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Institut IGH d.d. — Interim / Quarterly Report 2013
May 7, 2013
2091_10-q_2013-05-07_dade88fc-d296-4c72-a249-f81086ead9e0.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 31 MARCH 2013
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 848 persons were employed with the Institut IGH d.d. and its subsidiaries on 31 March 2013.
Supervisory Board and Management Board of Institut IGH, d.d.
The company's Supervisory Board members are:
Franjo Gregorić, PhD (Econ.), President Dinko Tvrtković, BSc (Civ.Eng.), Member Branko Kincl, Academician, Member Prof. Vlatka Rajčić, PhD, Member Ante Stojan, BSc (Archit.), Member Vlado Čović, Member Ryvkin Grigory Evseevich, Member
The Company's Management Board members are:
Jure Radić, President Veniamin Mezhibovskiy, Member Željko Štromar, Member Željko Grzunov, Member Tomislav Alpeza, Member
Mierodavní sud nijerouavir soo:
Tigovački sud u Zagrebu,
registarski ulažak
s matičnim brojem (MBS) 080000959
MB: 3750272 Temelini kapital 018: 79766124714 105,668,000.00 kg opločen u cijelosti
Broj izdanih dionica: Poslovna banka:
Zagrebacka banka d.d. 264.170, nominalno 200-ročun
2360000-1101243767 Vrijednost dionice 400 km levizni ročun kod Zogrebočke bonke d.d. Zogreb
SWIFT kod: ZABAHR2X
IBAN: HR7723600001101243767
prof.dr.sc. Jure Redić, predsjednik Uprave Venigenia Meghibovskiy, član Liprave Zeljko Grzunov, dipl.oec., član Uprave
nr.sc. Željko Štroman, član Uprave
nr.sc. Tomislav Alpeza, član Uprave
Nadzemi adbas dr. sc. Franje Bregurić, 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
Share capital
The Company's share capital amounts to HRK 105,668,000, 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.
Business results of the Institut IGH D.D Group in the period from 1 January to 31 March 2013
In the period from 1 January to 31 March 2013, the revenues of the Institut IGH and its subsidiaries amounted to HRK 61.5 million, out of which the amount of HRK 9.1 million was earned on foreign markets.
The consolidated revenues amounted to HRK 63.3 million and are for 26% lower than the revenues generated over the same period in 2012.
The operating expenses amount to HRK 59.3 million which is a 25% reduction when compared to the same period last year. This particularly concerns reductions made in personnel costs (24%) and material costs (25%). The reduction in material costs is primarily due to the reduction in subcontracting costs, which are for 24% lower compared to the same period last year.
Total financial revenues amount to HRK 2.53 million, and are formed of the interest and other financial revenues amounting to HRK 1.74 million, and of net income from positive exchange rate differences amounting to HRK 0.76 million.
Financial expenses in the period from January to March 2013 amount to HRK 13.5 million, out of which HRK 10.7 million are loan interest payments.
The Institut IGH d.d. and its subsidiaries realized in the period from January to March 2013 a consolidated loss of HRK 7.1 million. The loss to minority interest is HRK 92 thousand, and the loss to mother-company shareholders is HRK 7.06 million.
The INSTITUT IGH d.d., as the parent company, realized in the first quarter the loss of HRK 0.33 million.
Fully aware of the negative income generating trend, the Company has significantly reduced in the first quarter its operating expenses and in this respect the EBITDA amounted to HRK 14.76 million at the level of the parent company (HRK 10.42 million if financial revenues are excluded), while the EBITDA at the level of the group amounted to HRK 11.31 million (8.78 if financial revenues are excluded). Consequently, the Company's Management Board places a high emphasis on the quality and sustainability of company operations, which is reflected in positive EBITDA margin in the first quarter, but also cautions about solvency problems caused primarily due to high level and structure of the short-term and long-term indebtedness,
primarily with financial institutions. The Company is currently discussing possibilities for restructuring its financial obligations, without which a long-term solvency of the Company and its stable operations would not be possible. The procedure for restructuring debt obligations toward the financial sector is conducted in cooperation with the KPMG Croatia d.o.o.
The Company currently has the contracts in progress in the amount of HRK 505,346,152.17. This sum does not include laboratory testing and certification services which constitute 24% of the Company's revenue in the first quarter.
Zagreb, 7 May 2013
Institut IGH, d.d.:
Prof. Jure Radić, PhD CE, President of Management Board
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 2013 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.), President of Management Board
07 May 2013
Institut IGH d.d.
MANAGEMENT'S STATEMENT ON THE RESPONSIBILITY FOR PREPARING CONSOLIDATED REPORTS FOR THE INSTITUT IGH GROUP. JSC
The Company's Management has to ensure that the Group's consolidated financial reports for the first quarter of 2013 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 has a reasonable expectation that the Group has adequate resources to continue operation in the foreseeable future. Accordingly, the Group has prepared its financial reports under assumption that the Group will continue operating for an unlimited period of time.
During preparation of financial reports, the Management is responsible:
- for the selection and, thereafter, for consistent use of appropriate accounting policies;
- $\bullet$ for giving reasonable and sensible assessments and estimates:
- for applying valid financial reporting standards and for making public and explaining every materially significant discrepancy discovered in financial reports;
- for preparing financial reports under assumption of an unlimited period of operation, except in cases when such assumption is inappropriate.
The Management is responsible for keeping proper accountancy records that will depict, to an acceptable level of accuracy, the financial standing and business results of the Group, in full compliance with the Accountancy Law and international accounting standards issued by the International Accounting Standards Board (IASB). The Management is also responsible for protecting and safeguarding the Group's assets, and hence for undertaking every measure it deems necessary to prevent and discover cases of fraud and other illegal activity.
Signed on behalf of the Management:
Prof. Jure Radić, Ph.D. (Civ. Eng.), President of Management Board
| Attachment 1. Reporting period: |
01.01.2013 do |
31.03.2013 |
|---|---|---|
| Quarterly financial statement of the entrepreneur - TFI-POD | ||
| Tax number (MB): 03750272 |
||
| Company registration number 80000959 (MBS) |
||
| Personal identification 79766124714 number (OIB): |
||
| Issuing company: INSTITUT IGH D.D. | ||
| Postal code and place: 10000 |
ZAGREB | |
| Street and house number: JANKA RAKUŠE 1 | ||
| E-mail adress: [email protected] | ||
| Internet adress: http://www.institutigh.com | ||
| unicipality/city code and name: ZAGREB 133 |
||
| County code and name: 21 |
GRAD ZAGREB | Number of employees 848 |
| Consolidated report: YES |
(quarter end) NKD code: 7219 |
|
| pmpanies of the consolidation subject (according to IFRS | Seat: | MB: |
| IGH MOSTAR D.O.O. | MOSTAR, BIŠĆE POLJE BB | 4227060470005 |
| GEOTEHNIKA INŽENJERING D.O.O. | ZAGREB, GRADIŠĆANSKA 26 | 01517597 |
| IGH PROJEKTIRANJE D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 02441918 |
| INCRO D.O.O. | ZAGREB, BRANIMIROVA 71 | 01982516 |
| IGH ENERGIJA D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 01819585 |
| FORUM CENTAR D.O.O. | ZAGREB, JAGODNJAK 17 | 01960229 |
| IGH TURIZAM D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 01974378 |
| PROJEKT ŠOLTA D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 02592363 |
| VOĐENJE PROJEKATA D.O.O. | ZAGREB, BIJENIČKA CESTA 8 | 02427648 |
| EKONOMSKO TEHNIČKI ZAVOD D.D. | OSIJEK, TRG A. STARČEVIĆA 7/II | 03013669 |
| PROJEKTNI BIRO PALMOTIĆEVA 45 D.O.O. | ZAGREB, PALMOTIĆEVA 45 | 03222853 |
| IGH KOSOVA Sha | PRIŠTINA, KOSOVO | |
| GRATIUS PROJEKT D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 02462478 |
| 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 |
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| 28983577816 | ||
|---|---|---|
| Telefax: 01 6125 404 | ||
| M.P. | (signature of the person authorized to represent the company) | |
| Contact person: SPINDERK JADRANKA (person authorized to represent the company) and notes to financial statements 3. Report of the Management Board on the Company Status |
ZAGREB, BRANIMIROVA 71 (please enter only contact person's family name and name) Family name and name: prof. dr. JURE RADIĆ, dipl. ing. građ., ŽELJKO GRZUNOV, dipl. oec. 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 |
$\mathcal{L}^{\text{max}}{\text{max}}$ , $\mathcal{L}^{\text{max}}{\text{max}}$
BALANCE SHEET as of 31.03.2013.
| IINSTITUT IGH D.D. | |||
|---|---|---|---|
| Position | AOP | Previous period | Current period |
| $\mathbf{1}$ | $\overline{2}$ | 3 | 4 |
| A) RECEIVABLES FOR SUBSCRIBED AND NON - PAID CAPITAL | 001 | ||
| B) LONG - TERM ASSETS (003+010+020+029+033) | 002 | 677.915.774 | 673.011.062 |
| I. INTANGIBLE ASSETS (004 to 009) | 003 | 10.041.147 | 9.637.884 |
| 1. Assets development | 004 | ||
| 2. Concessions, patents, licence fees, merchandise and service brands, software and other rights 3. Goodwill |
005 | 3.704.817 | 3.278.726 |
| 4. Prepayments for purchase of intangible assets | 006 | 3.742.903 | 3.742.903 |
| 5. Intangible assets in preparation | 007 | 2.593.427 | 2.616.255 |
| 6. Other intangible assets | 008 | ||
| II. TANGIBLE ASSETS (011 to 019) | 009 | 586.065.990 | 581.934.791 |
| 1. Land | 010 011 |
139.810.350 | 139.819.717 |
| 2. Buildings | 012 | 315.811.167 | 312.032.688 |
| 3. Plant and equipment | 013 | 14.079.948 | 13.759.811 |
| 4. Instuments, plant inventories and transportation assets | 014 | 5.290.742 | 5.171.955 |
| 5. Biological assets | 015 | ||
| 6. Prepayments for tangible assets | 016 | 104.095 | 118.891 |
| 7. Tangible assets in preparation | 017 | 28.936.414 | 29.005.449 |
| 8. Other material assets | 018 | 364.625 | 357.631 |
| 9. Investment in buildings | 019 | 81.668.649 | 81.668.649 |
| III. LONG-TERM FINANCIAL ASSETS (021 to 028) | 020 | 79.654.077 | 79.350.507 |
| 1. Shares (stocks) in related parties | 021 | ||
| 2. Loans given to related parties | 022 | ||
| 3. Participating interests (shares) | 023 | 27.597 | 27.597 |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 024 | ||
| 5. Investment in securities | 025 | ||
| 6. Loans, deposits and similar assets | 026 | 2.540.394 | 2.298.033 |
| 7. Other long - term financial assets | 027 | 15.700.397 | 15.855.613 |
| 8. Investments accounted by equity method | 028 | 61.385.689 | 61.169.264 |
| IV. RECEIVABLES (030 to 032) | 029 | 2.154.560 | 2.087.880 |
| 1. Receivables from related parties | 030 | ||
| 2. Receivables based on trade loans | 031 | 2.154.560 | 2.087.880 |
| 3. Other receivables | 032 | ||
| V. DEFERRED TAX ASSETS | 033 | ||
| C) SHORT TERMS ASSETS (035+043+050+058) | 034 | 320.260.404 | 324.616.183 |
| I. INVENTORIES (036 to 042) | 035 | 91.639.332 | 92.984.687 |
| 1. Row material | 036 | 114.054 | 114.054 |
| 2. Work in progress | 037 | 86.466.341 | 87.811.696 |
| 3. Finished goods | 038 | 2.646.935 | 2.646.935 |
| 4. Merchandise | 039 | 1.404.378 | 1.404.378 |
| 5. Prepayments for inventories | 040 | 1.007.624 | 1.007.624 |
| 6. Long - term assets held for sale | 041 | ||
| 7. Biological assets | 042 | ||
| II. RECEIVABLES (044 to 049) | 043 | 146.388.033 | 147.826.731 |
| 1. Receivables from related parties | 044 | 372.153 | 638.222 |
| 2. Accounts receivable | 045 | 90.353.702 | 87.772.108 |
| 3. Receivables from participating entrepreneurs | 046 | 146.963 | 146.963 |
| 4. Receivables from employees and shareholders | 047 | 862.460 | 1.010.883 |
| 5. Receivables from government and other institutions | 048 | 7.120.009 | 11.045.842 |
| 6. Other receivables | 049 | 47.532.746 | 47.212.713 |
| III. SHORT - TERM FINANCIAL ASSETS (051 to 057) | 050 | 79.698.058 | 79.906.291 |
| 1. Shares (stocks) in related parties | 051 | ||
| 2. Loans given to related parties | 052 | ||
| 3. Participating interests (shares) | 053 | 72.441.725 | 73.645.431 |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 054 | ||
| 5. Investment in securities | 055 | 7.256.333 | 6.260.860 |
| 6. Loans, deposits and similar assets | 056 | ||
| 7. Other financial assets | 057 | ||
| IV. CASH AT BANK AND IN CASHIER | 058 | 2.534.981 | 3.898.474 |
| D) PREPAID EXPENSES AND ACCRUED INCOME | 059 | 13.125.876 | 11.256.990 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 1.011.302.054 | 1.008.884.235 |
| F) OFF-BALANCE SHEET NOTES | 061 | 95.998.011 | 98.143.945 |
| LIABILITIES AND CAPITAL | |||
|---|---|---|---|
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 90.782.813 | 83.633.065 |
| I. SUBSCRIBED CAPITAL | 063 | 105.668.000 | 105.668.000 |
| II. CAPITAL RESERVES | 064 | 52.011.040 | 52.011.040 |
| III. RESERVES FROM PROFIT (066+067-068+069+070) | 065 | 5.548.529 | 5.548.529 |
| 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 | 3.966.271 | 3.966.271 |
| 4. Statutory reserves | 069 | ||
| 5. Other reserves | 070 | ||
| IV. REVALUATION RESERVES | 071 | 163.839.920 | 163.843.879 |
| V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) | 072 | 257.131.238 | -239.069.112 |
| 1. Retained earnings | 073 | 257.131.238 | |
| 2. Accumulated loss | 074 | 239.069.112 | |
| VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077) | 075 | -496.200.350 | $-7.061.609$ |
| 1. Profit for the current year | 076 | ||
| 2. Loss for the current year | 077 | 496.200.350 | 7.061.609 |
| VII. MINORITY INTEREST | 078 | 2.784.436 | 2.692.338 |
| B) PROVISIONS (080 to 082) | 079 | 16.432.054 | 16.432.054 |
| 1. Provisions for pensions, severance pay and similar liabilities | 080 | 1.550.087 | 1.550.087 |
| 2. Reserves for tax liabilities | 081 | ||
| 3. Other reserves | 082 | 14.881.967 | |
| C) LONG TERM LIABILITIES (084 to 092) | 347.591.742 | 14.881.967 | |
| 1. Liabilities to related parties | 083 | 342.540.946 | |
| 2. Liabilities for loans, deposits etc. | 084 | ||
| 3. Liabilities to banks and other financial institutions | 085 | ||
| 4. Liabilities for received prepayments | 086 | 225.413.210 | 221.656.293 |
| 087 | |||
| 5. Accounts payable | 088 | 886.290 | 617.077 |
| 6. Liabilities arising from debt securities | 089 | 67.910.616 | 67.910.616 |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | ||
| 8. Other long-term liabilities | 091 | 12.095.704 | 11.071.038 |
| 9. Deferred tax liability | 092 | 41.285.922 | 41.285.922 |
| D) SHORT - TERM LIABILITIES (094 to 105) | 093 | 548.223.205 | 555.653.538 |
| 1. Liabilities to related parties | 094 | 805 | 15.675 |
| 2. Liabilities for loans, deposits etc. | 095 | 12.485.935 | 12.688.943 |
| 3. Liabilities to banks and other financial institutions | 096 | 309.663.237 | 308.587.682 |
| 4. Liabilities for received prepayments | 097 | 5.723.920 | 11.937.272 |
| 5. Accounts payable | 098 | 122.748.241 | 114.911.832 |
| 6. Liabilities arising from debt securities | 099 | 7.545.624 | 7.545.624 |
| 7. Liabilities to enterpreneurs in whom the entity holds participating interests | 100 | ||
| 8. Liabilities to employees | 101 | 20.688.883 | 19.510.190 |
| 9. Liabilities for taxes, contributions and similar fees | 102 | 23.552.222 | 35.064.162 |
| 10. Liabilities to share - holders | 103 | 418.052 | |
| 11. Liabilities for long term assets held for sale | 104 | ||
| 12. Other short - term liabilities | 105 | 45.396.286 | 45.392.158 |
| E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD | 106 | 8.272.240 | 10.624.632 |
| F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106) | 107 | 1.011.302.054 | 1.008.884.235 |
| G) OFF-BALANCE SHEET NOTES | 108 | 95.998.011 | 98.143.945 |
| APPENDIX TO BALANCE SHEET (only for consolidated financial statements) | |||
| A) CAPITAL AND RESERVES | |||
| 1. Attributed to equity holders of parent company | 109 | 87.998.377 | 80.940.727 |
| 2. Attributed to minority interests | 110 | 2.784.436 | 2.692.338 |
PROFIT AND LOSS ACCOUNT
for period 01.01.2013. to 31.03.2013
| כו טב.כט.וכ - טו.טו טב.ו ט.ו.ט. פו טב INSTITUT IGH D.D. |
|||||
|---|---|---|---|---|---|
| Position | AOP | Previous period | Current period | ||
| Cummulative | Periodical | Cummulative | Periodical | ||
| $\mathbf{1}$ | $\overline{\mathbf{2}}$ | 3 | 4 | 5 | 6 |
| I. OPERATING REVENUES (112+113) | 111 | 85.299.826 | 85.299.826 | 63.306.092 | 63.306.092 |
| 1. Sales revenues | 112 | 81.291.298 | 81.291.298 | 61.501.605 | 61.501.605 |
| 2. Other operating revenues | 113 | 4.008.528 | 4.008.528 | 1.804.487 | 1.804.487 |
| II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130) | 114 | 78.687.894 | 78.687.894 $-136.000$ |
59.283.723 $-158.750$ |
59.283.723 $-158.750$ |
| 1. Changes in the value of work in progress and finished goods 2. Material costs (117 to 119) |
115 116 |
$-136.000$ 25.091.275 |
25.091.275 | 18.948.774 | 18.948.774 |
| a) Raw material and material costs | 117 | 4.931.227 | 4.931.227 | 3.555.152 | 3.555.152 |
| b) Costs of goods sold | 118 | 0 | $\mathbf{o}$ | ||
| c) Other external costs | 119 | 20.160.048 | 20.160.048 | 15.393.622 | 15.393.622 |
| 3. Staff costs (121 to 123) | 120 | 39.567.382 | 39.567.382 | 29.934.652 | 29.934.652 |
| a) Net salaries and wages | 121 | 22.166.828 | 22.166.828 | 17.357.571 | 17.357.571 |
| b) Costs for taxes and contributions from salaries | 122 | 11.585.350 | 11.585.350 | 8.602.605 | 8.602.605 |
| c) Contributions on gross salaries | 123 | 5.815.204 | 5.815.204 | 3.974.476 | 3.974.476 |
| 4. Depreciation | 124 | 5.395.767 | 5.395.767 | 4.957.886 | 4.957.886 |
| 5. Other costs | 125 | 5.958.529 | 5.958.529 | 5.587.929 | 5.587.929 |
| 6. Impairment (127+128) | 126 | 1.028.090 | 1.028.090 | 0 | 0 |
| a) Impairment of long-term assets (excluding financial assets) | 127 128 |
1.028.090 | 1.028.090 | ||
| b) Impairment of short-term assets (excluding financial assets) 7. Provisions |
129 | $\mathbf 0$ | 0 | ||
| 8. Other operating expenses | 130 | 1.782.851 | 1.782.851 | 13.232 | 13.232 |
| III. FINANCIAL INCOME (132 to 136) | 131 | 3.713.656 | 3.713.656 | 2.531.972 | 2.531.972 |
| 1. Interest income, foreign exchange gains, dividends and similar income from related parties |
132 | ||||
| 2. Interest income, foreign exchange gains, dividends and similar income from non-related | 133 | 3.059.923 | 3.059.923 | 766.467 | 766.467 |
| 3. Share in income from affiliated entrepreneurs and participating interests | 134 | 625.337 | 625.337 | 1.738.614 | 1.738.614 |
| 4. Unrealized gains (income) from financial assets | 135 | ||||
| 5. Other financial income | 136 | 28.396 | 28.396 | 26.891 | 26.891 |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 11.947.595 | 11.947.595 | 13.510.886 | 13.510.886 |
| 1. Interest expenses, foreign exchange losses and similar expenses from related parties | 138 | ||||
| 2. Interest expenses, foreign exchange losses and similar expenses from non - related | 139 | 11.660.629 | 11.660.629 | 13.272.756 | 13.272.756 |
| 3. Unrealized losses (expenses) on financial assets | 140 | ||||
| 4. Other financial expenses | 141 | 286.966 | 286.966 | 238.130 | 238.130 |
| V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS |
142 143 |
0 272.315 |
0 272.315 |
197.162 | 197.162 |
| VII. EXTRAORDINARY - OTHER INCOME | 144 | 0 | 0 | ||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | 0 | $\mathbf 0$ | ||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 89.013.482 | 89.013.482 | 65.838.064 | 65.838.064 |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 90.907.804 | 90.907.804 | 72.991.771 | 72.991.771 |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | $-1.894.322$ | $-1.894.322$ | $-7.153.707$ | $-7.153.707$ |
| 1. Profit before taxation (146-147) | 149 | 0 | $\circ$ | 0 | |
| 2. Loss before taxation (147-146) | 150 | 1.894.322 | 1.894.322 | 7.153.707 | 7.153.707 |
| XII. PROFIT TAX | 151 | 1.437.509 | 1.437.509 | ||
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | $-3.331.831$ | $-3.331.831$ | $-7.153.707$ | $-7.153.707$ |
| 1. Profit for the period(149-151) | 153 | 0 3.331.831 |
$\circ$ | 0 | |
| 2. Loss for the period (151-148) | 154 | 3.331.831 | 7.153.707 | 7.153.707 | |
| XIV. PROFIT OR LOSS FOR THE PERIOD | |||||
| 1. Attributed to equity holders of parent company | 155 | 3.220.304 | 3.220.304 | $-7.061.609$ | -7.061.609 |
| 2. Attributed to minority interests | 156 | $-111.527$ | $-111.527$ | $-92.098$ | $-92.098$ |
| STATEMENT OF COMPREHENSIVE INCOME (IFRS) | |||||
| PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | $-3.331.831$ | $-3.331.831$ | $-7.153.707$ | $-7.153.707$ |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX(159 to 165) | 158 | 6.441 | 6.441 | 3.959 | 3.959 |
| 1. Exchange differences on translation of foreign operations | 159 | 6.441 | 6.441 | 3.959 | 3.959 |
| 2. Movements in revaluation reserves of long-term tangible and intangible assets | 160 | $\mathbf 0$ | $\mathbf 0$ | ||
| 3. Profit or loss from revaluation of financial assets available for sale | 161 | $\mathbf 0$ | $\mathbf 0$ | ||
| 4. Gains or losses on efficient cash flow hedging 5. Gains or losses on efficient hedge of a net investment in foreign countries |
162 | 0 $\bf{0}$ |
0 $\pmb{0}$ |
||
| 6. Share in other comprehensive income / loss of associated companies | 163 164 |
$\mathbf 0$ | $\mathbf 0$ | ||
| 7. Actuarial gains / losses on defined benefit plans | 165 | 0 | $\mathbf 0$ | ||
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 166 | 1.288 | 1.288 | 792 | 792 |
| IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD (158-166) | 167 | 5.153 | 5.153 | 3.167 | 3.167 |
| V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167) | 168 | $-3.326.678$ | $-3.326.678$ | $-7.150.540$ | $-7.150.540$ |
| APPENDIX to Statement of comprehensive income (only for consolidated financial statements) VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD |
|||||
| 1. Attributed to equity holders of parent company | 169 | $-3.215.151$ | $-3.215.151$ | $-7.058.442$ | $-7.058.442$ |
| 2. Attributed to minority interests | 170 | $-111.527$ | $-111.527$ | $-92.098$ | $-92.098$ |
STATEMENT OF CASH FLOWS - Indirect method period 01.01.2013. to 31.03.2013
$\sim$
| Position | AOP | Previous period |
Current period |
|---|---|---|---|
| 1 | $\overline{2}$ | 3 | 4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before tax | 001 | $-1.894.323$ | $-7.153.707$ |
| 2. Depreciation | 002 | 5.958.529 | 4.957.886 |
| 3. Increase in short-term liabilities | 003 | 3.800.312 | 7.430.333 |
| 4. Decrease in short term receivables | 004 | ||
| 5. Decrease in inventories | 005 | ||
| 6. Other cash flow increases | 006 | 5.938.366 | |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 7.864.518 | 11.172.878 |
| 1. Decrease in short - term liabilities | 008 | ||
| 2. Insrease in short - term receivables | 009 | 4.663.407 | 1.438.698 |
| 3. Increase in inventories | 010 | 35.156 | 1.345.355 |
| 4. Other cash flow decreases | 011 | 20.102.726 | |
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 24.801.289 | 2.784.053 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012) | 013 | 0 | 8.388.825 |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 014 | 16.936.771 | |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | 175.536 | 127.599 |
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | ||
| 3. Interest receipts | 017 | 285.976 | 212.214 |
| 4. Dividend receipts | 018 | ||
| 5. Other cash inflows from investing activities | 019 | 4.240.498 | |
| III. Total cash inflows from investing activities(015 to 019) | 020 | 4.702.010 | 339.813 |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | 2.307.062 | 337.070 |
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | ||
| 3. Other cash outflows from investing activities | 023 | ||
| IV. Total cash outflows from investing activities (021 to 023) | 024 | ||
| B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES(020-024) | 2.307.062 | 337.070 | |
| B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES(024-020) | 025 | 2.394.948 | 2.743 |
| CASH FLOW FROM FINANCING ACTIVITIES | 026 | 0 | 0 |
| 1. Cash receipts from issuance of equity and debt financial instruments | 027 | ||
| 2. Cash inflows from loans, debentures, credits and other borrowings | 028 | 35.438.247 | |
| 3. Other cash inflows from financing activities | 029 | ||
| V. Total cash inflows from financing activities (027 to 029) | 030 | 35.438.247 | 0 |
| 1. Cash outflows for repayment of loans and bonds | 031 | 24.070.396 | 7.028.075 |
| 2. Dividends paid | 032 | ||
| 3. Cash outflows for finance lease | 033 | 605.847 | |
| 4. Cash outflows for purchase of own stocks | 034 | ||
| 5. Other cash outflows from financing activities | 035 | ||
| VI. Total cash outflows from financing activities (031 do 035) | 036 | 24.676.243 | 7.028.075 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 037 | 10.762.004 | |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030) | 038 | 0 | 7.028.075 |
| Total increases of cash flows $(013 - 014 + 025 - 026 + 037 - 038)$ | 039 | 0 | 1.363.493 |
| Total decreases of cash flows $(014 - 013 + 026 - 025 + 038 - 037)$ | 040 | 3.779.819 | |
| Cash and cash equivalents at the beginning of period | 041 | 15.853.145 | 2.534.981 |
| Increase in cash and cash equivalents | 042 | 1.363.493 | |
| Decrease in cash and cash equivalents | 043 | 3.779.819 | |
| Cash and cash equivalents at the end of period | 044 | 12.073.326 | 3.898.474 |
STATEMENT OF CASH FLOWS - Direct method
period 01.01.2011. to 31.03.2011.
| Legal entity: | |||
|---|---|---|---|
| Position | AOP | Previous period |
Current period |
| 1 | $\overline{2}$ | 3 | 4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Cash receipts from customers | 001 | ||
| 2. Cash receipts from royalities, fees, commissions, etc. | 002 | ||
| 3. Cash receipts from insurance for damages compensation | 003 | ||
| 4. Cash receipts arising from tax refunds | 004 | ||
| 5. Other cash receipts | 005 | ||
| Total increase in cash flow from operating activities (001 do 005) | 006 | 0 | 0 |
| 1. Cash paid to suppliers | 007 | ||
| 2. Cash paid to employees | 008 | ||
| 3. Cash outflows for insurance for damages compensation | 009 | ||
| 4. Interest paid | 010 | ||
| 5. Tax paid | 011 | ||
| 6. Other cash outflows | 012 | ||
| II. Total decrease in cash flow from operating activities (007 do 012) | 013 | 0 | 0 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012) | 014 | 0 | $\pmb{0}$ |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 015 | $\overline{0}$ | 0 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | ||
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | ||
| 3. Interest receipts | 017 | ||
| 4. Dividend receipts | 018 | ||
| 5. Other cash inflows from investing activities | 019 | ||
| III. Total cash inflows from investing activities(015 do 019) | 020 | 0 | $\mathbf{O}$ |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | ||
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | ||
| 3. Other cash outflows from investing activities | 023 | ||
| IV. Total cash inflows from investing activities (021 do 023) | 024 | $\mathbf 0$ | 0 |
| B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES(020-024) | 025 | $\mathbf 0$ | 0 |
| B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES(024-020) | 026 | 0 | 0 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1. Cash receipts from issuance of equity and debt financial instruments | 027 | 0 | 0 |
| 2. Cash inflows from loans, debentures, credits and other borrowings | 028 | ||
| 3. Other cash inflows from financing activities | 029 | ||
| V. Total cash inflows from financing activities (027 do 029) | 030 | 0 | 0 |
| 1. Cash outflows for repayment of loans and bonds | 031 | ||
| 2. Dividends paid | 032 | ||
| 3. Cash outflows for finance lease | 033 | ||
| 4. Cash outflows for purchase of own stocks | 034 | ||
| 5. Other cash outflows from financing activities | 035 | ||
| VI. Total cash inflows from financing activities (031 do 035) | 036 | 0 | 0 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 037 | 0 | $\mathbf 0$ |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030) | 038 | 0 | $\Omega$ |
| Total increases of cash flows $(013 - 014 + 025 - 026 + 037 - 038)$ | 039 | 0 | $\overline{0}$ |
| Total decreases of cash flows (014 - 013 + 026 - 025 + 038 - 037) | 040 | 0 | $\Omega$ |
| Cash and cash equivalents at the beginning of period | 041 | ||
| Decrease in cash and cash equivalents | 042 | 0 | $\circ$ |
| Increase in cash and cash equivalents | 043 | $\mathbf{0}$ | $\Omega$ |
| Cash and cash equivalents at the end of period | 044 | 0 | οl |
STATEMENT OF CHANGES IN EQUITY
01 01 01 2013
| $\overline{\mathbf{c}}$ 01.01.2013 from |
31.03.2013 | |||
|---|---|---|---|---|
| Position | AOP | Previous year |
Current year | |
| ᡪ | $\mathbf{\tilde{c}}$ | m | 4 | |
| 1. Subscribed capital | POO | 105.668.000 | 105.668.000 | |
| 2. Capital reserves | 002 | 52.011.040 | 52.011.040 | |
| 3. Reserves from profit | 003 | 5.548.529 | 5.548.529 | |
| 4. Retained earnings or accumulated loss | 004 | 257.131.238 | $-239$ 069.112 | |
| 5. Profit / loss for the current year | 005 | 496.200.350 | $-7.061.609$ | |
| 6. Revaluation of long - term tangible assets | 006 | 161.783.488 | 161.783.488 | |
| 7. Revaluation of intangible assets | 007 | |||
| 8. Revaluation of financial assets available for sale | 008 | 1.988.423 | 1.988.423 | |
| 9. Other revaluation | 009 | |||
| 10. Total capital and reserves (AOP 001 to 009) | 010 | 87.930.368 | 80.868.759 | |
| arising from net investments in foreign operations 11. Currency gains and losses |
011 | 68.009 | 71.968 | |
| (part) 12. Current and deferred taxes |
012 | |||
| 13. Cash flow hedging | 013 | |||
| 14. Changes in accounting policies | 014 | |||
| 5. Correction of significant errors in prior periods | 015 | |||
| 16. Other changes in capital | 016 | |||
| 7. Total increase or decrease in capital (AOP 011 to 016) | 017 | 68.009 | 71.968 | |
| 7 a. Attributed to equity holders of parent company | 018 | 87.998.377 | 80.940.727 | |
| 7 b. Attributed to minority interst | 019 | 2.784.436 | 2.692.338 |
ltems decreasing the capital are entered with a negative number sign
Data entered under AOP marks 001 to 009 are entered as situation on the Balance Sheet date