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Institut IGH d.d. — Interim / Quarterly Report 2012
Jul 27, 2012
2091_10-q_2012-07-27_db9edda3-7afc-4490-9c04-2a823d912dad.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 AND ITS SUBSIDIARIES IN THE PERIOD FROM 1 JANUARY TO 30 JUNE 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 20 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.
A total of 1035 persons were employed with the Institut IGH d.d. and its subsidiaries on 30 June 2012.
Supervisory Board and Management Board of Institut IGH, d.d.
The company's Supervisory Board members are:
Franjo Gregorić, PhD, President
Dinko Tvrtković, BSc, Member
Branko Kincl, Academician, Member
Prof. Vlatka Rajčić, PhD, Member
Ante Stojan, BSc, Member
The company's Management Board member is:
Prof. Jure Radić, PhD.CE, General Manager
Djelatnost. 73102 MB: 3750272 Poslovna bonko: Zagrobočka banka d.d. Zagreb, Paromlinska 2
Merodavni sud 2360000-1101243767 registarski ulažak devizni račun kod Zagrebačke banke d.d. Zogreb: 2100085026 080000959 018: 79766124714
žiro-ročun
Temelini kapital Trgovački sud u Zagrebu, 105.668.000,00 km uplačen u cijelosti s matičnim brojem (MBS) Broj izdanih dionica: 264.170, nominalno wijednost dionice 400 kn
Uarovo: prof. dr.sc. Jure Radić, direktor, zastupa društvo pojedinačno i semestalne Nadzorni adbor: dr.sc. Franjo Gregurić, predsjednik
RIJEKA 51 000 Slavka Tomašića 5 Tel:051/206-100 Fax: 051/206-106
OSIJEK 31 000 Drinska 18 Tel:031/253-101 Fax: 031/253-104
VARAŽDIN 42 000 Hallerova aleja 7 Tel:042/210-970, 042/210-722 Fax: 042/211-285
DUBROVNIK 20 000 Vukovarska 8 Tel:020/412-489 020/411-628 Fax: 020/412-489
PULA 52 100 Rizzijeva 40 Tel:052/508-220 Fax:052/508-221
KARLOVAC 47 000 Primorska 16 Tel:047/416-987. 047/416-988 Fax: 047/416-989
SISAK 44 000 Ferde Hefelea b.b. Tel: 044/571-255 Fax: 044/571-256
ZADAR 23 000 Dobriše Cesarića 1 Tel:023/220-910, 023/323-299 Fax:023/323-225
Share capital
In accordance with the Decision adopted on the General Assembly meeting held on 26 April 2012, the share capital of the company increased by 42.236.000 HRK, i.e. from the amount of 63.432.000 HRK to the amount of 105.668.000 HRK, and consists of 158.580 ordinary shares mark IGH-R-A, nominal value of 400 HRK, and 105.590 ordinary shares mark IGH-R-B, nominal value of 400 HRK. Increase in the share capital has been registered in the Court register of the Commercial Court in Zagreb on the basis of the Decision no: Tt-12/8912-2 dated 23 May, 2012.
Business results of the Institut IGH D.D. and its subsidiaries in the period from 1 January to 30 June, 2012.
In the period from 1 January to 30 June 2012, the revenues of the Institut IGH and its subsidiaries amounted to HRK 152,1 million, out of which the amount of HRK 19,8 million was earned on foreign markets.
The consolidated revenues amounted to HRK 159,5 million and are 34% lower than the revenues earned in the same period 2011.
The operating expenses amount to HRK 166,4 million which is a 27% 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 and a decrease in the employee salaries.
Financial revenues amount to HRK 4,2 million, and are formed of interest amounting to HRK 2,1 million, and net income from positive exchange rate differences in the same amount.
Financial expenses in the period from January to June 2012, amount to HRK 26,7 million out of which HRK 24,7 million are loan interest payments.
The Institut IGH d.d. and its subsidiaries realized in the period from January to June 2012 a consolidated pre-tax loss of HRK 30.4 million.
The consolidated after-tax loss amounts to HRK 31,9 million. The loss to minority interest is HRK 72,000, and the loss to mother-company shareholders is HRK 31,8 million.
The subject period is marked by permanent stagnation of business activities. In such circumstances, the Company marked a loss due to the reduction of consolidated revenues from sale (34% as compared to the same period in 2011), caused by stagnation of activities in the construction sector and a backset in the realization of planned infrastructural projects in the Republic of Croatia.
In the subject period, the Company continued to undertake measures which shall bring a reduction of operating costs, which are in accordance with the Company Restructuring Program initiated in 2010, which resulted in a decrease of costs by 27% as compared to the first half-year of 2011. The costs are decreasing slower than the income, among other, also because of the increase in the price of energy generating products and the change in the tax rules where the deduction of tax pre-payment for certain procurement of goods and services is prevented.
With the aim of financial consolidation of the Company, a procedure for increase of share capital was undertaken in the second quarter by money deposit.
The Company issued convertible bonds in the amount of 10 million EURO which are due on 06 June 2017, which has a positive effect on solvency and the optimization of the balance sheet structure.
In the first six months, the Company contracted works amounting to HRK 92 millions, thus, the present value of contracted works amounts to HRK 613 million.
Since an increase in the tendering procedures in public companies is noticed during July, the Company expects an intensification of business
activity, with simultaneous continuation of the process of rationalization of operation and financial consolidation of the Company. In is therefore to be expected that the second half of the year will have positive financial results. The Company shall continue to upgrade and expand its products and services in order to retain Company's position as leader in the Republic of Croatia and South-Eastern Europe.
Zagreb, 27 July 2012.
Institut IGH, d.d. nstitut Prof, Jure Radić, Php. CE General Manager
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 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 semester 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 $\bullet$ 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.), General Manager Institut IGH, d.d. Zagreb Janka Rakuše 1 $10000$ Zagreb 27 July 2012
Dielatnost-73102 MB: 3750272 Paslavna banka: Zagrebačka banka d.d. Zagreb, Paromlinska 2
Mierodovní sud: 2360000-1101243767 Trgovački sud u Zagrebu, zedulu identition kod Zagrebačke banke d.d. s matičnim brojem (MBS) Znoveb: 2100085026 080000959 018:79766124714
Yim-mhm
devizni račun
Temelini kaostal 105.668.000,00 km uplačen u cijelesti
Broj izdanih dionica: 264.170, nominalno wijednost dionice 400 kn Uprove prof. dr. sc. Jure Radić, direktor, zastupa društvo pojedinačno i samostalno Nadzorni adbor dr.sc. Franjo Gregorić, predsjednik
SPLIT 21 000 Matice hrvatske 15 Tel:021/558-666 Fax:021/465-335
RIJEKA 51 000 Slavka Tomašića 5 Tel:051/206-100 Fax:051/206-106
OSIJEK 31 000 Drinska 18 Tel:031/253-101 Fax:031/253-104
VARAŽDIN 42 000 Hallerova aleja 7 Tel:042/210-970, 042/210-722 Fax: 042/211-285
DUBROVNIK 20 000 Vukovarska 8 Tel:020/412-489, 020/411-628 Fax:020/412-489
PULA 52 100 Rizzijeva 40 Tel:052/508-220 Fax:052/508-221
KARLOVAC 47 000 Primorska 16 Tel:047/416-987, 047/416-988 Fax:047/416-989
SISAK 44 000 Ferde Hefelea b.b. Tel: 044/571-255 Fax:044/571-256
ZADAR 23 000 Dobriše Cesarića 1 Tel:023/220-910, 023/323-299 Fax:023/323-225
| Attachment 1. | |||||
|---|---|---|---|---|---|
| Reporting period: | 01.01.2012 | do | 30.06.2012 | ||
| Quarterly financial statement of the entrepreneur - TFI-POD | |||||
| Tax number (MB): | 03750272 | ||||
| Company registration number (MBS): |
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: [email protected] | |||||
| Internet adress: http://www.institutigh.com | |||||
| unicipality/city code and name: | ZAGREB 133 |
||||
| County code and name: | GRAD ZAGREB 133 |
Number of employees (quarter end) |
774 | ||
| Consolidated report: | NO | 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: [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 | dioničko | 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 |
|||||
| dalgo | (signature of the person authorized to represent the company) | ||||
| MIS/18/10016 A 10AZON |
BALANCE SHEET as of 30.06.2012.
$\frac{1}{3}$
| 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 | 714.951.918 |
| I. INTANGIBLE ASSETS (004 to 009) | 003 | 19.970.706 | 20.392.689 |
| 1. Assets development | 004 | 0 | 0 |
| 2. Concessions, patents, licence fees, merchandise and service brands, software and other rights | 005 | 4.021.684 | 2.776.647 |
| 3. Goodwill | 006 | 13.355.595 | 13.355.595 |
| 4. Prepayments for purchase of intangible assets | 007 | $\Omega$ | 0 |
| 5. Intangible assets in preparation | 008 | 2.593.427 | 4.260.447 |
| 6. Other intangible assets | 009 | $\Omega$ 218.538.143 |
|
| II. TANGIBLE ASSETS (011 to 019) | 010 | 212.933.972 | 45.615.550 |
| 1. Land | 011 012 |
45.615.550 94.828.405 |
89.668.470 |
| 2. Buildings | 013 | 2.675.605 | 2.494.849 |
| 3. Plant and equipment 4. Instuments, plant inventories and transportation assets |
014 | 1.947.253 | 1.662.454 |
| 5. Biological assets | 015 | $\mathbf 0$ | $\overline{0}$ |
| 6. Prepayments for tangible assets | 016 | 88.452 | 88.835 |
| 7. Tangible assets in preparation | 017 | 29.515.618 | 29.734.702 |
| 8. Other material assets | 018 | 331.343 | 307.337 |
| 9. Investment in buildings | 019 | 37.931.746 | 48.965.946 |
| III, LONG-TERM FINANCIAL ASSETS (021 to 028) | 020 | 472.042.265 | 471.958.782 |
| 1. Shares (stocks) in related parties | 021 | 320.537.631 | 320.537.631 |
| 2. Loans given to related parties | 022 | 84.102.981 | 83.793.951 |
| 3. Participating interests (shares) | 023 | 45.621.261 | 45.621.261 |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 024 | $\mathbf 0$ | $\mathbf 0$ |
| 5. Investment in securities | 025 | $\Omega$ | $\mathbf 0$ |
| 6. Loans, deposits and similar assets | 026 | 598.788 | 831.649 |
| 7. Other long - term financial assets | 027 | 21.181.604 | 21.174.290 $\mathbf 0$ |
| 8. Investments accounted by equity method | 028 | 0 | 2.255.343 |
| IV. RECEIVABLES (030 to 032) | 029 | 3.849.560 | $\Omega$ |
| 1. Receivables from related parties | 030 031 |
3.849.560 | 2.255.343 |
| 2. Receivables based on trade loans | 032 | 0 | $\Omega$ |
| 3. Other receivables | 033 | 1.806.961 | 1.806.961 |
| V. DEFERRED TAX ASSETS C) SHORT TERMS ASSETS (035+043+050+058) |
034 | 364.703.151 | 416.326.868 |
| I. INVENTORIES (036 to 042) | 035 | 4.274.005 | 4.274.005 |
| 1. Row material | 036 | O | $\mathbf 0$ |
| 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 | C | $\mathbf 0$ |
| 6. Long - term assets held for sale | 041 | C | $\mathbf 0$ |
| 7. Biological assets | 042 | $\mathbf 0$ | $\mathbf 0$ |
| II. RECEIVABLES (044 to 049) | 043 | 292.002.656 | 283.631.415 |
| 1. Receivables from related parties | 044 | 21.516.646 | 20.030.230 |
| 2. Accounts receivable | 045 | 101.163.598 | 98.838.857 |
| 3. Receivables from participating entrepreneurs | 046 | 146.963 | 146.963 |
| 4. Receivables from employees and shareholders | 047 | 622.982 | 766.132 |
| 5. Receivables from government and other institutions | 048 | 2.040.776 | 3.497.143 |
| 6. Other receivables | 049 | 166.511.691 | 160.352.090 128.151.824 |
| III. SHORT - TERM FINANCIAL ASSETS (051 to 057) | 050 | 66.307.264 0 |
0 |
| 1. Shares (stocks) in related parties | 051 052 |
39.486.573 | 49.812.837 |
| 2. Loans given to related parties | 053 | 0 | |
| 3. Participating interests (shares) 4. Loans to entrepreneurs in whom the entity hold participating interests |
054 | 7.371.332 | 69.679.544 |
| 055 | 10.823.215 | 3.299.224 | |
| 5. Investment in securities | 056 | 8.626.144 | 5.360.219 |
| 6. Loans, deposits and similar assets 7. Other financial assets |
057 | 0 | |
| IV. CASH AT BANK AND IN CASHIER | 058 | 2.119.226 | 269.624 |
| D) PREPAID EXPENSES AND ACCRUED INCOME | 059 | 74.127.828 | 67.303.609 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 1.149.434.443 | 1.198.582.395 |
| F) OFF-BALANCE SHEET NOTES | 061 | 81.406.022 | 98.100.743 |
| LIABILITIES AND CAPITAL | |||
|---|---|---|---|
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 442.792.826 | 503.797.052 |
| I. SUBSCRIBED CAPITAL | 063 | 63.432.000 | 105.668.000 |
| II. CAPITAL RESERVES | 064 | 13.998.640 | 52.011.040 |
| 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 | $\overline{0}$ | |
| 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 |
| 1. Retained earnings | 073 | 289.267.812 | 302.861.450 |
| 2. Accumulated loss | 074 | $\mathbf 0$ | |
| VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077) | 075 | 13.593.638 | $-19.244.174$ |
| 1. Profit for the current year | 076 | 13.593.638 | |
| 2. Loss for the current year | 077 | 19.244.174 | |
| VII. MINORITY INTEREST | 078 | 0 | |
| 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 | 362.071.339 |
| 1. Liabilities to related parties | 084 | $\mathbf 0$ | |
| 2. Liabilities for loans, deposits etc. | 085 | $\overline{0}$ | |
| 3. Liabilities to banks and other financial institutions | 086 | 224.475.198 | 280.987.165 |
| 4. Liabilities for received prepayments | 087 | ||
| 5. Accounts payable | 088 | 374.789 | 288.802 |
| 6. Liabilities arising from debt securities | 089 | 1.428.573 | 76.525.718 |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | $\Omega$ | |
| 8. Other long-term liabilities | 091 | 60.695 | 60.695 |
| 9. Deferred tax liability | 092 | 4.208.959 | 4.208.959 |
| D) SHORT - TERM LIABILITIES (094 to 105) | 093 | 467.492.325 | 323.991.600 |
| 1. Liabilities to related parties | 4.432.746 | 2.467.913 | |
| 2. Liabilities for loans, deposits etc. | 094 095 |
49.383.358 | 11.806.390 |
| 3. Liabilities to banks and other financial institutions | 096 | 131.086.049 | 133.709.072 |
| 097 | 5.042.667 | 4.741.477 | |
| 4. Liabilities for received prepayments | 91.685.608 | ||
| 5. Accounts payable | 098 | 104.127.479 98.432.756 |
11.557.000 |
| 6. Liabilities arising from debt securities 7. Liabilities to enterpreneurs in whom the entity holds participating interests |
099 | 0 | |
| 100 | 9.822.627 | ||
| 8. Liabilities to employees | 101 | 10.747.136 | |
| 9. Liabilities for taxes, contributions and similar fees | 102 | 28.156.105 | 29.724.365 |
| 10. Liabilities to share - holders | 103 | 418.051 | 418.051 |
| 11. Liabilities for long term assets held for sale | 104 | $\Omega$ | |
| 12. Other short - term liabilities | 105 | 35.665.978 | 28.059.097 |
| E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD | 106 | 2.851.770 | 2.973.096 |
| F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106) | 107 | 1.149.434.443 | 1.198.582.395 |
| G) OFF-BALANCE SHEET NOTES | 108 | 81.406.022 | 98.100.743 |
| APPENDIX TO BALANCE SHEET (only for consolidated financial statements) | |||
| A) CAPITAL AND RESERVES | |||
| 109 | |||
| 1. Attributed to equity holders of parent company 2. Attributed to minority interests |
110 |
PROFIT AND LOSS ACCOUNT
for period 01.01.2012. to 30.06.2012.
$\overline{\phantom{a}}$
$\lambda$ $\frac{1}{2}$
| INSTITUT IGH D.D. | |||||
|---|---|---|---|---|---|
| Position | AOP | Previous period | Current period | ||
| Cummulative | Periodical | Cummulative | Periodical | ||
| 1 | $\overline{\mathbf{2}}$ | 3 | $\overline{\bf 4}$ | 5 | 6 |
| I. OPERATING REVENUES (112+113) | 111 | 177.946.896 | 99.403.215 | 127.193.565 | 59.309.611 |
| 1. Sales revenues | 112 | 172.805.523 | 96.167.717 | 121.977.552 | 56.754.943 |
| 2. Other operating revenues | 113 | 5.141.373 | 3.235.498 | 5.216.013 | 2.554.668 |
| II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130) | 114 | 169.465.730 | 86.786.257 | 127.749.073 | 69.488.925 |
| 1. Changes in the value of work in progress and finished goods | 115 | 12.573.501 | 6.656.024 | ||
| 2. Material costs (117 to 119) | 116 | 48 918 835 | 26.781.141 | 43.334.069 5.826.428 |
27.581.496 3.931.904 |
| a) Raw material and material costs | 117 | 6.238.908 28.126 |
3.656.571 28.126 |
$\mathbf 0$ | $\mathbf 0$ |
| b) Costs of goods sold | 118 | 42.651.801 | 23.096.444 | 37.507.641 | 23.649.592 |
| c) Other external costs | 119 120 |
80.565.594 | 38.672.018 | 61.248.158 | 28.858.500 |
| 3. Staff costs (121 to 123) | 121 | 44.613.767 | 21.983.503 | 34.756.309 | 16.703.247 |
| a) Net salaries and wages b) Costs for taxes and contributions from salaries |
122 | 24.197.828 | 11.024.515 | 17.716.747 | 8.139.095 |
| 123 | 11.753.999 | 5.664.000 | 8.775.102 | 4.016.158 | |
| c) Contributions on gross salaries 4. Depreciation |
124 | 7.085.968 | 2.414.203 | 6.928.005 | 3.225.637 |
| 5. Other costs | 125 | 16.346.584 | 10.395.382 | 14.297.910 | 9.823.292 |
| 6. Impairment (127+128) | 126 | 3.124.691 | 1.017.813 | 248.910 | $\pmb{0}$ |
| a) Impairment of long-term assets (excluding financial assets) | 127 | $\Omega$ | $\mathbf 0$ | ||
| b) Impairment of short-term assets (excluding financial assets) | 128 | 3.124.691 | 1.017.813 | 248.910 | $\mathbf 0$ |
| 7. Provisions | 129 | 0 | 0 | $\Omega$ | $\pmb{0}$ |
| 8. Other operating expenses | 130 | 850.557 | 849.676 | 1.692.021 | $\mathbf 0$ |
| III. FINANCIAL INCOME (132 to 136) | 131 | 23.356.986 | 4.611.849 | 6.475.805 | 2.943.690 |
| 1. Interest income, foreign exchange gains, dividends and similar income from related | 132 | 5.652.047 | 2.881.019 | 2.899.723 | 1.481.516 |
| 2. Interest income, foreign exchange gains, dividends and similar income from non-related | 133 | 2.269.084 | 1.673.107 | 2.224.898 | 764.723 |
| 3. Share in income from affiliated entrepreneurs and participating interests | 134 | 0 | 1.154.440 | 529.103 | |
| 4. Unrealized gains (income) from financial assets | 135 | $\Omega$ | $\mathbf 0$ | ||
| 5. Other financial income | 136 | 15.435.855 | 57.723 | 196.744 | 168.348 |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 21.524.583 | 13.397.248 | 23.944.673 | 14.224.312 |
| 1. Interest expenses, foreign exchange losses and similar expenses from related parties | 138 | 26 | 26 | 134.988 | 70.255 |
| 2. Interest expenses, foreign exchange losses and similar expenses from non - related | 139 | 21.155.702 | 13.067.359 | 23.293.170 | 13.890.442 |
| 3. Unrealized losses (expenses) on financial assets | 140 | $\mathbf{0}$ | $\mathbf 0$ | $\Omega$ | $\Omega$ |
| 4. Other financial expenses | 141 | 368.855 | 329.863 | 516.515 | 263.615 |
| V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS | 142 | 0 | $\bf{0}$ | ||
| VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS | 143 | $\mathbf{0}$ | |||
| VII. EXTRAORDINARY - OTHER INCOME | 144 | $\overline{0}$ | 0 | ||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | $\overline{0}$ | $\Omega$ | ||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 201.303.882 | 104.015.064 | 133.669.370 | 62.253.301 |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 190.990.313 | 100.183.505 | 151.693.746 | 83.713.237 |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | 10.313.569 | 3.831.559 | $-18.024.376$ | $-21.459.936$ |
| 1. Profit before taxation (146-147) | 149 | 10.313.569 | 3.831.559 | $\overline{0}$ | |
| 2. Loss before taxation (147-146) | 150 | $\Omega$ | $\bf{0}$ | 18.024.376 | 21.459.936 |
| XII. PROFIT TAX | 151 | 2.147.566 | 1.219.798 | 1.219.798 | |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | 8.166.003 | 2.611.761 | $-19.244.174$ | $-21.459.936$ |
| 1. Profit for the period(149-151) | 153 | 8.166.003 | 2.611.761 | $\Omega$ | $\overline{0}$ |
| 2. Loss for the period (151-148) | 154 | $\overline{0}$ | 0 | 19.244.174 | 21.459.936 |
| 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) | $-19.244.174$ | $-21.459.936$ | |||
| I. PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | 8.166.003 | 2.611.761 0 |
$\bf{0}$ | $\mathbf{0}$ |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165) | 158 | $\circ$ $\Omega$ |
$\pmb{0}$ | $\bf{0}$ | $\pmb{0}$ |
| 1. Exchange differences on translation of foreign operations | 159 | $\overline{0}$ | 0 | $\bf{0}$ | $\pmb{0}$ |
| 2. Movements in revaluation reserves of long-term tangible and intangible assets | 160 | $\overline{0}$ | 0 | $\pmb{0}$ | $\pmb{0}$ |
| 3. Profit or loss from revaluation of financial assets available for sale | 161 162 |
$\Omega$ | $\mathbf 0$ | $\mathbf 0$ | $\pmb{0}$ |
| 4. Gains or losses on efficient cash flow hedging | 163 | $\mathbf{0}$ | 0 | $\mathbf 0$ | $\bf{0}$ |
| 5. Gains or losses on efficient hedge of a net investment in foreign countries | 164 | $\Omega$ | $\mathbf 0$ | $\mathbf{0}$ | $\bf{0}$ |
| 6. Share in other comprehensive Income / loss of associated companies | $\circ$ | 0 | 0 | $\mathbf 0$ | |
| 7. Actuarial gains / losses on defined benefit plans | 165 166 |
$\overline{0}$ | 0 | 0 | $\mathbf 0$ |
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 167 | $\mathbf{O}$ | $\mathbf 0$ | $\mathbf{0}$ | 0 |
| IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD (158-166) | 168 | 8.166.003 | 2.611.761 | $-19.244.174$ | $-21.459.936$ |
| V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167) | |||||
| 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 30.06.2012.
| 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 | 10.313.569 | $-18.024.376$ |
| 2. Depreciation | 002 | 7.085.968 | 6.928.005 |
| 3. Increase in short-term liabilities | 003 | 0 | |
| 4. Decrease in short term receivables | 004 | C | 8.371.241 |
| 5. Decrease in inventories | 005 | 12.595.262 | |
| 6. Other cash flow increases | 006 | 54.134.685 | 89.765.082 |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 84.129.484 | 87.039.952 |
| 1. Decrease in short - term liabilities | 008 | 48.427.318 | 143.500.725 |
| 2. Insrease in short - term receivables | 009 | 61.694.666 | |
| 3. Increase in inventories | 010 | 0 | 0 |
| 4. Other cash flow decreases | 011 | ſ | |
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 110.121.984 | 143.500.725 |
| 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 | 25.992.500 | 56.460.773 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | 199.650 | 180.942 |
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | 31.300.000 | |
| 3. Interest receipts | 017 | 1.023.498 | 605.358 |
| 4. Dividend receipts | 018 | $\Omega$ | |
| 5. Other cash inflows from investing activities | 019 | 2.048.795 | 309.030 |
| III. Total cash inflows from investing activities(015 to 019) | 020 | 34.571.943 | 1.095.330 |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | 4.794.771 | 2.936.741 |
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | 31.300.000 | 4.187.209 |
| 3. Other cash outflows from investing activities | 023 | 23.493.022 | 68.741.320 |
| IV. Total cash outflows from investing activities (021 to 023) | 024 | 59.587.793 | 75.865.270 |
| 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 | 25.015.850 | 74.769.940 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1. Cash receipts from issuance of equity and debt financial instruments | 027 | 75.719.107 | 155.770.260 |
| 2. Cash inflows from loans, debentures, credits and other borrowings | 028 | 13.820.720 | 138.160.174 |
| 3. Other cash inflows from financing activities | 029 | ||
| V. Total cash inflows from financing activities (027 to 029) | 030 | 89.539.827 | 293.930.434 |
| 1. Cash outflows for repayment of loans and bonds | 031 | 84.160.959 | 152.906.182 |
| 2. Dividends paid | 032 | 12.725 | |
| 3. Cash outflows for finance lease | 033 | 67.118 | 419.946 |
| 4. Cash outflows for purchase of own stocks | 034 | 0 | 0 |
| 5. Other cash outflows from financing activities | 035 | $\mathbf{0}$ | $\overline{0}$ |
| VI. Total cash outflows from financing activities (031 do 035) | 036 | 84.240.802 | 153.326.128 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 037 | 5.299.025 | 140.604.306 |
| 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 | 0 | 9.373.593 |
| Total decreases of cash flows (014 - 013 + 026 - 025 + 038 - 037) | 040 | 45.709.325 | |
| 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 | 45.709.325 | 9.373.593 |
| Cash and cash equivalents at the end of period | 044 | 17.188.679 | 3.568.848 |
| 30.06.2012 | |
|---|---|
| NUDOU NUSICATO: | ទី |
| STATEMENT OF | 01.01.2012 |
$\frac{1}{2}$
| from | 01.01.2012 | $\mathbf{e}$ | 30.06.2012 | |||
|---|---|---|---|---|---|---|
| Position | AOP | Previous year |
Current year | |||
| ٣ | 2 | S | 4 | |||
| I. Subscribed capital | 001 | 63.432.000 | 105.668.000 | |||
| 2. Capital reserves | 002 | 13.998.640 | 52.011.040 | |||
| 3. Reserves from profit | 003 | 8.068.491 | 8.068.491 | |||
| umulated loss 4. Retained earnings or accu |
004 | 289.267.812 | 302.861.450 | |||
| tyear 5. Profit / loss for the current |
005 | 13.593.638 | $-19.244.174$ | |||
| tangible assets 6. Revaluation of long - term |
006 | 47.959.251 | 47.959.251 | |||
| 7. Revaluation of intangible assets | 007 | $\overline{\circ}$ | 0 | |||
| 8. Revaluation of financial assets available for sale | 008 | 6.472.994 | 6.472.994 | |||
| 9. Other revaluation | 009 | $\bar{\circ}$ | $\circ$ | |||
| 10. Total capital and reserves (AOP 001 to 009) | 010 | 442.792.826 | 503.797.052 | |||
| 1. Currency gains and losses arising from net investments in foreign operations | D11 | 0 | 0 | |||
| 12. Current and deferred taxes (part) | 012 | $\circ$ | 0 | |||
| 13. Cash flow hedging | 013 | $\circ$ | $\circ$ | |||
| 14. Changes in accounting policies | 014 | $\overline{\circ}$ | 0 | |||
| 15. Correction of significant errors in prior periods | 015 | $\overline{\circ}$ | 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 |
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