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Institut IGH d.d. — Interim / Quarterly Report 2012
Oct 31, 2012
2091_10-q_2012-10-31_9d9baeca-f2a3-4b4b-9b7a-23341e71e121.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
MANAGEMENT BOARD REPORT ON BUSINESS RESULTS OF THE INSTITUT IGH AND ITS SUBSIDIARIES IN THE PERIOD FROM 1 JANUARY TO 30 SEPTEMBER 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 979 persons were employed with the Institut IGH d.d. and its subsidiaries on 30 September 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 (Civ.Eng.), Member Branko Kincl, Academician, Member Prof. Vlatka Rajčić, PhD, Member Ante Stojan, BSc (Archit.), Member
Until 30 September 2012, the Company Management Board was formed by Professor Jure Radić Ph.D. only. As of 1 October 2012, the Company has a multi-member Management Board formed of:
SPLIT 21 000 Matice hrvatske 15 Tel:021/558-666 Fax:021/465-335
RUEKA 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
Mjerodavni sud:
Trgovački sud u Zagrebu, registarski uložak natičnim brojem (M85) 080000959
Temelini kapital:
105.668.000,00 kn MB: 3750272 018: 79766124714 uplačen u citalosti Poslovno banka: Feature Banks
2010
2010
2360000-1101243767 Broi izdanih dionica 264,170, nominalna
Vrijednost dionice 400 km Desizni račun kod Devizni račun kod
Zagrebačke banke d.d. Zagreb
SWIFT kod: ZABAHR2X
IBAN: HR7723600001101243767
prof.dr.sc. Jure Radić, predsjednik Uprave Veniamin Mezhibovskiy, član Uprave
Željko Grzunov, dipl.oec., član Uprave
mr.sc. Željko Štromar, član Uprave
mr.sc. Željko Štromar, član Uprave
.
Nadzorni odbor:
dr. sc. Franjo Gregurić, predsjednik
Prof. Jure Radić, PhD (Civ.Eng.), President Veniamin Mezhibovskiy, BSc, Member Željko Štromar, MSc (Civ.Eng.), Member Željko Grzunov, B.Econ., Member Tomislav Alpeza, LL.M., Member
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. The increase in the share capital has been registered with the Court register of the Commercial Court in Zagreb based on the Decision no: Tt-12/8912-2 dated 23 May 2012.
Business results of the Institut IGH D.D Group in the period from 1 January to 30 September 2012.
In the period from 1 January to 30 September 2012, the revenues of the Institut IGH and its subsidiaries amounted to HRK 228.7 million, out of which the amount of HRK 42.4 million was earned on foreign markets.
The consolidated revenues amounted to HRK 243,5 million and are 35% lower than the revenues generated over the same period in 2011.
The operating expenses amount to HRK 276.6 million which is a 20% reduction when compared to the same period last year. This particularly concerns reductions made in personnel costs which are lower by 24% 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.
Total financial revenues amount to HRK 14,6 million, and are formed of the interest and other financial revenues amounting to HRK 7,8 million, and of net income from positive exchange rate differences amounting to HRK 6.8 million.
Financial expenses in the period from January to September 2012 amount to HRK 41.5 million, out of which HRK 37.3 million are loan interest payments.
The Institut IGH d.d. and its subsidiaries realized in the period from January to September 2012 a consolidated pre-tax loss of HRK 60.8 million.
The consolidated after-tax loss amounts to HRK 62.4 million. The loss to minority interest is HRK 48.000, and the loss to mother-company shareholders is HRK 62.3 million.
The reporting period is marked by continuous slowdown of economic activities. In such circumstances, the Company marked a loss due to the reduction of consolidated revenues from sale (37% as compared to the same period in 2011), caused by stagnation of activities in the construction sector, and a standstill in the realization of planned infrastructural projects in the Republic of Croatia.
Negative financial results obtained in the reporting period are greatly influenced by the one-time value harmonization based on the Agreement concluded with Zagrebački holding d.o.o., in the scope of which both parties finally determined their respective rights and obligations arising from the Sales Contract relating to Zagrepčanka Project.
Over the reporting period, the Company continued to implement measures aimed at reducing costs, in full accordance with the Company Restructuring Program initiated in 2010. This has resulted in the twenty per cent reduction of business expenses, compared to the same period in 2011. Slower cost reduction when compared to income is inter alia due to the increase in the prices of energy, and the change of tax regulations where deduction of input tax has been prevented for the supply of certain goods and services.
To enable financial consolidation of the Company, the procedure aimed at increasing the Company share capital through money deposits was undertaken in the course of the second quarter.
The Company also issued convertible bonds in the amount of $\epsilon$ 10 million which are due on 6 June 2017. This measure has had a positive effect on solvency, and on optimization of the balance sheet structure.
As on 30 September 2012, the Company has had contracts in progress in the amount of HRK 604 million.
The Company's guiding principles for the oncoming period are: orientation to core business, increase of activities on the Russian Federation market and on regional markets, completion of the restructuring process, reduction of indebtedness through sale of investment projects, and continued development of Institut IGH d.d. as the centre of excellence.
Zagreb, 30 October 2012
On behalf of Institut IGH, d.d.;
Prof. Jure Radić, PhD CE, President of Management Board
dioničko
Željko Grzunov, B.Econ., Member of Management Board
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
STATEMENT OF MANAGEMENT BOARD ON THE RESPONSIBILITY FOR PREPARING CONSOLIDATED REPORTS FOR THE INSTITUT IGH GROUP, JSC
The Company's Management Board has to ensure that the Group's consolidated financial reports for the third 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 Group's financial standing, business results, change in capital, and cash flow for the period under consideration.
After making due enquiries, the Management Board 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 Board is responsible:
- for the selection and, thereafter, for consistent use of appropriate accounting policies;
- for giving reasonable and sensible assessments and estimates; $\bullet$
- $\bullet$ 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, $\bullet$ except in cases when such assumption is inappropriate.
The Management Board 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 Board 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 Board:
Prof. Jure Radić, Ph.D. (Civ. Eng.), President of Management Board
Željko Grzunov, B. Econ., Management Board Member
Kreat Institut IGH, d.d. Zagreb Janka Rakuše 1 10000 Zagreb
30 October 2012
Mjerodavni sud: Trgovački sud u Zagrebu,
registarski uložak s motičnim brojem (MBS) 080000959
Temelini kapital: M8: 3750272 105,668,000,00 kg 018: 79766124714 uplaćen u cijelosti Broj izdanih diomica 264.170, nominalno Vrijednost dionice 400 kn
Poslovno banka: Zagrebacka banka d.d. tiro-rocun zico-nocin
2360000-1101243767
Dovizzi račua kod
Zagrebačke banke d.d. Zagreb SWIFT had- 2ARANR2X IBAN: HR7723600001101243767 prof.dr.sc. Juro Radić, predsjednik Uprave
Veniamin Mezhibovskiy, član Uprave Željko Grzunov, dipl.oec., član Uprave
mr.sc. Željko Štromar, član Uprave islav Alpeza, dan Upr mr.sc. To
.
Nadzorni odbor: dr. sc. Franjo Gregurić, predsjednik
dionick $H_{\tilde{d}}$
06
AAJA a
SPLIT 21 000 Matice hrvatske 15 Tel:021/558-666 Fax: 021/465-335
RUEKA 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 |
30.09.2012 |
|---|---|---|
| Quarterly financial statement of the entrepreneur - TFI-POD | ||
| Tax number (MB): 03750272 |
||
| Company registration number 80000959 |
||
| $(MBS)$ : 79766124714 Personal identification |
||
| 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 979 |
|
| Consolidated report: YES |
(quarter end) NKD code: 7219 |
|
| bmpanies 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 |
| MARTERRA D.O.O. | ZAGREB, BRANIMIROVA 71 | 28983577816 |
$\overline{\phantom{a}}$
| Bookkeeping service: | |
|---|---|
| Contact person: SPINDERK JADRANKA | |
| (please enter only contact person's family name and name) Telefax: 01 6125 404 Telephone: 01 6125 444 |
|
| E-mail adress: [email protected] | |
| Family name and name: prof. dr. JURE RADIĆ, dipl. ing. građ.; Željko Grzunov, dipl. oec. (person authorized to represent the company) |
|
| Documents to be published: | 1. Financial statements (balance sheet, profit and loss statement, cash flow statement, statement of changes in equity, and notes to financial statements 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) |
$\epsilon_{\rm max}$
BALANCE SHEET
$\zeta_{\rm R^2} = -\epsilon d$
| as of 30.09.2012. | ||
|---|---|---|
T.
| INSTITUT IGH D.D. | |||
|---|---|---|---|
| Position | AOP | Previous period | Current period |
| $\mathbf{1}$ | $\mathbf{z}$ | 3 | 4 |
| A) RECEIVABLES FOR SUBSCRIBED AND NON - PAID CAPITAL B) LONG - TERM ASSETS (003+010+020+029+033) |
001 | ||
| I. INTANGIBLE ASSETS (004 to 009) | 002 | 754.059.438 | 750.556.253 |
| 1. Assets development | 003 004 |
35.695.420 | 35.712.053 $\mathbf 0$ |
| 2. Concessions, patents, licence fees, merchandise and service brands, software and other rights | 005 | 4.381.304 | 2.718.917 |
| 3. Goodwill | 006 | 28.720.689 | 28.720.689 |
| 4. Prepayments for purchase of intangible assets | 007 | 0 | 0 |
| 5. Intangible assets in preparation | 008 | 2.593.427 | 4.272.447 |
| 6. Other intangible assets | 009 | 0 | C |
| II. TANGIBLE ASSETS (011 to 019) | 010 | 518.409.354 | 518.112.104 |
| 1. Land | 011 | 91.866.993 | 90.440.813 |
| 2. Buildings | 012 | 265.069.800 | 254.928.025 |
| 3. Plant and equipment | 013 | 23.971.526 | 21.328.799 |
| 4. Instuments, plant inventories and transportation assets | 014 | 6.412.924 | 5.970.172 |
| 5. Biological assets 6. Prepayments for tangible assets |
015 | 0 | $\mathbf 0$ |
| 7. Tangible assets in preparation | 016 | 171.958 | 1.126.210 |
| 8. Other material assets | 017 | 28.929.001 | 31.130.083 |
| 9. Investment in buildings | 018 019 |
1.159.191 100.827.961 |
1.369.934 111.818.068 |
| III. LONG-TERM FINANCIAL ASSETS (021 to 028) | 020 | 193.958.644 | 192.383.641 |
| 1. Shares (stocks) in related parties | 021 | ||
| 2. Loans given to related parties | 022 | 28.120.000 | 28.120.000 |
| 3. Participating interests (shares) | 023 | 45.648.831 | 45.648.831 |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 024 | 0 | |
| 5. Investment in securities | 025 | $\mathbf 0$ | |
| 6. Loans, deposits and similar assets | 026 | 5.424.438 | 4.636.824 |
| 7. Other long - term financial assets | 027 | 21.181.604 | 21.403.779 |
| 8. Investments accounted by equity method | 028 | 93.583.771 | 92.574.207 |
| IV. RECEIVABLES (030 to 032) | 029 | 3.849.560 | 2.201.995 |
| 1. Receivables from related parties | 030 | ||
| 2. Receivables based on trade loans 3. Other receivables |
031 | 3.849.560 | 2.201.995 |
| V. DEFERRED TAX ASSETS | 032 | ||
| C) SHORT TERMS ASSETS (035+043+050+058) | 033 034 |
2.146.460 499.555.281 |
2.146.460 538.589.919 |
| I. INVENTORIES (036 to 042) | 035 | 127.031.097 | 139.773.657 |
| 1. Row material | 036 | 900.186 | 290.827 |
| 2. Work in progress | 037 | 120.335.411 | 133.700.626 |
| 3. Finished goods | 038 | 2.646.935 | 2.646.935 |
| 4. Merchandise | 039 | 2.148.565 | 2.127.645 |
| 5. Prepayments for inventories | 040 | 1.000.000 | 1.007.624 |
| 6. Long - term assets held for sale | 041 | 0 | |
| 7. Biological assets | 042 | $\mathbf{0}$ | |
| II. RECEIVABLES (044 to 049) | 043 | 323.767.684 | 298.483.967 |
| 1. Receivables from related parties 2. Accounts receivable |
044 | 1.542.048 | 1.519.456 |
| 3. Receivables from participating entrepreneurs | 045 | 143.894.900 | 158.295.899 |
| 4. Receivables from employees and shareholders | 046 047 |
146.963 687.947 |
146.963 |
| 5. Receivables from government and other institutions | 048 | 2.377.292 | 862.306 3.583.286 |
| 6. Other receivables | 049 | 175.118.534 | 134.076.057 |
| III. SHORT - TERM FINANCIAL ASSETS (051 to 057) | 050 | 43.726.570 | 94.170.246 |
| 1. Shares (stocks) in related parties | 051 | 0 | |
| 2. Loans given to related parties | 052 | 11.330.142 | 12.379.843 |
| 3. Participating interests (shares) | 053 | ||
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 054 | 7.371.332 | 71.368.625 |
| 5. Investment in securities | 055 | 10.823.215 | 3.514.383 |
| 6. Loans, deposits and similar assets | 056 | 14.201.881 | 6.907.395 |
| 7. Other financial assets | 057 | 0 | |
| IV. CASH AT BANK AND IN CASHIER | 058 | 5.029.930 | 6.162.049 |
| D) PREPAID EXPENSES AND ACCRUED INCOME E) TOTAL ASSETS (001+002+034+059) |
059 | 90.265.492 | 56.048.930 |
| F) OFF-BALANCE SHEET NOTES | 060 061 |
1.343.880.211 91.616.308 |
1.345.195.102 97.824.493 |
| LIABILITIES AND CAPITAL | |||
|---|---|---|---|
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 463.555.790 | 476.529.587 |
| 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 | 4.671.291 |
| 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 | 4.843.509 |
| 4. Statutory reserves | 069 | $\Omega$ | $\mathbf 0$ |
| 5. Other reserves | 070 | $\Omega$ | $\overline{0}$ |
| IV. REVALUATION RESERVES | 071 | 58.873.603 | 58.781.444 |
| V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) | 072 | 251.421.550 | 252.124.655 |
| 1. Retained earnings | 073 | 251.421.550 | 252.124.655 |
| 2. Accumulated loss | 074 | $\Omega$ | |
| VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077) | 075 | 1.673.409 | $-62.333.020$ |
| 1. Profit for the current year | 076 | 1.673.409 | |
| 2. Loss for the current year | 077 | $\Omega$ | 62.333.020 |
| VII. MINORITY INTEREST | 078 | 66.088.097 | 65.606.177 |
| B) PROVISIONS (080 to 082) | 079 | 5.949.307 | 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 | $\mathbf{0}$ | $\overline{0}$ |
| 3. Other reserves | |||
| C) LONG TERM LIABILITIES (084 to 092) | 082 | 3.588.700 | 3.388.701 |
| 1. Liabilities to related parties | 083 | 329.343.101 | 459.747.346 |
| 2. Liabilities for loans, deposits etc. | 084 | $\mathbf{0}$ $\mathbf{0}$ |
0 |
| 3. Liabilities to banks and other financial institutions | 085 | $\mathbf 0$ | |
| 086 | 319.563.481 | 367.750.980 | |
| 4. Liabilities for received prepayments | 087 | $\mathbf 0$ | |
| 5. Accounts payable | 088 | 4.061.301 | 2.077.216 |
| 6. Liabilities arising from debt securities | 089 | 1.428.572 | 75.910.728 |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | $\Omega$ | $\mathbf 0$ |
| 8. Other long-term liabilities | 091 | 80.788 | 9.799.463 |
| 9. Deferred tax liability | 092 | 4.208.959 | 4.208.959 |
| D) SHORT - TERM LIABILITIES (094 to 105) | 093 | 542.130.443 | 399.465.675 |
| 1. Liabilities to related parties | 094 | 1.305 | 805 |
| 2. Liabilities for loans, deposits etc. | 095 | 55.408.315 | 15.766.048 |
| 3. Liabilities to banks and other financial institutions | 096 | 162.029.926 | 164.480.515 |
| 4. Liabilities for received prepayments | 097 | 5.194.320 | 5.282.443 |
| 5. Accounts payable | 098 | 132.343.244 | 122.367.687 |
| 6. Liabilities arising from debt securities | 099 | 98.432.756 | 9.196.715 |
| 7. Liabilities to enterpreneurs in whom the entity holds participating interests | 100 | $\mathbf{0}$ | |
| 8. Liabilities to employees | 101 | 14.289.387 | 21.427.385 |
| 9. Liabilities for taxes, contributions and similar fees | 102 | 34.053.799 | 31.069.961 |
| 10. Liabilities to share - holders | 103 | 418.052 | 418.052 |
| 11. Liabilities for long term assets held for sale | 104 | $\Omega$ | |
| 12. Other short - term liabilities | 105 | 39.959.339 | 29.456.064 |
| E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD | 106 | 2.901.570 | 3.703.186 |
| F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106) | 107 | 1.343.880.211 | 1.345.195.102 |
| G) OFF-BALANCE SHEET NOTES | 108 | 91.616.308 | 97.824.493 |
| APPENDIX TO BALANCE SHEET (only for consolidated financial statements) | |||
| A) CAPITAL AND RESERVES | |||
| 1. Attributed to equity holders of parent company | 109 | 397.467.693 | 410.923.410 |
| 2. Attributed to minority interests | 110 | 66.088.097 | 65.606.177 |
$\label{eq:3.1} \begin{array}{ccccc} \mathcal{O} & & & \mathcal{O} & \mathcal{O} \end{array}$
PROFIT AND LOSS ACCOUNT
for period 01.01.2012. to 30.09.2012
$\label{eq:1} \begin{array}{lll} \alpha & \alpha & \alpha \ \alpha & \beta & \beta \end{array}$
| TOT DEFIOR UT.UT.ZUTZ. TO 30.09.ZUTZ 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 | 379.572.382 | 137.143.739 | 243.499.953 | 83.990.016 |
| 1. Sales revenues | 112 | 362.750.298 | 133.106.015 | 228.686.094 | 76.547.202 |
| 2. Other operating revenues | 113 | 16.822.084 | 4.037.724 | 14.813.859 | 7.442.814 |
| II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130) | 114 | 346.740.498 | 119.530.314 | 276.453.618 | 109.972.248 |
| 1. Changes in the value of work in progress and finished goods | 115 | 12.315.572 | $-62.173$ | $-259.080$ | $-123.080$ |
| 2. Material costs (117 to 119) a) Raw material and material costs |
116 117 |
128.631.435 27.607.223 |
48.693.699 9.424.385 |
92.513.394 18.609.944 |
31.814.619 6.775.490 |
| b) Costs of goods sold | 118 | 5.921.600 | 5.890.250 | 687.461 | 686.376 |
| c) Other external costs | 119 | 95.102.612 | 33.379.064 | 73.215.989 | 24.352.753 |
| 3. Staff costs (121 to 123) | 120 | 145.595.864 | 47.331.814 | 110.059.959 | 34.677.839 |
| a) Net salaries and wages | 121 | 80.847.412 | 25.905.678 | 62.515.108 | 19.747.207 |
| b) Costs for taxes and contributions from salaries | 122 | 43.531.176 | 14.551.789 | 32.097.043 | 10.296.064 |
| c) Contributions on gross salaries | 123 | 21.217.276 | 6.874.347 | 15.447.808 | 4.634.568 |
| 4. Depreciation | 124 | 16.934.930 | 5.809.965 | 15.028.192 | 4.721.626 |
| 5. Other costs | 125 | 34.297.176 | 12.947.536 | 36.408.107 | 18.332.477 |
| 6. Impairment (127+128) | 126 | 6.978.739 | 3.854.048 | 19.286.323 | 19.027.053 |
| a) Impairment of long-term assets (excluding financial assets) | 127 | $\mathbf 0$ | |||
| b) Impairment of short-term assets (excluding financial assets) | 128 | 6.978.739 | 3.854.048 | 19.286.323 | 19.027.053 |
| 7. Provisions | 129 | $\Omega$ | O | 1.064.969 | 1.064.969 |
| 8. Other operating expenses | 130 | 1.986.782 | 955.425 | 2.351.754 | 456.745 |
| III. FINANCIAL INCOME (132 to 136) | 131 | 19.655.509 | 695.608 | 14.640.592 | 10.451.385 |
| 1. Interest income, foreign exchange gains, dividends and similar income from related parties |
132 | $\Omega$ | 0 | ||
| 2. Interest income, foreign exchange gains, dividends and similar income from non-related | 133 | 2.122.201 | $\Omega$ | 11.012.681 | 8.153.827 |
| 3. Share in income from affiliated entrepreneurs and participating interests | 134 | 1.893.129 | 536.373 | 3.383.299 | 2.228.859 |
| 4. Unrealized gains (income) from financial assets | 135 | $\Omega$ | $\mathcal{C}$ | ||
| 5. Other financial income | 136 | 15.640.179 | 159.235 | 244.612 | 68.699 |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 43.420.529 | 18.488.608 | 41.518.857 | 14.651.453 |
| 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 | 42.907.293 | 18.350.109 | 39.762.448 | 13.524.646 |
| 3. Unrealized losses (expenses) on financial assets | 140 | ||||
| 4. Other financial expenses | 141 | 513.236 | 138.499 | 1.756.409 | 1.126.807 |
| V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS | 142 | $\Omega$ | |||
| VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS VII. EXTRAORDINARY - OTHER INCOME |
143 | 3.096.209 | 435.917 | 989.564 | 201.694 |
| VIII. EXTRAORDINARY - OTHER EXPENSES | 144 | $\mathbf{0}$ 0 |
$\Omega$ | ||
| IX. TOTAL INCOME (111+131+142 + 144) | 145 146 |
399.227.891 | 137.839.347 | 258.140.545 | 94.441.401 |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 393.257.236 | 138.454.839 | 318.962.039 | 124.825.395 |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | 5.970.655 | $-615.492$ | $-60.821.494$ | -30.383.994 |
| 1. Profit before taxation (146-147) | 149 | 5.970.655 | $\Omega$ | $\Omega$ | |
| 2. Loss before taxation (147-146) | 150 | 0 | 615.492 | 60.821.494 | 30.383.994 |
| XII. PROFIT TAX | 151 | 3.710.114 | 1.359.726 | 1.559.270 | 54.362 |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | 2.260.541 | $-1.975.218$ | $-62.380.764$ | $-30.438.356$ |
| 1. Profit for the period(149-151) | 153 | 2.260.541 | $\mathbf 0$ | $\Omega$ | |
| 2. Loss for the period (151-148) | 154 | $\overline{0}$ | 1.975.218 | 62.380.764 | 30.438.356 |
| XIV. PROFIT OR LOSS FOR THE PERIOD | |||||
| 1. Attributed to equity holders of parent company | 155 | 1.739.495 | $-1.879.680$ | $-62.333.020$ | $-30.462.608$ |
| 2. Attributed to minority interests | 156 | 521.046 | $-95.538$ | $-47.744$ | 24.252 |
| STATEMENT OF COMPREHENSIVE INCOME (IFRS) | |||||
| I. PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | 2.260.541 | $-1.975.218$ | $-62.380.764$ | $-30.438.356$ |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165) | 158 | 56.682 | 67.836 | $-49.000$ | $-24.345$ |
| 1. Exchange differences on translation of foreign operations | 159 | 56.682 | 67.836 | $-49.000$ | $-24.345$ |
| 2. Movements in revaluation reserves of long-term tangible and intangible assets | 160 | $\bf{0}$ | $\overline{0}$ | ||
| 3. Profit or loss from revaluation of financial assets available for sale | 161 | $\mathbf{0}$ | $\overline{0}$ | 0 | $\overline{0}$ |
| 4. Gains or losses on efficient cash flow hedging | 162 | $\bf{0}$ | $\bf{0}$ | $\theta$ | $\bf 0$ |
| 5. Gains or losses on efficient hedge of a net investment in foreign countries | 163 | $\mathbf{0}$ | $\Omega$ | $\epsilon$ | $\pmb{0}$ |
| 6. Share in other comprehensive income / loss of associated companies | 164 | $\Omega$ | $\overline{0}$ | $\mathbf 0$ | $\boldsymbol{0}$ |
| 7. Actuarial gains / losses on defined benefit plans | 165 | $\overline{0}$ | $\theta$ | $\mathbf 0$ | |
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 166 | $\overline{0}$ | $\bf{0}$ | $-9.800$ | $-4.869$ |
| IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD $(158-166)$ |
167 | 56.682 | 67.836 | $-39.200$ | $-19.476$ |
| V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167) APPENDIX to Statement of comprehensive income (only for consolidated financial statements) |
168 | 2.317.223 | $-1.907.382$ | $-62.419.964$ | $-30.457.832$ |
| VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD | |||||
| 1. Attributed to equity holders of parent company | 169 | 1.796.177 | $-1.811.844$ | $-62.372.220$ | $-30.482.084$ |
| 2. Attributed to minority interests | 170 | 521.046 | $-95.538$ | $-47.744$ | 24.252 |
STATEMENT OF CASH FLOWS - Indirect method period 01.01.2012. to 30.09.2012
| 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 | 5.970.655 | $-60.821.494$ |
| 2. Depreciation | 002 | 16.934.930 | 15.028.192 |
| 3. Increase in short-term liabilities | 003 | $\bf{0}$ | |
| 4. Decrease in short term receivables | 004 | $\mathbf{0}$ | 25.283.717 |
| 5. Decrease in inventories | 005 | 16.817.496 | |
| 6. Other cash flow increases | 006 | 46.251.356 | 118.736.313 |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 85.974.437 | 98.226.728 |
| 1. Decrease in short - term liabilities | 008 | 39.959.272 | 142.664.768 |
| 2. Insrease in short - term receivables | 009 | 73.833.086 | |
| 3. Increase in inventories | 010 | 0 | 12.742.560 |
| 4. Other cash flow decreases | 011 | $\Omega$ | |
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 113.792.358 | 155.407.328 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012) | 013 | $\mathbf{0}$ | |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 014 | 27.817.921 | 57.180.600 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | 501.830 | 334.284 |
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | 31.300.000 | |
| 3. Interest receipts | 017 | 1.283.820 | 699.683 |
| 4. Dividend receipts | 018 | $\Omega$ | |
| 5. Other cash inflows from investing activities | 019 | 2.048.795 | 4.293.710 |
| III. Total cash inflows from investing activities(015 to 019) | 020 | 35.134.445 | 5.327.677 |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | 7.297.164 | 3.897.289 |
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | 31.300.000 | |
| 3. Other cash outflows from investing activities | 023 | $\mathbf{0}$ | 66.451.993 |
| IV. Total cash outflows from investing activities (021 to 023) | 024 | 38.597.164 | 70.349.282 |
| 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 | 3.462.719 | 65.021.605 |
| 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 | 60.114.572 | 172.432.268 |
| 3. Other cash inflows from financing activities | 029 | $\bf{0}$ | |
| V. Total cash inflows from financing activities (027 to 029) | 030 | 135.833.679 | 328.202.528 |
| 1. Cash outflows for repayment of loans and bonds | 031 | 157.690.674 | 205.688.714 |
| 2. Dividends paid | 032 | 85.345 | 118.640 |
| 3. Cash outflows for finance lease | 033 | 2.151.068 | 2.972.482 |
| 4. Cash outflows for purchase of own stocks | 034 | ||
| 5. Other cash outflows from financing activities | 035 | 0 | 3.397.200 |
| VI. Total cash outflows from financing activities (031 do 035) | $\pmb{0}$ | ||
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 036 | 159.927.087 | 212.177.036 |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030) | 037 | 0 | 116.025.492 |
| Total increases of cash flows $(013 - 014 + 025 - 026 + 037 - 038)$ | 038 | 24.093.408 | |
| Total decreases of cash flows $(014 - 013 + 026 - 025 + 038 - 037)$ | 039 | $\Omega$ | |
| Cash and cash equivalents at the beginning of period | 040 | 55.374.048 | 6.176.713 |
| Increase in cash and cash equivalents | 041 | 73.679.933 | 15.853.145 |
| Decrease in cash and cash equivalents | 042 | $\overline{0}$ | |
| Cash and cash equivalents at the end of period | 043 | 55.374.048 | 6.176.713 |
| 044 | 18.305.885 | 9.676.432 |
STATEMENT OF CHANGES IN EQUITY
01.01.2012 to 30.09.2012
from
$\tilde{\mathbf{u}}$
s.
| Position | AOP | Previous year | Current year |
|---|---|---|---|
| 2 | က | 4 | |
| 1. Subscribed capital | $\overline{001}$ | 63.432.000 | 105.668.000 |
| 2. Capital reserves | 002 | 13.998.640 | 52.011.040 |
| 3. Reserves from profit | 003 | 8.068.491 | 4.671.291 |
| 4. Retained earnings or accumulated loss | 004 | 251.421.550 | 252.124.655 |
| 5. Profit / loss for the current year | 005 | 1.673.409 | -62.333.020 |
| 6. Revaluation of long - term tangible assets | 006 | 52.379.202 | 52.332.795 |
| 7. Revaluation of intangible assets | 007 | $\circ$ | $\circ$ |
| 8. Revaluation of financial assets available for sale | 008 | 6.472.994 | 6.472.994 |
| 9. Other revaluation | 009 | $\circ$ | $\circ$ |
| 10. Total capital and reserves (AOP 001 to 009) | 010 | 397.446.286 | 410.947.755 |
| 1. Currency gains and losses arising from net investments in foreign operations | D11 | 21.407 | $-24.345$ |
| 12. Current and deferred taxes (part) | 012 | $\circ$ | |
| 3. Cash flow hedging | 013 | $\circ$ | |
| 14. Changes in accounting policies | 014 | $\circ$ | |
| 5. Correction of significant errors in prior periods | 015 | $\circ$ | |
| 16. Other changes in capital | 016 | 0 | |
| capital (AOP 011 to 016) 17. Total increase or decrease in |
017 | 21.407 | $-24.345$ |
| parent company 17 a. Attributed to equity holders of |
018 | 397.467.693 | 410.923.410 |
| 17 b. Attributed to minority interst | 019 | 66.088.097 | 65.606.177 |
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