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Institut IGH d.d. — Interim / Quarterly Report 2013
Jul 30, 2013
2091_10-q_2013-07-30_d2fae8fd-2809-4ca5-9945-8e32da29f8e9.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 d.d. AND ITS SUBSIDIARIES IN THE PERIOD FROM 1 JANUARY TO 30 JUNE 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 18 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., Zagreb is situated in Zagreb, Janka Rakuše 1, company registration No: MB 3750272, personal identification number OIB 79766124714.
A total of 837 persons were employed with the Institut IGH d.d. and its subsidiaries on 30 June, 2013.
Supervisory Board and Management Board of Institut IGH, d.d.
Company's Supervisory Board members are:
Franjo Gregurić, President Dušica Kerhač, Member Branko Kincl, Academician, Member Vlatka Rajčić, Member Ante Stojan, Member Vlado Čović, Member Ryvkin Grigory Evseevich, Member
The Management Board is formed as follows:
Jure Radić, President Veniamin Mezhibovskiy, Member Željko Štromar, Member Željko Grzunov, Member Tomislav Alpeza, Member
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 aleia 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
s matičnim brojem (MBS) 080000959
Temelini kapital: 105.668.000,00 kn uplačen u cijelosti
Broj izdanih dionica: 264.170, nominalna Vrijednost dionice 400 kn
MB: 3750272 018: 79766124714
Poslovno banka: Zagrebacka banka d.d. ziro-račun 210-10001
2360000-1101243767
Devizni račun kod
Zagrebačke banke d.d. Zagreb
SWiFT kod: ZABAHRZX IBAN: HR7723600001101243767
prof.dr.sc. Jure Radić, predsjednik Uprave processes. Jose Noord, presspeared Opr
Veniamin Mezhibovskiy, član Uprave
Željko Grzunov, dipl.aec., član Uprave
mr.sc. Željko Štromar, član Uprave mr.sc. Tomislav Alpeza, član Uprave
Nadzorni odbor: dr. sc. Franjo Gregurić, predsjednik
Share capital
The share capital of the Company amounts to 105.668.000 HRK and consists of 158.580 ordinary shares mark IGH-R-A of nominal value of HRK 400 and 105.590 ordinary shares mark IGH-R-B of nominal value of 400 HRK.
Business results of the Institut IGH d.d. and Institut IGH d.d. Group in the period from 1 January to 30 June 2013
In the first half-year the Institut IGH d.d. realized non-consolidated total revenues in the amount of HRK 144.132.278, which represents an increase by 7.83 % when compared to the same period last year. Particularly positive shift was noticed in the second trimester of the current year when the company realized non-consolidated revenues of HRK 82.821.313, which represents an increase by 33.04% when compared to the same period last year. At the same time, the company significantly reduced its operating expenses and the salaries were lower by 13.94% at half-year non-consolidated level while other material costs were reduced by 18.09%. Therefore, in the period from 1 January to 30 June 2013 the INSTITUT IGH d.d. realized a profit of HRK 5.084.236 at non-consolidated level, unlike the same period last year when loss of HRK 19.244.174 was realized.
At the consolidated level, the company realized a total revenue of HRK 160.803.875, which is by 1.77% lower when compared to the same period last year, which is a result of integral restructuring of group members whose negative effects on the core activity the mother company strived to minimize.
Consolidation excludes the company Centar Bundek d.o.o. The consolidated revenue in the second trimester amounted to HRK 94.965.811 and they were by 26.81% greater than total revenue realized in the same period last year. The process of restructuring was continued at consolidated level as well, and significant savings were achieved in the area of operating expenses. Consequently, salary costs were reduced by 19.81% when compared to the same period last year, while the material costs were reduced by 27.99% with respect to the previous half-year period. Therefore it follows that INSTITUT IGH d.d. significantly reduced loss which amounted to HRK 7.023.795 in the period from 1 January to 30 June 2013, and which in the same period last year amounted to HRK 31.942.408.
Thus, in the first half-year at the non-consolidated level the INSTITUT IGH d.d. realized EBITDA in the amount of HRK 23.078.492 (financial revenue of the company excluded), while EBITDA at the consolidated level amounted to HRK 21.596.693 (financial revenue of the company also excluded). This result is a confirmation of strong business operations of the mother company and the group and considerable potential for continuation of business activity and growth in case of successful and timely restructuring of the company through pre-bankruptcy settlement.
INSTITUT IGH d.d. points out that on 17 May 2013 the company submitted to the Financial Agency, a Proposal for Initiating Regular Pre-Bankruptcy Settlement Procedure pursuant to the article 39 of the Act on Financial Operations and Pre-Bankruptcy Settlement (OG No 108/12 and 114/12) for reasons from art. 16. par. 2. of the Act, together with the Proposal for Determination of Provisional Measures in compliance with art. 48 par. 3 of the Act.
On 23 May, 2013, under UP-I/110/07/13-01/4279, Reg.No: 04-06-13-4279-12, FINA reached a Decision on Provisional Measure on the basis of which suspension of proceedings of execution and insurance of the Issuer was carried out and consequently Issuer's business accounts were unblocked. Upon expiry of the provisional measure, and based on the issuer's proposal, on June 13 2013 the Settlement Council reached a Decision on Extension of Provisional Measure (Class UP-I/110/07/13-01/4279, Reg.No: 04-06-13-4279-18), and extended the provisional measure until 17 June 2013.
On 10 June 2013, the Settlement Council adopted a Decision (Class: UP-I/110/07/13-01/4279, Reg.No: 04-06-13-4279-39) which initiated the pre-bankruptcy settlement procedure over the issuer as debtor.
On 24 July 2013, the hearing for determination of claims was held and FINA determined the creditor claims by its Decision of 26 July, 2013 Reg.No: 04-06-13-4279-562, class: UP-I/110/07/13-01/4279.
The achieved business results at non-consolidated and consolidated level in the first halfyear of 2013 indicate sustainability and profitability of company's core activity. The company is completing the process of restructuring and optimization of operating expenses, which was reflected in the business result as a double digit reduction of operating expenses, especially regarding material costs and salaries.
The company emphasises time frame as a key factor within which the pre-bankruptcy settlement procedure will be validly completed. Timely completion of the procedure will
ensure all conditions for successful continuation of business operations, with realization of EBITDA margins and total revenue level in compliance with company's published five-year business plan. The company stresses the risk of extended duration of pre-bankruptcy settlement procedure which partly disables the company to participate in public procurement procedures in the Republic of Croatia, and contracting in foreign markets. Significant prolongation of valid termination of pre-bankruptcy settlement may have an impact on illimitability of business activity and financial stability of the company.
Zagreb, 30 July 2013
On behalf of, Institut IGH d.d.: Prof. Jure Radić, PhD CE, President of Management Board 06
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 first semester 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 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; $\bullet$
- for giving reasonable and sensible assessments and estimates: $\bullet$
- for applying valid financial reporting standards and for making public and explaining every materially significant discrepancy discovered in financial reports;
- for preparing financial reports under assumption of an unlimited period of operation, except in cases when such assumption is inappropriate.
The Management 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 06 POIS A INKTO Institut IGH, d.d. Zagreb Janka Rakuše 1 10000 Zagreb 30 July 2013
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
Mjerodavni sud: Trgovački sud u Zagrebu, registarski uložak
s matičnim brojem (MBS) 080000959
Temelini kapital: 105.668.000.00 kg uplaćen u cijelosti
Broj izdanih dionica: 264.170, noming Vrijednost dionice 400 kn
MB: 3750272 018: 79766124714 Poslovno banka:
Zagrebacka banka d.d. žiro-ročun
2360000-1101243767 Devizni ročun kod
Zagrebačke banke d.d. Zagreb
SWHT kod: ZABAHR2X
IBAN: HR7723600001101243767
prof.dr.sc. Juro Radić, predsjednik Uprave Veniamin Mazhibovskiy, član Uprave
Željko Grzunov, dipl.oec., član Uprave
Mr.sc. Željko Štromar, član Uprave mr.sc. Tomislov Alpezo, član Uprave
dzomi odbor: dr. sc. Franjo Gregurić, gredslednik
| Attachment 1. Reporting period: |
01.01.2013 do |
30.06.2013 |
|---|---|---|
| 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 | ||
| ZAGREB unicipality/city code and name: 133 |
||
| County code and name: 21 |
GRAD ZAGREB | Number of employees 837 |
| 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 | |
| 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 |
| RADELJEVIĆ D.O.O. | ZAGREB, JANKA RAKUŠE 1 | 01938533 |
| MARTERRA D.O.O. | ZAGREB, BRANIMIROVA 71 | 28983577816 |
| Bookkeeping service: | ||||
|---|---|---|---|---|
| Contact person: SPINDERK JADRANKA | ||||
| (please enter only contact person's family name and name) | ||||
| Telephone: 01 6125 444 | Telefax: 01 6125 404 | |||
| 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 | ||||
| M.P. | (signature of the person authorized to represent the company) | |||
BALANCE SHEET
$\bar{\alpha}$
$\bar{u}$
$\sim$
as of 30.06.2013.
| a o u ov.uv.zu i u INSTITUT IGH D.D. |
|||
|---|---|---|---|
| Position | AOP | Previous period | Current period |
| 1 | $\overline{2}$ | 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 | 677.915.774 | 667.177.718 |
| 1. Assets development | 003 | 10.041.147 | 9.146.229 |
| 2. Concessions, patents, licence fees, merchandise and service brands, software and other rights | 004 | ||
| 3. Goodwill | 005 006 |
3.704.817 3.742.903 |
3.320.964 3.086.236 |
| 4. Prepayments for purchase of intangible assets | 007 | ||
| 5. Intangible assets in preparation | 008 | 2.593.427 | 2.739.029 |
| 6. Other intangible assets | 009 | ||
| II. TANGIBLE ASSETS (011 to 019) | 010 | 586.065.990 | 578.861.292 |
| 1. Land | 011 | 139.810.350 | 139.788.863 |
| 2. Buildings | 012 | 315.811.167 | 308.924.500 |
| 3. Plant and equipment | 013 | 14.079.948 | 12.611.749 |
| 4. Instuments, plant inventories and transportation assets | 014 | 5.290.742 | 5.484.922 |
| 5. Biological assets | 015 | ||
| 6. Prepayments for tangible assets | 016 | 104.095 | 262.173 |
| 7. Tangible assets in preparation | 017 | 28.936.414 | 29.755.827 |
| 8. Other material assets | 018 | 364.625 | 364.609 |
| 9. Investment in buildings | 019 | 81.668.649 | 81.668.649 |
| III. LONG-TERM FINANCIAL ASSETS (021 to 028) | 020 | 79.654.077 | 77.198.198 |
| 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 | 2.571.038 |
| 7. Other long - term financial assets | 027 | 15.700.397 | 14.231.862 |
| 8. Investments accounted by equity method | 028 | 61.385.689 | 60.367.701 |
| IV. RECEIVABLES (030 to 032) | 029 | 2.154.560 | 1.971.999 |
| 1. Receivables from related parties | 030 | ||
| 2. Receivables based on trade loans | 031 | 2.154.560 | 1.971.999 |
| 3. Other receivables | 032 | ||
| V. DEFERRED TAX ASSETS | 033 | ||
| C) SHORT TERMS ASSETS (035+043+050+058) | 034 | 319.886.600 | 339.810.578 |
| I. INVENTORIES (036 to 042) | 035 | 91.639.332 | 92.886.139 |
| 1. Row material | 036 | 114.054 | 429.297 |
| 2. Work in progress | 037 | 86.466.341 | 88.234.121 |
| 3. Finished goods | 038 | 2.646.935 | 2.646.935 |
| 4. Merchandise | 039 | 1.404.378 | 568.162 |
| 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 | 146.014.229 | 161.045.489 |
| 1. Receivables from related parties | 044 | 372.153 | 355.777 |
| 2. Accounts receivable | 045 | 90.353.702 | 106.476.238 |
| 3. Receivables from participating entrepreneurs | 046 | 146.963 | 146.963 |
| 4. Receivables from employees and shareholders | 047 | 862.460 | 1.010.884 |
| 5. Receivables from government and other institutions | 048 | 6.746.205 | 5.333.671 |
| 6. Other receivables | 049 | 47.532.746 | 47.721.956 |
| III. SHORT - TERM FINANCIAL ASSETS (051 to 057) | 050 | 79.698.058 | 82.085.137 |
| 1. Shares (stocks) in related parties | 051 | ||
| 2. Loans given to related parties | 052 | ||
| 3. Participating interests (shares) | 053 | 72.441.725 | 74.048.396 |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 054 | ||
| 5. Investment in securities | 055 | ||
| 6. Loans, deposits and similar assets | 056 | 7.256.333 | 8.017.248 |
| 7. Other financial assets | 057 | 19.493 | |
| IV. CASH AT BANK AND IN CASHIER | 058 | 2.534.981 | 3.793.813 |
| D) PREPAID EXPENSES AND ACCRUED INCOME | 059 | 13.125.876 | 9.323.951 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 1.010.928.250 | 1.016.312.247 |
| F) OFF-BALANCE SHEET NOTES | 061 | 95.998.011 | 71.553.204 |
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 90.782.815 | 82.675.011 |
|---|---|---|---|
| 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 | 4.524.132 |
| 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 | 4.990.668 |
| 4. Statutory reserves | 069 | ||
| 5. Other reserves | 070 | ||
| IV. REVALUATION RESERVES | 071 | 163.839.921 | 163.769.742 |
| V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) | 072 | 257.131.238 | -239.260.640 |
| 1. Retained earnings | 073 | 257.131.238 | 256.939.709 |
| 2. Accumulated loss | 074 | 496.200.349 | |
| VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077) | 075 | -496.200.349 | $-7.038.098$ |
| 076 | |||
| 1. Profit for the current year | |||
| 2. Loss for the current year | 077 | 496.200.349 | 7.038.098 |
| VII. MINORITY INTEREST | 078 | 2.784.436 | 3.000.835 |
| B) PROVISIONS (080 to 082) | 079 | 16.432.054 | 15.279.875 |
| 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 | 13.729.788 |
| C) LONG TERM LIABILITIES (084 to 092) | 083 | 355.715.742 | 310.683.731 |
| 1. Liabilities to related parties | 084 | ||
| 2. Liabilities for loans, deposits etc. | 085 | ||
| 3. Liabilities to banks and other financial institutions | 086 | 233.537.210 | 199.804.717 |
| 4. Liabilities for received prepayments | 087 | ||
| 5. Accounts payable | 088 | 886.290 | 320.846 |
| 6. Liabilities arising from debt securities | 089 | 67.910.616 | 67.062.096 |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | ||
| 8. Other long-term liabilities | 091 | 12.095.704 | 2.210.150 |
| 9. Deferred tax liability | 092 | 41.285.922 | 41.285.922 |
| D) SHORT - TERM LIABILITIES (094 to 105) | 093 | 539.725.399 | 591.203.687 |
| 1. Liabilities to related parties | 094 | 804 | 804 |
| 2. Liabilities for loans, deposits etc. | 095 | 4.981.145 | 6.872.135 |
| 3. Liabilities to banks and other financial institutions | 096 | 301.605.237 | 322.067.468 |
| 4. Liabilities for received prepayments | 097 | 13.228.710 | 17.831.488 |
| 5. Accounts payable | 098 | 122.748.241 | 115.425.185 |
| 6. Liabilities arising from debt securities | 099 | 7.545.624 | 7.451.344 |
| 7. Liabilities to enterpreneurs in whom the entity holds participating interests | 100 | ||
| 8. Liabilities to employees | 101 | 20.688.883 | 20.984.400 |
| 9. Liabilities for taxes, contributions and similar fees | 102 | 23.178.418 | 49.755.049 |
| 10. Liabilities to share - holders | 103 | 418.052 | |
| 11. Liabilities for long term assets held for sale | 104 | ||
| 12. Other short - term liabilities | 105 | 45.330.285 | 50.815.814 |
| E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD | 8.272.240 | 16.469.943 | |
| F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106) | 106 | 1.010.928.250 | 1.016.312.247 |
| 107 | |||
| G) OFF-BALANCE SHEET NOTES | 108 | 95.998.011 | 71.553.204 |
| APPENDIX TO BALANCE SHEET (only for consolidated financial statements) | |||
| A) CAPITAL AND RESERVES | |||
| 1. Attributed to equity holders of parent company | 109 | 87.998.379 | 79.674.176 |
| 2. Attributed to minority interests | 110 | 2.784.436 | 3.000.835 |
PROFIT AND LOSS ACCOUNT
for period 01.01.2013. to 30.06.2013
$\tilde{\epsilon}$
$\alpha$
| 101 period 01.01.2013. to 30.00.2013 INSTITUT IGH D.D. |
|||||
|---|---|---|---|---|---|
| Position | AOP | Previous period | Current period | ||
| Cummulative | Periodical | Cummulative | Periodical | ||
| 1 | $\overline{2}$ | 3 | $\overline{\bf{4}}$ | 5 | 6 |
| I. OPERATING REVENUES (112+113) | 111 | 159.509.937 | 74.210.111 | 154.296.300 | 90.990.208 |
| 1. Sales revenues | 112 | 152.138.892 | 70.847.594 | 143.106.373 | 81.604.768 |
| 2. Other operating revenues | 113 | 7.371.045 | 3.362.517 | 11.189.927 | 9.385.440 |
| II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130) 1. Changes in the value of work in progress and finished goods |
114 | 166.481.370 | 87.792.39 | 140.489.598 $-158.750$ |
81.205.875 |
| 2. Material costs (117 to 119) | 115 116 |
$-136.000$ 60.698.775 |
35.606.415 | 43.708.004 | 24.759.230 |
| a) Raw material and material costs | 117 | 11.834.454 | 6.903.227 | 8.075.401 | 4.520.249 |
| b) Costs of goods sold | 118 | 1.085 | 811.415 | 811.415 | |
| c) Other external costs | 119 | 48.863.236 | 28.703.188 | 34.821.188 | 19.427.566 |
| 3. Staff costs (121 to 123) | 120 | 75.382.120 | 35.814.738 | 60.448.168 | 30.513.516 |
| a) Net salaries and wages | 121 | 42.767.901 | 20.601.073 | 34.931.681 | 17.574.110 |
| b) Costs for taxes and contributions from salaries | 122 | 21.800.979 | 10.215.629 | 17.481.352 | 8.878.747 |
| c) Contributions on gross salaries | 123 | 10.813.240 | 4.998.036 | 8.035.135 | 4.060.659 |
| 4. Depreciation | 124 | 10.306.566 | 4.910.799 | 8.974.118 | 4.016.232 |
| 5. Other costs | 125 | 18.075.630 | 11.348.281 | 17.356.695 | 11.768.766 |
| 6. Impairment (127+128) | 126 | 259.270 | 0 | 6.542.083 | 6.542.083 |
| a) Impairment of long-term assets (excluding financial assets) | 127 | ||||
| b) Impairment of short-term assets (excluding financial assets) | 128 | 259.270 | 6.542.083 | 6.542.083 | |
| 7. Provisions | 129 | 138,472 | 138.472 | ||
| 8. Other operating expenses | 130 | 1.895.009 | 112.158 | 3.480.808 | 3.467.576 |
| III. FINANCIAL INCOME (132 to 136) 1. Interest income, foreign exchange gains, dividends and similar income from related |
131 | 4.189.207 | 676.620 | 6.507.575 | 3.975.603 |
| parties | 132 | ||||
| 2. Interest income, foreign exchange gains, dividends and similar income from non-related | 133 | 2.858.854 | 6.477.596 | 3.972.515 | |
| 3. Share in income from affiliated entrepreneurs and participating interests | 134 | 1.154.440 | 529.103 | ||
| 4. Unrealized gains (income) from financial assets | 135 | ||||
| 5. Other financial income | 136 | 175.913 | 147.517 | 29.979 | 3.088 |
| IV. FINANCIAL EXPENSES (138 to 141) 1. Interest expenses, foreign exchange losses and similar expenses from related parties |
137 | 26.867.404 | 15.120.878 | 26.153.945 | 12.643.059 |
| 2. Interest expenses, foreign exchange losses and similar expenses from non - related | 138 | 25.061.102 | 11.788.346 | ||
| 3. Unrealized losses (expenses) on financial assets | 139 140 |
26.237.802 | 14.778.242 | ||
| 4. Other financial expenses | 141 | 629.602 | 342.636 | 1.092.843 | 854.713 |
| V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS | 142 | ||||
| VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS | 143 | 787.870 | 515.555 | 998.725 | 801.563 |
| VII. EXTRAORDINARY - OTHER INCOME | 144 | ||||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | ||||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 163.699.144 | 74.886.731 | 160.803.875 | 94.965.811 |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 194.136.644 | 103.428.824 | 167.642.268 | 94.650.497 |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | $-30.437.500$ | $-28.542.093$ | $-6.838.393$ | 315.314 |
| 1. Profit before taxation (146-147) | 149 | $\mathbf 0$ | $\bf{0}$ | $\Omega$ | 315.314 |
| 2. Loss before taxation (147-146) | 150 | 30.437.500 | 28.542.093 | 6.838.393 | |
| XII. PROFIT TAX | 151 | 1.504.908 | 67.399 | 185.402 | 185.402 |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | $-31.942.408$ | $-28.609.492$ | $-7.023.795$ | 129.912 |
| 1. Profit for the period(149-151) | 153 | 129.912 | |||
| 2. Loss for the period (151-148) | 154 | 31.942.408 | 28.609.492 | 7.023.795 | 0 |
| XIV. PROFIT OR LOSS FOR THE PERIOD | |||||
| 1. Attributed to equity holders of parent company | 155 | $-31.870.412$ | 28.649.023 | -7.038.098 | 23.511 106.401 |
| 2. Attributed to minority interests STATEMENT OF COMPREHENSIVE INCOME (IFRS) |
156 | $-71.996$ | 39.531 | 14.303 | |
| I. PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | $-31.942.408$ | $-28.609.492$ | $-7.023.795$ | 129.912 |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165) | 158 | $-24.655$ | 6.441 | $-2.170$ | $-6.129$ |
| 1. Exchange differences on translation of foreign operations | 159 | $-24.655$ | 6.441 | $-2.170$ | $-6.129$ |
| 2. Movements in revaluation reserves of long-term tangible and intangible assets | 160 | ||||
| 3. Profit or loss from revaluation of financial assets available for sale | 161 | ||||
| 4. Gains or losses on efficient cash flow hedging | 162 | ||||
| 5. Gains or losses on efficient hedge of a net investment in foreign countries | 163 | ||||
| 6. Share in other comprehensive income / loss of associated companies | 164 | ||||
| 7. Actuarial gains / losses on defined benefit plans | 165 | ||||
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 166 | $-4.931$ | $-6.219$ | $-434$ | $-1.226$ |
| IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD (158-166) | 167 | $-19.724$ | $-24.877$ | $-1.736$ | $-4.903$ |
| V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167) | 168 | $-31.962.132$ | -28.634.369 | $-7.025.531$ | 125.009 |
| 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 | $-31.890.136$ | -28.673.900 | $-7.039.834$ | 18.608 |
| 2. Attributed to minority interests | 170 | $-71.996$ | 39.531 | 14.303 | 106.401 |
STATEMENT OF CASH FLOWS - Indirect method
period 01.01.2013. to 30.06.2013
$\overline{\phantom{a}}$
$\mathfrak{a}$
| Position | AOP | Previous period |
Current period |
|---|---|---|---|
| $\overline{2}$ | 3 | 4 | |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before tax | 001 | -30.437.500 | $-6.838.393$ |
| 2. Depreciation | 002 | 10.306.566 | 8.974.118 |
| 3. Increase in short-term liabilities | 003 | 51.478.288 | |
| 4. Decrease in short term receivables | 004 | 2.612.238 | |
| 5. Decrease in inventories | 005 | ||
| 6. Other cash flow increases | 006 | 71.365.460 | |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 53.846.764 | 53.614.013 |
| 1. Decrease in short - term liabilities | 008 | 127.513.706 | |
| 2. Insrease in short - term receivables | 009 | 11.229.335 | |
| 3. Increase in inventories | 010 | 11.363.172 | 1.247.007 |
| 4. Other cash flow decreases | 011 | 0 | 27.867.048 |
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 138.876.878 | 40.343.390 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012) | 013 | 13.270.623 | |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 014 | 85.030.114 | |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | 235.616 | 307.479 |
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | $\mathbf 0$ | 694.263 |
| 3. Interest receipts | 017 | 455 548 | 297.721 |
| 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 | 4.931.662 | 1.299.463 |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | 2.936.741 | 1.463.903 |
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | ||
| 3. Other cash outflows from investing activities | 023 | 66.658.548 | |
| IV. Total cash outflows from investing activities (021 to 023) | 024 | 69.595.289 | 1.463.903 |
| B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES(020-024) | 025 | 0 | |
| B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES(024-020) | 026 | 64.663.627 | 164.440 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1. Cash receipts from issuance of equity and debt financial instruments | 027 | 155.770.260 | |
| 2. Cash inflows from loans, debentures, credits and other borrowings | 028 | 149.137.276 | 1.789.625 |
| 3. Other cash inflows from financing activities | 029 | ||
| V. Total cash inflows from financing activities (027 to 029) | 030 | 304.907.536 | 1.789.625 |
| 1. Cash outflows for repayment of loans and bonds | 031 | 158.325.007 | 13.558.708 |
| 2. Dividends paid | 032 | 118.640 | |
| 3. Cash outflows for finance lease | 033 | 1.939.588 | 78.268 |
| 4. Cash outflows for purchase of own stocks | 034 | 3.397.200 | |
| 5. Other cash outflows from financing activities | 035 | ||
| VI. Total cash outflows from financing activities (031 do 035) | 036 | 163.780.435 | 13.636.976 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 037 | 141.127.101 | |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030) | 038 | 0 | 11.847.351 |
| Total increases of cash flows (013 - 014 + 025 - 026 + 037 - 038) | 039 | $\mathbf{0}$ | 1.258.832 |
| Total decreases of cash flows (014 - 013 + 026 - 025 + 038 - 037) | 040 | 8.566.640 | |
| Cash and cash equivalents at the beginning of period | 041 | 15.853.145 | 2.534.981 |
| Increase in cash and cash equivalents | 042 | 1.258.832 | |
| Decrease in cash and cash equivalents | 043 | 8.566.640 | |
| Cash and cash equivalents at the end of period | 044 | 7.286.505 | 3.793.813 |
| EQUITY | 30.06.20 |
|---|---|
| $\overline{\mathbf{c}}$ | |
| STATEMENT OF CHANGES IN | 1.2013 01.01. |
$\lambda$
$\hat{\mathbf{r}}$
| from | $01.01.2013$ to | 30.06.2013 | |||
|---|---|---|---|---|---|
| Position | AOP | Previous year |
|||
| က က |
|||||
| bed capital | 001 | 105.668. | |||
| reserves | 002 | 52.011.0 | |||
| is from profit | 003 | 5.548.5 | |||
| d earnings or accumulated loss | 004 | 257.131.2 | |||
| oss for the current year | 005 | -496.200.3 | |||
| tion of long them tomaible execute | $\frac{1}{2}$ |
| AOP | Previous | ||
|---|---|---|---|
| Position | year | Current year | |
| ᡪ | $\mathbf{\tilde{c}}$ | m | 4 |
| 1. Subscribed capital | $\overline{0}01$ | 105.668.000 | 105.668.000 |
| 2. Capital reserves | 002 | 52.011.040 | 52.011.040 |
| 3. Reserves from profit | 003 | 5.548.529 | 4.524.132 |
| 4. Retained earnings or accumulated loss | 004 | 257.131.238 | $-239.260.640$ |
| 5. Profit / loss for the current year | 005 | 496.200.350 | $-7.038.098$ |
| 6. Revaluation of long - term tangible assets | 006 | 161.783.488 | 161.783.489 |
| 7. Revaluation of intangible assets | 200 | ||
| 8. Revaluation of financial assets available for sale | 008 | 1.988.423 | 1.988.423 |
| 9. Other revaluation | 009 | ||
| (AOP 001 to 009) 10. Total capital and reserves |
010 | 87.930.368 | 79.676.346 |
| 11. Currency gains and losses arising from net investments in foreign operations | 011 | 68.009 | $-2.170$ |
| (part) 12. Current and deferred taxes |
012 | ||
| 13. Cash flow hedging | 013 | ||
| 14. Changes in accounting policies | 014 | ||
| rs in prior periods 15. Correction of significant erro |
015 | ||
| 16. Other changes in capital | 016 | ||
| 17. Total increase or decrease in capital (AOP 011 to 016) | 017 | 68.009 | $-2.170$ |
| 17 a. Attributed to equity holders of parent company | 018 | 87.998.377 | 79.674.176 |
| 17 b. Attributed to minority interst | 019 | 2.784.436 | 3.000.835 |
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