+059)	060	1.164.775.876	1.137.365.911
F) OFF-BALANCE SHEET NOTES	061	128.346.841	129.378.710

$\bar{m}$

$\bar{\omega}$

A) CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	429.628.995	440.915.195
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	$\theta$
IV. REVALUATION RESERVES	071	57.127.602	55.505.442
V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074)	072	274.016.877	287.002.263
1. Retained earnings	073	274.016.877	287.002.263
2. Accumulated loss	074	$\Omega$
VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077)	075	12.985.385	12.908.359
1. Profit for the current year	076	12.985.385	12.908.359
2. Loss for the current year	077	$\Omega$
VII. MINORITY INTEREST	078	$\Omega$
B) PROVISIONS (080 to 082)	079	7.909.751	8.700.693
1. Provisions for pensions, severance pay and similar liabilities	080	3.257.923	5.386.993
2. Reserves for tax liabilities	081	$\Omega$
3. Other reserves	082	4.651.828	3.313.700
C) LONG TERM LIABILITIES (084 to 092)	083	218.438.778	230.247.122
1. Liabilities to related parties	084	$\Omega$
2. Liabilities for loans, deposits etc.	085	$\overline{0}$
3. Liabilities to banks and other financial institutions	086	212.729.727	224.475.294
4. Liabilities for received prepayments	087	$\Omega$
	088	321.844	376.102
5. Accounts payable	089	1.401.018	1.428.573
6. Liabilities arising from debt securities		$\theta$
7. Liabilities to entrepreneurs in whom the entity holds participating interests	090		60.696
8. Other long-term liabilities	091	79.732	3.906.457
9. Deferred tax liability	092	3.906.457
D) SHORT - TERM LIABILITIES (094 to 105)	093	507.450.902	456.004.401
1. Liabilities to related parties	094	9.316.392	2.731.041
2. Liabilities for loans, deposits etc.	095	46.463.807	49.110.032
3. Liabilities to banks and other financial institutions	096	143.199.392	131.086.049
4. Liabilities for received prepayments	097	9.604.190	5.704.702
5. Accounts payable	098	116.652.758	99.771.437
6. Liabilities arising from debt securities	099	113.790.751	99.432.756
7. Liabilities to enterpreneurs in whom the entity holds participating interests	100	$\mathbf 0$
8. Liabilities to employees	101	8.276.060	10.853.950
9. Liabilities for taxes, contributions and similar fees	102	15.630.518	23.579.311
10. Liabilities to share - holders	103	431.377
11. Liabilities for long term assets held for sale	104	0
12. Other short - term liabilities	105	44.085.657	33.735.123
E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD	106	1.347.450	1.498.500
F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106)	107	1.164.775.876	1.137.365.911
G) OFF-BALANCE SHEET NOTES	108	128.346.841	129.378.710
APPENDIX TO BALANCE SHEET (only for consolidated financial statements)
A) CAPITAL AND RESERVES
1. Attributed to equity holders of parent company	109
2. Attributed to minority interests	110

PROFIT AND LOSS ACCOUNT
for period 01.01.2011. to 31.12.2011.

$\mathcal{L}_{\rm{max}}$

$\mathcal{A}^{\pm}$

Position	AOP		Previous period		Current period
		Cummulative	Periodical	Cummulative	Periodical
1	$\overline{2}$	3	$\overline{\bf{4}}$	5	6
I. OPERATING REVENUES (112+113)	111	458.234.265	133.241.446	386.917.790	110.170.107
1. Sales revenues	112	423.645.141	119.478.868	371.816.035	103.370.525
2. Other operating revenues	113	34.589.124	13.762.578	15.101.755	6.799.582
II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130)	114	425.985.084	122.567.347	357.121.726	104.503.295
1. Changes in the value of work in progress and finished goods	115	6.840.119	1.939.726	12.573.501	$\mathbf 0$
2. Material costs (117 to 119)	116	148.453.054	54.864.555	119.553.289	43.015.792
a) Raw material and material costs	117	13.932.645	3.761.064	13.901.504	4.566.792
b) Costs of goods sold	118	148.807	148.807	5.202.736	120.516
c) Other external costs	119	134.371.602 190.472.565	50.954.684 54.883.182	100.449.049 155.050.956	38.328.484 37.053.869
3. Staff costs (121 to 123)	120	101.497.245	27.146.564	86.102.508	20.748.464
a) Net salaries and wages	121 122	61.316.002	19.382.554	46.491.390	11.030.346
b) Costs for taxes and contributions from salaries	123	27.659.318	8.354.064	22.457.058	5.275.059
c) Contributions on gross salaries	124	19.063.174	4.398.503	14.860.765	3.992.312
4. Depreciation	125	42.441.481	6.056.718	41.632.844	14.925.288
5. Other costs	126	15.859.074	0	9.585.335	2.606.597
6. Impairment (127+128)	127
a) Impairment of long-term assets (excluding financial assets)	128	15.859.074	0	9.585.335	2.606.597
b) Impairment of short-term assets (excluding financial assets)	129	296.150	$\mathbf 0$	2.129.070	2.129.070
7. Provisions	130	2.559.467	424.663	1.735.966	780.367
8. Other operating expenses	131	37,465,349	15.124.099	38.484.782	13.786.142
III. FINANCIAL INCOME (132 to 136)	132	5.967.147	1.617.446	9.798.223	2.089.001
1. Interest income, foreign exchange gains, dividends and similar income from related 2. Interest income, foreign exchange gains, dividends and similar income from non-related	133	7.405.192	2.275.699	2.418.431	879.438
3. Share in income from affiliated entrepreneurs and participating interests	134	5.932.430	2.491.947		$\mathbf 0$
4. Unrealized gains (income) from financial assets	135		$\Omega$		$\mathbf 0$
5. Other financial income	136	18.160.580	8.739.007	26.268.128	10.817.703
	137	51.181.627	21.964.786	50.320.201	14.649.868
V. FINANCIAL EXPENSES (138 to 141) 1. Interest expenses, foreign exchange losses and similar expenses from related parties	138		$\Omega$
2. Interest expenses, foreign exchange losses and similar expenses from non - related	139	48.016.581	18,799.740	48.974.768	13.756.506
3. Unrealized losses (expenses) on financial assets	140	2.694.274	2.694.274	$\Omega$	$\theta$
4. Other financial expenses	141	470.772	470.772	1.345.433	893.362
V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS	142	n	$\bf{0}$	0	$\mathbf{0}$
VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS	143	$\Omega$	$\mathbf 0$	$\bf{0}$
VII. EXTRAORDINARY - OTHER INCOME	144	0	$\mathbf{0}$	0	$\mathbf{0}$
VIII. EXTRAORDINARY - OTHER EXPENSES	145		$\Omega$		$\mathbf{0}$
IX. TOTAL INCOME (111+131+142 + 144)	146	495.699.614	148.365.545	425.402.572	123.956.249
X. TOTAL EXPENSES (114+137+143 + 145)	147	477.166.711	144.532.133	407.441.927	119.153.163
XI. PROFIT OR LOSS BEFORE TAXATION (146-147)	148	18.532.903	3.833.412	17.960.645	4.803.086
1. Profit before taxation (146-147)	149	18.532.903	3.833.412	17.960.645	4.803.086
2. Loss before taxation (147-146)	150	$\Omega$	$\Omega$	$\Omega$	$\mathbf 0$
XII. PROFIT TAX	151	5.547.518	1.444.765	5.052.286	1.684.922
XIII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	12.985.385	2.388.647	12.908.359	3.118.164
1. Profit for the period(149-151)	153	12.985.385	2.388.647	12.908.359	3.118.164
2. Loss for the period (151-148)	154	0	0	0	$\vert 0 \vert$
APPENDIX to Profit and Loss Account (only for consolidated financial statements)
XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributed to equity holders of parent company	155
2. Attributed to minority interests	156
STATEMENT OF COMPREHENSIVE INCOME (IFRS)
I. PROFIT OR LOSS FOR THE PERIOD (= 152)	157	12.985.385	2.388.647	12.908.359	3.118.164
II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165)	158	4.392.598	4.392.598	$-1.622.160$	$-1.622.160$
1. Exchange differences on translation of foreign operations	159	0	$\bf{0}$	0	$\overline{0}$
2. Movements in revaluation reserves of long-term tangible and intangible assets	160	$\overline{0}$	$\mathbf 0$	$\overline{0}$	$\overline{0}$
3. Profit or loss from revaluation of financial assets available for sale	161	4.392.598	4.392.598	$-1.622.160$	$-1.622.160$
4. Gains or losses on efficient cash flow hedging	162	0	$\epsilon$	$\bf{0}$	$\boldsymbol{0}$
5. Gains or losses on efficient hedge of a net investment in foreign countries	163	0	$\mathbf 0$	$\mathbf 0$	$\bf 0$
6. Share in other comprehensive income / loss of associated companies	164	$\mathbf 0$	$\overline{0}$	$\mathbf{0}$
7. Actuarial gains / losses on defined benefit plans	165	$\mathbf 0$	$\mathbf 0$	$\mathbf 0$	$\bf 0$
III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166	878.520	878.520	$-324.432$	$-324.432$
IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD (158-166)	167	3.514.078	3.514.078	$-1.297.728$	$-1.297.728$
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167)	168	16.499.463	5.902.725	11.610.631	1.820.436
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
2. Attributed to minority interests	170

STATEMENT OF CASH FLOWS - Indirect method period 01.01.2011. to 31.12.2011.

$\lambda$

g)

$P$ . The state of $P$ is the state of $P$ Legal entity : INSTITUT IGH D.D.
Position	AOP	Previous period	Current period
1	$\overline{2}$	3	4
CASH FLOW FROM OPERATING ACTIVITIES
1. Profit before tax	001	18.532.903	17.960.645
2. Depreciation	002	19.063.174	14.860.765
3. Increase in short-term liabilities	003	8.871.707
4. Decrease in short term receivables	004	15.280.750
5. Decrease in inventories	005	6.840.119	20.201.496
6. Other cash flow increases	006	0	38.243.121
I. Total increase in cash flow from operating activities (001 to 006)	007	68.588.653	91.266.027
1. Decrease in short - term liabilities	008	0	51.446.501
2. Insrease in short - term receivables	009	$\mathbf 0$	57.348.439
3. Increase in inventories	010	$\Omega$
4. Other cash flow decreases	011	60.887.708
II. Total decrease in cash flow from operating activities (008 to 011)	012	60.887.708	108.794.940
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012)	013	7.700.945
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)	014	$\bf{0}$	17.528.913
CASH FLOW FROM INVESTING ACTIVITIES
1. Cash flow from sale of long - term tangible and intangible assets	015	421.600	375.664
2. Cash inflows from sale of equity and debt financial instruments	016	49.486.690	35.090.246
3. Interest receipts	017	10.354.934	7.764.788
4. Dividend receipts	018	82.500
5. Other cash inflows from investing activities	019	56.272.883	47.399.523
III. Total cash inflows from investing activities(015 to 019)	020	116.618.607	90.630.221
1. Cash outflows for purchase of long - term tangible and intangible assets	021	7.780.160	9.482.441
2. Cash outflows for purchase of equity and debt financial instruments	022	57.336.484	77.502.263
3. Other cash outflows from investing activities	023	53.159.610	31.118.582
IV. Total cash outflows from investing activities (021 to 023)	024	118.276.254	118.103.286
B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES(020-024)	025	$\mathbf 0$
B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES(024-020)	026	1.657.647	27.473.065
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	250.122.359	87.114.220
3. Other cash inflows from financing activities	029
V. Total cash inflows from financing activities (027 to 029)	030	317.285.977	162.833.327
1. Cash outflows for repayment of loans and bonds	031	315.797.939	167.144.846
2. Dividends paid	032	11.550	13.325
3. Cash outflows for finance lease	033	3.024.765	575.739
4. Cash outflows for purchase of own stocks	034	1.088.615	$\overline{0}$
5. Other cash outflows from financing activities	035	$\overline{0}$
VI. Total cash outflows from financing activities (031 do 035)	036	319.922.869	167.733.910
C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036)	037	0
C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030)	038	2.636.892	4.900.583
Total increases of cash flows $(013 - 014 + 025 - 026 + 037 - 038)$	039	3.406.406
Total decreases of cash flows $(014 - 013 + 026 - 025 + 038 - 037)$	040	0	49.902.561
Cash and cash equivalents at the beginning of period	041	59.491.598	62.898.004
Increase in cash and cash equivalents	042	3.406.406
Decrease in cash and cash equivalents	043	$\overline{0}$	49.902.561
Cash and cash equivalents at the end of period	044	62.898.004	12.995.443

JEQUIT $\mathbf{Z}$	.201 21 12
GES ALLAL ו דוויין	$\overline{\mathbf{c}}$
STATEMENT OF	$-201$ 71.01.

$\hat{\boldsymbol{\theta}}$

$\bar{a}$

from	01.01.2011	$\overline{c}$	31.12.2011
Position				AOP	Previous year	Current year
				$\mathbf{\hat{z}}$	S	4
1. Subscribed capital				$\overline{0}01$	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				DO4	274.016.877	287.002.263
5. Profit / loss for the current year				005	12.985.385	12.908.359
tangible assets 6. Revaluation of long - term t				006	49.014.794	49.014.794
7. Revaluation of intangible assets				007	$\circ$	$\circ$
8. Revaluation of financial assets available for sale				008	8 112 808	6.490.648
9. Other revaluation				009	$\circ$	$\circ$
10. Total capital and reserves (AOP 001 to 009)				010	429.628.995	440.915.195
arising from net investments in foreign operations 11. Currency gains and losses				011	0	$\circ$
12. Current and deferred taxes (part)				012	$\circ$	$\circ$
13. Cash flow hedging				013	$\circ$	$\circ$
icies 14. Changes in accounting poli				014	$\circ$	0
15. Correction of significant errors in prior periods				015	$\circ$	$\circ$
16. Other changes in capital				016	O	$\circ$
17. Total increase or decrease in capital (AOP 011 to 016)				017	0	0
17 a. Attributed to equity holders of parent company				018
17 b. Attributed to minority interst				019

Items 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