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Institut IGH d.d. — Interim / Quarterly Report 2012
Apr 27, 2012
2091_10-q_2012-04-27_5a5b0ebf-d6c1-4644-b9a3-b39cb5e7d91b.pdf
Interim / Quarterly Report
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Institut IGH d.d.
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 first quarter of 2012 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, 58/11, 140/11) 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;
- 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 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 of the Management Prof. Jure Radić, Ph.D. (Civ, Eng.) Institut IGH, d.d. Zagreb Janka Rakuše 1 10000 Zagreb
27 April 2012
GENERAL MANAGER'S REPORT ON BUSINESS RESULTS OF THE INSTITUT IGH AND ITS SUBSIDIARIES IN THE PERIOD FROM 1 JANUARY TO 31 MARCH 2012
The INSTITUT IGH, d.d., 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 d.d. 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, d.d. is situated in Zagreb, Janka Rakuše 1, company registration No.: MB 3750272, personal identification No. OIB 79766124714.
The total number of 1025 persons were employed with Institut IGH d.d. and its subsidiaries on 31 March 2012.
Supervisory Board and Management Board of Institut IGH, D.D.
The company's Supervisory Board members are:
Franjo Gregorić, Ph.D., President
Dinko Tvrtković, B.Sc., Member
Branko Kincl, Academician, Member
Prof. Vlatka Rajčić, Ph.D., Member
Ante Stojan, B.Sc., Member
The company's Management Board member is:
Prof. Jure Radić, Ph.D. (Civ. Eng.), General Manager
Share capital
The share capital amounts to HRK 63,432,000.00 and consists of 158,580 ordinary shares each with the nominal value of HRK 400.
Business results of the Institut IGH D.D. and its subsidiaries in the period from 1 January to 31 March 2012
In the period from 1 January to 31 March 2012, the revenues of the Institut IGH and its subsidiaries amounted to HRK 81.3 million, out of which the amount of HRK 8.3 million was earned on foreign markets.
The consolidated revenues amounted to HRK 85.2 million (HRK 99 million over the same period in 2011).
The operating expenses amount to HRK 78.6 million, which is a 22% reduction when compared to the same period last year. This particularly concerns reductions made in personnel costs which are lower by 21% with respect to the same period last year, primarily because of reduction in the number of employees based on the surplus employee placement program.
Financial revenues amount to HRK 3.7 million, and are formed of interest amounting to HRK 2.1 million, and net income from positive exchange rate differences amounting to HRK 1.6 million.
Financial expenses in the period from January to March 2012 amount to HRK 11.9 million. Financial expenses mostly concern loan interest payments.
The Institut IGH d.d. and its subsidiaries realized in the period from January to March 2012 the consolidated pre-tax loss of HRK 1.9 million.
The consolidated after-tax loss amounts to HRK 3.3 million. The loss to minority interest is HRK 111,000, and the loss to mother-company shareholders is HRK 3.2 million.
The reduction of consolidated revenues is due to stagnation of overall construction activity, and an unfavourable part of the business year, in which income from construction and tourist activity is scarce, which resulted in the loss over the period covered by this report. Despite reduction of revenues, the mother company - Institut IGH d.d. - realized in the reporting period the pre-tax profit of HRK 3.7 million, or after-tax profit of HRK 2.5 million, which is due to significant cuts in operating costs through implementation of the company restructuring program, which was initiated in 2010.
Over the next period, the Company expects an intensification of business activity, with simultaneous continuation of the process of rationalization of operation and financial consolidation of the Company. The General Assembly meeting of the company was held on 26 April 2012. During this GA meeting, decisions related to capitalisation (increase in capital) of the Company were accepted, which will create conditions for financial consolidation of the Company and further improvement and expansion of existing products and services, aimed at retaining the Company's position as leader in the Republic of Croatia and South-Eastern Europe.
Zagreb, 27 April 2012
| Attachment 1. | ||||
|---|---|---|---|---|
| Reporting period: | 01.01.2012 | do | 31.03.2012 | |
| Quarterly financial statement of the entrepreneur - TFI-POD | ||||
| Tax number (MB): | 03750272 | |||
| Company registration number (MBS) |
80000959 | |||
| Personal identification number (OIB): Issuing company: INSTITUT IGH D.D. |
79766124714 | |||
| Postal code and place: | 10000 | ZAGREB | ||
| Street and house number: JANKA RAKUŠE 1 | ||||
| E-mail adress: [email protected] | ||||
| Internet adress: http://www.institutigh.com | ||||
| unicipality/city code and name: 133 |
ZAGREB | |||
| County code and name: 133 |
GRAD ZAGREB | Number of employees | 799 | |
| Consolidated report: NO |
(quarter end) NKD code: |
7219 | ||
| pmpanies of the consolidation subject (according to IFRS | Seat: | MB: | ||
| Bookkeeping service: | ||||
| Contact person: SPINDERK JADRANKA | ||||
| Telephone: 01 6125 444 | (please enter only contact person's family name and name) | Telefaks: 01 6125 404 | ||
| E-mail adress: [email protected] | ||||
| Family name and name: prof. dr. JURE RADIĆ, dipl. ing. grad. | ||||
| (person authorized to represent the company) | ||||
| Documents to be published: and notes to financial statements |
and notes to financial statements dignicked with the drawing of financial statements 2. Statement of persons responsible for the drawing up of financial statements |
1. Financial statements (balance sheet, profit and loss statement, cash flow statement, statement of changes in equity, | ||
| 3. Report of the Management Board on the Company Status | ||||
| Logiet | (signature of the person authorized to represent the company) | |||
BALANCE SHEET as of 31.03.2012.
| 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 | 710.603.464 | 719.049.560 |
| I. INTANGIBLE ASSETS (004 to 009) | 003 | 19.970.706 | 20.994.744 |
| 1. Assets development | 004 | $\Omega$ | $\overline{0}$ |
| 2. Concessions, patents, licence fees, merchandise and service brands, software and other rights | 005 | 4.021.684 | 3.378.322 |
| 3. Goodwill | 006 | 13.355.595 | 13.355.595 |
| 4. Prepayments for purchase of intangible assets | 007 | $\overline{0}$ | |
| 5. Intangible assets in preparation | 008 | 2.593.427 | 4.260.447 |
| 6. Other intangible assets | 009 | $\overline{0}$ | |
| II. TANGIBLE ASSETS (011 to 019) | 010 | 212.933.972 | 220.432.827 |
| 1. Land | 011 | 45.615.550 | 45.615.550 |
| 2. Buildings | 012 | 94.828.405 | 92.256.478 |
| 3. Plant and equipment | 013 | 2.675.605 | 2.411.063 |
| 4. Instuments, plant inventories and transportation assets | 014 | 1.947.253 | 1.752.521 |
| 5. Biological assets | 015 | 0 | $\mathbf 0$ |
| 6. Prepayments for tangible assets | 016 | 88.452 | 88.835 |
| 7. Tangible assets in preparation | 017 | 29.515.618 | 29.715.077 |
| 8. Other material assets | 018 | 331.343 | 331.343 |
| 9. Investment in buildings | 019 | 37.931.746 | 48.261.960 |
| III. LONG-TERM FINANCIAL ASSETS (021 to 028) | 020 | 472.042.265 | 472.016.297 |
| 1. Shares (stocks) in related parties | 021 | 320.537.631 | 320.537.631 |
| 2. Loans given to related parties | 022 | 84.102.981 | 84.102.981 |
| 3. Participating interests (shares) 4. Loans to entrepreneurs in whom the entity hold participating interests |
023 024 |
45.621.261 0 |
45.621.261 $\boldsymbol{0}$ |
| 5. Investment in securities | 025 | 0 | $\mathbf 0$ |
| 6. Loans, deposits and similar assets | 026 | 598.788 | 581.233 |
| 7. Other long - term financial assets | 027 | 21.181.604 | 21.173.191 |
| 8. Investments accounted by equity method | 028 | 0 | 0 |
| IV. RECEIVABLES (030 to 032) | 029 | 3.849.560 | 3.798.731 |
| 1. Receivables from related parties | 030 | ||
| 2. Receivables based on trade loans | 031 | 3.849.560 | 3.798.731 |
| 3. Other receivables | 032 | 0 | $\mathbf 0$ |
| V. DEFERRED TAX ASSETS | 033 | 1.806.961 | 1.806.961 |
| C) SHORT TERMS ASSETS (035+043+050+058) | 034 | 364.703.151 | 361.552.257 |
| I. INVENTORIES (036 to 042) | 035 | 4.274.005 | 4.274.005 |
| 1. Row material | 036 | $\mathbf 0$ | 0 |
| 2. Work in progress | 037 | 247.493 | 247.493 |
| 3. Finished goods | 038 | 2.646.935 | 2.646.935 |
| 4. Merchandise | 039 | 1.379.577 | 1.379.577 |
| 5. Prepayments for inventories | 040 | $\bf{0}$ | $\bf 0$ |
| 6. Long - term assets held for sale | 041 | $\mathbf 0$ | $\mathbf 0$ |
| 7. Biological assets | 042 | ||
| II. RECEIVABLES (044 to 049) | 043 | 292.002.656 | 291.140.359 |
| 1. Receivables from related parties | 044 | 21.516.646 | 20.301.276 |
| 2. Accounts receivable | 045 | 101.163.598 | 97.050.778 |
| 3. Receivables from participating entrepreneurs | 046 | 146.963 | 146.963 |
| 4. Receivables from employees and shareholders | 047 | 622.982 | 692.772 |
| 5. Receivables from government and other institutions | 048 | 2.040.776 166.511.691 |
2.802.616 |
| 6. Other receivables III. SHORT - TERM FINANCIAL ASSETS (051 to 057) |
049 050 |
66.307.264 | 170.145.954 59.794.095 |
| 1. Shares (stocks) in related parties | 051 | 0 | 0 |
| 2. Loans given to related parties | 052 | 39.486.573 | 42.163.466 |
| 3. Participating interests (shares) | 053 | $\Omega$ | 0 |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 054 | 7.371.332 | 7.467.577 |
| 5. Investment in securities | 055 | 10.823.215 | 1.469.443 |
| 6. Loans, deposits and similar assets | 056 | 8.626.144 | 8.693.609 |
| 7. Other financial assets | 057 | 0 | 0 |
| IV. CASH AT BANK AND IN CASHIER | 058 | 2.119.226 | 6.343.798 |
| D) PREPAID EXPENSES AND ACCRUED INCOME | 059 | 74.127.828 | 74.054.629 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 1.149.434.443 | 1.154.656.446 |
| F) OFF-BALANCE SHEET NOTES | 061 | 81.406.022 | 80.323.328 |
| LIABILITIES AND CAPITAL | |||
|---|---|---|---|
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 442.792.826 | 445.257.498 |
| 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 | $\Omega$ | |
| 5. Other reserves | 070 | $\overline{0}$ | |
| IV. REVALUATION RESERVES | 071 | 54.432.245 | 54.432.245 |
| V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) | 072 | 289.267.812 | 302.861.450 |
| 073 | 289.267.812 | 302.861.450 | |
| 1. Retained earnings | |||
| 2. Accumulated loss | 074 | ||
| VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077) | 075 | 13.593.638 | 2.464.672 |
| 1. Profit for the current year | 076 | 13.593.638 | 2.464.672 |
| 2. Loss for the current year | 077 | $\Omega$ | |
| VII. MINORITY INTEREST | 078 | ||
| B) PROVISIONS (080 to 082) | 079 | 5.749.308 | 5.749.308 |
| 1. Provisions for pensions, severance pay and similar liabilities | 080 | 2.360.607 | 2.360.607 |
| 2. Reserves for tax liabilities | 081 | ||
| 3. Other reserves | 082 | 3.388.701 | 3.388.701 |
| C) LONG TERM LIABILITIES (084 to 092) | 083 | 230.548.214 | 239.554.714 |
| 1. Liabilities to related parties | 084 | $\overline{0}$ | |
| 2. Liabilities for loans, deposits etc. | 085 | $\overline{0}$ | |
| 3. Liabilities to banks and other financial institutions | 086 | 224.475.198 | 233.511.139 |
| 4. Liabilities for received prepayments | 087 | ||
| 5. Accounts payable | 088 | 374.789 | 350.507 |
| 6. Liabilities arising from debt securities | 089 | 1.428.573 | 1.424.114 |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | $\theta$ | |
| 8. Other long-term liabilities | 091 | 60.695 | 60.695 |
| 9. Deferred tax liability | 092 | 4.208.959 | 4.208.259 |
| D) SHORT - TERM LIABILITIES (094 to 105) | 093 | 467.492.325 | 461.897.076 |
| 1. Liabilities to related parties | 094 | 4.432.746 | 5.152.010 |
| 2. Liabilities for loans, deposits etc. | 095 | 49.383.358 | 49.045.890 |
| 3. Liabilities to banks and other financial institutions | 096 | 131.086.049 | 134.675.660 |
| 4. Liabilities for received prepayments | 097 | 5.042.667 | 5.267.810 |
| 5. Accounts payable | 098 | 104.127.479 | 100.749.504 |
| 6. Liabilities arising from debt securities | 099 | 98.432.756 | 92.381.873 |
| 7. Liabilities to enterpreneurs in whom the entity holds participating interests | 100 | $\mathbf 0$ | $\Omega$ |
| 8. Liabilities to employees | 101 | 10.747.136 | 9.717.646 |
| 9. Liabilities for taxes, contributions and similar fees | 102 | 28.156.105 | 34.909.141 |
| 10. Liabilities to share - holders | 103 | 418.051 | 418.051 |
| 11. Liabilities for long term assets held for sale | 104 | $\mathbf 0$ | $\Omega$ |
| 12. Other short - term liabilities | 105 | 35.665.978 | 29.579.491 |
| E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD | 106 | 2.851.770 | 2.197.850 |
| F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106) | 107 | 1.149.434.443 | 1.154.656.446 |
| G) OFF-BALANCE SHEET NOTES | 108 | 81.406.022 | 80.323.328 |
| APPENDIX TO BALANCE SHEET (only for consolidated financial statements) | |||
| A) CAPITAL AND RESERVES | |||
| 1. Attributed to equity holders of parent company | 109 | ||
| 110 | |||
| 2. Attributed to minority interests |
PROFIT AND LOSS ACCOUNT
for period 01.01.2012. to 31.03.2012.
| Position | AOP | Previous period | Current period | ||
|---|---|---|---|---|---|
| Cummulative | Periodical | Cummulative | Periodical | ||
| $\mathbf{1}$ | $\overline{\mathbf{2}}$ | 3 | $\overline{4}$ | 5 | 6 |
| COPERATING REVENUES (112+113) | 111 | 78.543.681 | 78.543.681 | 67.883.954 | 67.883.954 |
| 1. Sales revenues | 112 | 76.637.806 | 76.637.806 | 65.222.609 | 65.222.609 |
| 2. Other operating revenues | 113 | 1.905.875 | 1.905.875 | 2.661.345 | 2.661.345 |
| II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130) | 114 | 82.679.473 | 82.679.473 | 58.011.238 | 58.011.238 |
| 1. Changes in the value of work in progress and finished goods | 115 | 5.917.477 | 5.917.477 | ||
| 2. Material costs (117 to 119) | 116 | 22.137.694 | 22.137.694 | 15.752.573 | 15.752.573 |
| a) Raw material and material costs | 117 | 2.582.337 | 2.582.337 | 1.894.524 | 1.894.524 |
| b) Costs of goods sold | 118 | ||||
| c) Other external costs | 119 | 19.555.357 | 19.555.357 | 13.858.049 | 13.858.049 |
| 3. Staff costs (121 to 123) | 120 | 41.893.576 22.630.264 |
41.893.576 | 32.389.658 | 32.389.658 |
| a) Net salaries and wages | 121 | 13.173.313 | 22.630.265 13.173.311 |
18.053.062 9.577.652 |
18.053.062 9.577.652 |
| b) Costs for taxes and contributions from salaries | 122 | 4.758.944 | 4.758.944 | ||
| c) Contributions on gross salaries | 123 | 6.089.999 4.671.765 |
6.090.000 4.671.765 |
3.702.368 | 3.702.368 |
| 4. Depreciation | 124 | 5.951.202 | 5.951.202 | 4.474.618 | 4.474.618 |
| 5. Other costs | 125 | 2.106.878 | $\mathbf 0$ | $\bf{0}$ | |
| 6. Impairment (127+128) | 126 | 2.106.878 | |||
| a) Impairment of long-term assets (excluding financial assets) b) Impairment of short-term assets (excluding financial assets) |
127 | 2.106.878 | 2.106.878 | ||
| 128 | $\Omega$ | $\Omega$ | $\mathbf{0}$ | ||
| 7. Provisions | 129 | 881 | 881 | 1.692.021 | 1.692.021 |
| 8. Other operating expenses III. FINANCIAL INCOME (132 to 136) |
130 | 18.745.137 | 18.745.137 | 3.532.115 | 3.532.115 |
| 131 | 2.086.139 | 2.086.139 | 1.418.207 | 1.418.207 | |
| 1. Interest income, foreign exchange gains, dividends and similar income from related | 132 | 606.236 | 606.236 | 1.460.175 | 1.460.175 |
| 2. Interest income, foreign exchange gains, dividends and similar income from non-related 3. Share in income from affiliated entrepreneurs and participating interests |
133 134 |
674.630 | 674.630 | 625.337 | 625.337 |
| 4. Unrealized gains (income) from financial assets | 135 | ||||
| 5. Other financial income | 136 | 15.378.132 | 15.378.132 | 28.396 | 28.396 |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 8.127.335 | 8.127.335 | 9.720.361 | 9.720.361 |
| 1. Interest expenses, foreign exchange losses and similar expenses from related parties | 138 | 64.733 | 64.733 | ||
| 2. Interest expenses, foreign exchange losses and similar expenses from non - related | 139 | 8.088.343 | 8.088.343 | 9.402.728 | 9.402.728 |
| 3. Unrealized losses (expenses) on financial assets | 140 | ||||
| 4. Other financial expenses | 141 | 38.992 | 38.992 | 252.900 | 252.900 |
| V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS | 142 | ||||
| VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS | 143 | ||||
| VII. EXTRAORDINARY - OTHER INCOME | 144 | ||||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | ||||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 97.288.818 | 97.288.818 | 71.416.069 | 71.416.069 |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 90.806.808 | 90.806.808 | 67.731.599 | 67.731.599 |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | 6.482.010 | 6.482.010 | 3.684.470 | 3.684.470 |
| 1. Profit before taxation (146-147) | 149 | 6.482.010 | 6.482.010 | 3.684.470 | 3.684.470 |
| 2. Loss before taxation (147-146) | 150 | $\Omega$ | $^{\circ}$ | $\mathbf 0$ | $\mathbf 0$ |
| XII. PROFIT TAX | 151 | 927.768 | 927.768 | 1.219.798 | 1.219.798 |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | 5.554.242 | 5.554.242 | 2.464.672 | 2.464.672 |
| 1. Profit for the period(149-151) | 153 | 5.554.242 | 5.554.242 | 2.464.672 | 2.464.672 |
| 2. Loss for the period (151-148) | 154 | 0 | $\Omega$ | $\pmb{0}$ | $\pmb{0}$ |
| 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 | 5.554.242 | 5.554.242 | 2.464.672 | 2.464.672 |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165) | 158 | $\mathbf 0$ | $\mathbf 0$ | $\bf{0}$ | $\mathbf{0}$ |
| 1. Exchange differences on translation of foreign operations | 159 | $\mathbf 0$ | $\overline{0}$ | $\mathbf 0$ | $\overline{0}$ |
| 2. Movements in revaluation reserves of long-term tangible and intangible assets | 160 | $\bf{0}$ | $\circ$ | $\mathbf 0$ | $\overline{0}$ |
| 3. Profit or loss from revaluation of financial assets available for sale | 161 | $\bf{0}$ | 0 | 0 | $\pmb{0}$ |
| 4. Gains or losses on efficient cash flow hedging | 162 | 0 | 0 | $\mathbf 0$ | $\pmb{0}$ |
| 5. Gains or losses on efficient hedge of a net investment in foreign countries | 163 | $\bf{0}$ | $\circ$ | $\mathbf{0}$ | $\pmb{0}$ |
| 6. Share in other comprehensive income / loss of associated companies | 164 | $\mathbf{0}$ | $\mathbf 0$ | $\mathbf 0$ | $\pmb{0}$ |
| 7. Actuarial gains / losses on defined benefit plans | 165 | $\bf{0}$ | $\circ$ | $\mathbf 0$ | $\mathbf{0}$ |
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 166 | $\Omega$ | $\Omega$ | $\mathbf{0}$ | $\pmb{0}$ |
| IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD (158-166) | 167 | $\Omega$ | 0 | $\mathbf 0$ | $\mathbf{0}$ |
| V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167) | 168 | 5.554.242 | 5.554.242 | 2.464.672 | 2.464.672 |
| 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 01.01.2012. to 31.03.2012.
| Legal entity : INSTITUT IGH D.D. | |||
|---|---|---|---|
| Position | AOP | Previous period |
Current period |
| $\overline{2}$ | 3 | 4 | |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before tax | 001 | 6.482.010 | 3.684.470 |
| 2. Depreciation | 002 | 4.671.765 | 3.702.368 |
| 3. Increase in short-term liabilities | 003 | 0 | |
| 4. Decrease in short term receivables | 004 | 0 | 862.297 |
| 5. Decrease in inventories | 005 | 5.917.478 | |
| 6. Other cash flow increases | 006 | 43.611.632 | $\Omega$ |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 60.682.885 | 8.249.135 |
| 1. Decrease in short - term liabilities | 008 | 41.950.087 | 5.595.249 |
| 2. Insrease in short - term receivables | 009 | 44.288.237 | |
| 3. Increase in inventories | 010 | 0 | |
| 4. Other cash flow decreases | 011 | $\Omega$ | 19.468.050 |
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 86.238.324 | 25.063.299 |
| 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 | 25.555.439 | 16.814.164 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | 116.697 | 89.241 |
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | 31.300.000 | |
| 3. Interest receipts | 017 | 761.394 | 285.816 |
| 4. Dividend receipts | 018 | O | |
| 5. Other cash inflows from investing activities | 019 | 2.048.795 | |
| III. Total cash inflows from investing activities(015 to 019) | 020 | 34.226.886 | 375.057 |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | 287.770 | 2.307.062 |
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | 31.300.000 | |
| 3. Other cash outflows from investing activities | 023 | 1.122.615 | |
| IV. Total cash outflows from investing activities (021 to 023) | 024 | 32.710.385 | 2.307.062 |
| B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES(020-024) | 025 | 1.516.501 | |
| B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES(024-020) | 026 | 0 | 1.932.005 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1. Cash receipts from issuance of equity and debt financial instruments | 027 | $\Omega$ | |
| 2. Cash inflows from loans, debentures, credits and other borrowings | 028 | 13.812.720 | 35.438.247 |
| 3. Other cash inflows from financing activities | 029 | $\overline{0}$ | |
| V. Total cash inflows from financing activities (027 to 029) | 030 | 13.812.720 | 35.438.247 |
| 1. Cash outflows for repayment of loans and bonds | 031 | 4.371.026 | 21.798.635 |
| 2. Dividends paid | 032 | 11.825 | |
| 3. Cash outflows for finance lease | 033 | 55.233 | 22.643 |
| 4. Cash outflows for purchase of own stocks | 034 | 0 | 0 |
| 5. Other cash outflows from financing activities | 035 | $\Omega$ | $\Omega$ |
| VI. Total cash outflows from financing activities (031 do 035) | 036 | 4.438.084 | 21.821.278 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 037 | 9.374.636 | 13.616.969 |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030) | 038 | 0 | |
| Total increases of cash flows (013 - 014 + 025 - 026 + 037 - 038) | 039 | ||
| Total decreases of cash flows $(014 - 013 + 026 - 025 + 038 - 037)$ | 040 | 14.664.302 | 5.129.200 |
| Cash and cash equivalents at the beginning of period | 041 | 62.898.004 | 12.942.441 |
| Increase in cash and cash equivalents | 042 | 0 | |
| Decrease in cash and cash equivalents | 043 | 14.664.302 | 5.129.200 |
| Cash and cash equivalents at the end of period | 044 | 48.233.702 | 7.813.241 |
| 01.01.2012 from |
$\overline{c}$ | 31.03.2012 | |||
|---|---|---|---|---|---|
| Position | AOP | Previous year |
Current year | ||
| ᅮ | 2 | $\mathfrak{g}$ | 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 | 004 | 289.267.812 | 302.861.450 | ||
| 5. Profit / loss for the current year | 005 | 13.593.638 | 2.464.672 | ||
| 6. Revaluation of long - term tangible assets | 006 | 47.959.251 | 47.959.251 | ||
| seets 7. Revaluation of intangible as |
007 | $\circ$ | $\circ$ | ||
| 8. Revaluation of financial assets available for sale | 008 | 6.472.994 | 6.472.994 | ||
| 9. Other revaluation | 009 | $\circ$ | 0 | ||
| 10. Total capital and reserves (AOP 001 to 009) | 010 | 442.792.826 | 445.257.498 | ||
| arising from net investments in foreign operations 1. Currency gains and losses |
011 | 0 | 0 | ||
| (part) 12. Current and deferred taxes |
012 | 0 | 0 | ||
| 13. Cash flow hedging | 013 | $\circ$ | 0 | ||
| 14. Changes in accounting policies | 014 | $\circ$ | O | ||
| 15. Correction of significant errors in prior periods | 015 | 0 | 0 | ||
| 16. Other changes in capital | 016 | $\circ$ | 0 | ||
| 17. Total increase or decrease in capital (AOP 011 to 016) | 017 | $\circ$ | 0 | ||
| 17 a. Attributed to equity holders of parent company | 018 | ||||
| 17 b. Attributed to minority interst | 019 |
STATEMENT OF CHANGES IN EQUITY
01.01.2012 to the 31.03.2012
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