Institut IGH d.d. — Interim / Quarterly Report 2021

Apr 30, 2021

Zagreb, April 30, 2021

Management Report on business results of the Company Institut IGH d.d. and its subsidiaries Subject: in the period from January 1 to March 31 2021.

Institut IGH d.d.

In the period from January to March 2021, Institut IGH d.d operated with revenue amounting to HRK 39,9 million. Operating expenses (excluding amortization) amount to HRK 66,2 million, which resulted in negative EBITDA that completely coming from the solving long term liabilities from the prebankrupcy agreement and solving PIK debt of the major creditor, not from the operatioanl activites.

After the amortization cost in the amount of HRK 3,9 million HRK, negative effect of interest and exchange rate differences in the amount of HRK 2,9 million HRK, Institut IGH d.d operated at a net loss amounting HRK 23,5 million.

During the period under review, the activities of business development as well as offering were reduced. The reason can be found in effects of COVID-19 virus resulting in HRK 31,9 million less worth of new contracts in the subject period from January 1 to March 2021.

The company invest additional effort in activities related to increasing liquidity and shortening the settlement period of liabilities to suppliers and subcontractors of the Company.

The company's activities were focused on new markets (Middle East, Iraq and Egypt) where significant new contracts are expected, as well as activities on existing markets in which the company is already present, which is part of the company's strategy until 2030.

The Company expects the realization of the set short-term plan of activities and its fulfillment in the following periods.

IGH Group

In the period from January to March 2021, IGH Group operated at a revenue amounting to HRK 51,9 million. Operating expenses (excluding amortization) amount to HRK 104,2 million, this resulted in an which resulted in negative EBITDA that completely coming from the solving long term liabilities from the prebankrupcy agreement and solving PIK debt of the major creditor, not from the operatioanl activites.

After the amortization cost in the amount of HRK 4,3 million, negative effect of interest and exchange rate differences in the amount of HRK 4,2 million, IGH Group operated at a net loss amounting HRK 51,1 million.

Institut IGH will continue with its increased activities in the next period, according to the strategic development plan for the period up to year 2024, increasing productivity and efficiency in implementation of projects on which it has been engaged, strengthening human resources and extending business activities on the international markets in order to spread risk and achieve long-term, sustainable and profitable business operations.

On behalf of the INSTITUT IGH, d.d. Management Board;

INSTITUT IGH, d.d. nka Rakuše 10000 Zagreb, Croatia

PHONE +385 (0)1 612 51 25 FAX +385 (0)1 612 54 01 EMAIL igh@igh.hr WEB www.iah.hr

Competent court: Commercial Court in Zagreb Register entry with company registration No 080000959

Share capital:
HRK 116,604,710.00 Paid in full

No of issued shares: IGH 613,709 Nominal share value HRK 190

Reg.No.: 3750272 PIN: 79766124714 Business bank: BERBANK d.d IBAN: HR6825030071100087335 SWIFT code: VBCRHR22

Management Board: Robert Petrosian, President of the Management Board Vedrana Tudor, Member of the Management Board Mirosiav Pauzar, Member of the Management Board

Supervisory Board: Zarko Dešković, MEng.CE President of the Supervisory Board

institut 16/
Blunkton Robert Petrosian 0AZDJ President of the Management Board
Miroslav Pauzar Member of the Management Board
Vedrana Tudor Member of the Management Board

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Acrefi

INSTITUT IGH,d.d.

Zagreb, April 30, 2021

Statement of the Management Board on the responsibility for preparing financial reports for Subject: the Group Institut IGH, JSC

The Company's Management Board has to ensure that the Group's unaudited consolidated financial reports for the accounting period from January to March 2021 are prepared in accordance with the Accountancy Law (Official Gazette 78/15, 133/15, 120/16) and International Financial Reporting Standards as adopted by the European Union, 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;
• · 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 Financial Reporting 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 Institut IGH fraud and other illegal activity.

0,

PARTO I BIUDATO

Signed on the behalf of the Management Board

Robert Petrosian, President of the Management Bord

Miroslav Pauzar, Member of the Management Board

Vedrana Tudor, Member of the Management Board

INSTITUT IGH, d.d. Janka Rakuše 1 10000 Zagreb, Hrvatska

TEL +385 (0)1 612 51 25 FAX +385 (0)1 612 54 01 EMAlL igh@igh.hr WEB www.igh.hr

Mjerodavni sud: Trgovački sud u Zagrebu starski uložak s matičnim brojem (MBS) 080000959

Temeljni kapital: 116.604.710.00 kn. uplačen u cijelosti

Broj izdanih dionica: IGH 613.709 Nominalna vrijednost dionice 190 kn

MB: 3750272 OIB: 79766124714 Poslovna banka: SBERBANK d.d. IBAN: HR6825030071100087335 SWIFT kod: VBCRHR22

Robert Petrosian predsjednik uprave

Uprava

INSTITUT IGH,d.d.

edrana Tudor, članica uprave Miroslav Pauzar, član uprave Nadzorni odbor:

Zarko Dešković, dipling grad. predsjednik Nadzornog odbora

Annex 1	ISSUER'S GENERAL DATA
Reporting period:	1.1.2021 31.3.2021 to
Year:	2021
Quarter:	1.
	Quarterly financial statements
	Issuer's home Member
egistration number (MB): 03750272	HR State code:
Entity's registration] 80000959 number (MBS):
Personal identification 79766124714 number (OIB):	74780000W0UQ8MF2FU71 LEI:
Institution 1461 code:
Name of the issuer: INSTITUT IGH D.D.
10000 Postcode and town:	ZAGREB
reet and house number: JANKA RAKUSE 1
E-mail address: igh(@igh.hr
Web address: http://www.igh.hr
Number of employees 537 (end of the reporting
Consolidated report: KD	(KN-not consolidated/KD-consolidated)
Audited: RN	(RN-not audited/RD-audited)
Names of subsidiaries (according to IFRS):	Registered office: MB:
IGH PROJEKTIRANJE D.O.O.	ZAGREB, JANKA RAKUŠE 1 02441918
INCRO D.O.O.	ZAGREB, JANKA RAKUŠE 1 01982516
IGH BUSINESS ADVISORY SERVICES D.O.O.	ZAGREB, JANKA RAKUŠE 1 01819585
FORUM CENTAR D.O.O.	ZAGREB, JANKA RAKUŠE 1 01960229
EKONOMSKO TEHNIČKI ZAVOD D.D.	OSIJEK, DRINSKA 18 03013669
IGH CONSULTING D.O.O.	ZAGREB, JANKA RAKUŠE 1 02462478
DP AQUA D.O.O.	ZAGREB, JANKA RAKUSE 1 01907522
RADELJEVIĆ D.O.O.	ZAGREB, JANKA RAKUSE 1 01938533
MARTERRA D.O.O.	ZAGREB, JANKA RAKUŠE 1 02814692
POSLOVNA ZONA VELIKA KOPANICA D.O.O.	ZAGREB, JANKA RAKUŠE 1 02349671
IGH MOSTAR D.O.O.	MOSTAR, BISCE POLJE BB 27060470005
IGH D.O.O. MOSTAR	MOSTAR, BISCE POLJE BB 27725460006
IGH KOSOVA Sha	PRISTINA, KOSOVO
IGH MONTENEGRO d.o.o.	PODGORICA, MOSKOVSKA 2B
Bookkeeping firm: No	(Yes/No)
Contact person: Larisa Lukšić	(name of the bookkeeping firm)
Telephone: 01 6125 311	(only name and surname of the contact person)
E-mail address: larisa.luksic@igh.hr
Audit firm: (name of the audit firm)
Certified auditor: (name and surname)

BALANCE SHEET

balance as at 31.03.2021.

Submitter: INSTITUT IGH d.d.
ADP Item code		Last day of the preceding business vear	At the reporting date of the current period
1	S	8	4
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001	0	0
B) FIXED ASSETS (ADP 003+010+020+031+036)	002	202.467.562	77.173.103
I INTANGIBLE ASSETS (ADP 004 to 009)	003	10.263.027	2.405.454
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other	005	9.094.881	1.024.596
rights 3 Goodwill	006	1.134.983	1.134.983
4 Advances for the purchase of intangible assets	0.07	0	0
5 Intangible assets in preparation	008	33.163	245.875
6 Other intangible assets	009	0	0
II TANGIBLE ASSETS (ADP 011 to 019)	010	176.403.576	58.789.687
1 Land	011	86.874.022	21.456.023
2 Buildings	012	48.029.000	6.271.426
3 Plant and equipment	013	14.999.876	25.982.506
4 Tools, working inventory and transportation assets	014	3.904.167	3.694.766
5 Biological assets	015	0	O
6 Advances for the purchase of tangible assets	016	268.927	411.815
7 Tangible assets in preparation	017	21.674.656	422.168
8 Other tangible assets	018	304.571	304.571
9 Investment property	019	348.357	246.412
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	14.963.501	15.189.886
1 Investments in holdings (shares) of undertakings within the group	021	0	0
2 Investments in other securities of undertakings within the group	022	0	0
3 Loans, deposits, etc. to undertakings within the group 4. Investments in holdings (shares) of companies linked by virtue of	023	0	0
participating interests	024	0	0
5 Investment in other securities of companies linked by virtue of
participating interests	025	0	0
6 Loans, deposits etc. to companies linked by virtue of participating	026	0	0
interests
7 Investments in securities	027	566.720	566.720
8 Loans, deposits, etc. given	028	242.482	468.867
9 Other investments accounted for using the equity method 10 Other fixed financial assets	029 030	14.154.299 0	14.154.299 0
IV RECEIVABLES (ADP 032 to 035)	031	837.458	788.076
1 Receivables from undertakings within the group	032	0	0
2 Receivables from companies linked by virtue of participating
interests	033	0	0
3 Customer receivables	034	441.900	412.397
4 Other receivables	035	395.558	375.679
V DEFERRED TAX ASSETS	036	0	0
C) CURRENT ASSETS (ADP 038+046+053+063)	037	206.070.523	169.173.721
I INVENTORIES (ADP 039 to 045)	038	133.898.361	97.578.975
1 Raw materials and consumables	038	0	0
2 Work in progress	040	75.729.758	39.978.534
3 Finished goods	041	0	0
4 Merchandise	042	0	0
5 Advances for inventories	043	0	0
6 Fixed assets held for sale	044	58.168.603	57.600.441
7 Biological assets	045	0	0
II RECEIVABLES (ADP 047 to 052)	046	39.078.724	43.925.713
1 Receivables from undertakings within the group	047	0	0
2 Receivables from companies linked by virtue of participating	048	0	0
interests 3 Customer receivables	049	23.104.293	26.082.765
4 Receivables from employees and members of the undertaking	050	774.032	707.210
5 Receivables from government and other institutions	051	720.243	2.653.770
6 Other receivables	052	14.480.156	14.481.968
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	0-3	24.547.007	23.654.486
1 Investments in holdings (shares) of undertakings within the group	054	0	0

2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	0	0
4 Investments in holdings (shares) of companies linked by virtue of participating interests	0-57	0	0
5 Investment in other securities of companies linked by virtue of participating interests	058	0	0
6 Loans, deposits etc. to companies linked by virtue of participating	059	0	0
interests 7 Investments in securities	060	26.664	26.664
8 Loans, deposits, etc. given	061	24.329.703	23.466.978
9 Other financial assets	062	190.640	160.844
IV CASH AT BANK AND IN HAND	063	8.546.431	4.014.547
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	16.069.197	17.617.868
E) TOTAL ASSETS (ADP 001+002+037+064)	065	424.607.282	263.964.692
OFF-BALANCE SHEET ITEMS	066	27.270.012	29.965.235
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	-62.235.065	-112.841.487
I INITIAL (SUBSCRIBED) CAPITAL	068	116.604.710	116.604.710
II CAPITAL RESERVES	069	-255.383	-255.383
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	-3.275.313 0	-2.726.865
1 Legal reserves	071 072	1.446.309	1.446.309
2 Reserves for treasury shares 3 Treasury shares and holdings (deductible item)	073	-5.676.024	-5.676.024
4 Statutory reserves	074	0
5 Other reserves	075	954.402	1.502.850
IV REVALUATION RESERVES	076	96.500.938	53.346.639
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	0	0
1 Financial assets at fair value through other comprehensive income (i.e. available for sale)	078	0	0
2 Cash flow hedge - effective portion	079	0	0
3 Hedge of a net investment in a foreign operation - effective portion	080	0	0
4 Other fair value reserves	081	0	0
5 Exchange differences arising from the translation of foreign operations (consolidation)	082	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084- 085)	083	-261.377.540	-227.958.76
1 Retained profit	084	144.899.852	188.054.151
2 Loss brought forward	085	406.277.392	416.012.912
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	-9.735.520	-51.154.870
1 Profit for the business year	087	0	0
2 Loss for the business year	088	9.735.520 -696.957	51.154.870 -696.957
VIII MINORITY (NON-CONTROLLING) INTEREST	089 090	9.991.511	10.441.842
B) PROVISIONS (ADP 091 to 096) 1 Provisions for pensions, termination benefits and similar obligations	091	667.023	677.714
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	6.126.548	6.566.188
4 Provisions for renewal of natural resources	094	0	0
5 Provisions for warranty obligations	095	0	0
6 Other provisions	096	3.197.940	3.197.940
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	56.189.253	51.570.103
1 Liabilities to undertakings within the group	098	0	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	099	0	0
3 Liabilities to companies linked by virtue of participating interests	100	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of	101	0	0
participating interests	102	554.853	526.412
5 Liabilities for loans, deposits etc. 6 Liabilities to banks and other financial institutions	103	34.090.453	39.034.546
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	197.924	226.257
9 Liabilities for securities	106	0	0
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	21.346.023	11.782.888
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	367.481.188	295.798.765
1 Liabilities to undertakings within the group	110	0	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0	0

3 Liabilities to companies linked by virtue of participating interests	112	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of	113	0	0
participating interests
5 Liabilities for loans, deposits etc.	114	934.139	696.183
6 Liabilities to banks and other financial institutions	115	241.806.102	188.903.663
7 Liabilities for advance payments	116	6.191.607	6.911.548
8 Liabilities to suppliers	117	29.928.312	22.968.541
9 Liabilities for securities	118	47.800.647	47.800.647
10 Liabilities to employees	119	6.714.483	6.517.584
11 Taxes, contributions and similar liabilities	120	13.174.970	15.540.695
12 Liabilities arising from the share in the result	121	0	0
13 Liabilities arising from fixed assets held for sale	122	0	0
14 Other short-term liabilities	123	20.930.928	6.459.904
E) ACCRUALS AND DEFERRED INCOME	124	53.180.395	18.995.469
TOTAL - LIABILITIES (ADP 067+090+097+109+124)	125	424.607.282	263.964.692
OFF-BALANCE SHEET ITEMS G)	126	2.727.012	29.965.235

STATEMENT OF PROFIT OR LOSS for the period 01.01.2021. to 31.03.2021.

in HRK

Submitter: INSTITUT IGH d.d.
Item		Same period of the previous year		Current period
1	code 2	Cumulative 3	Quarter 4	Cumulative 5	Quarter 6
OPERATING INCOME (ADP 002 to 006)	001	55.415.678	55.415.678	51.953.216	51.953.216
1 Income from sales with undertakings within the group	002	0	0	0	0
2 Income from sales (outside group)	003	44.216.980	44.216.980	41.171.262	41.171.262
3 Income from the use of own products, goods and services	004	63.293	63.293	49.259	49.259
4 Other operating income with undertakings within the group	005	0 11.135.405	0	0	0
5 Other operating income (outside the group)	006		11.135.405	10.732.695	10.732.695
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	42.071.434	42.071.434	108.605.436	108.605.436
1 Changes in inventories of work in progress and finished goods	008	O	0	0	0
2 Material costs (ADP 010 to 012)	009	12.717.255	12.717.255	15.194.571	15.194.571
a) Costs of raw materials and consumables	010 011	2.070.708 0	2.070.708 0	2.230.370 0	2.230.370
b) Costs of goods sold c) Other external costs	012	10.646.547	10.646.547	12.964.201	0 12.964.201
3 Staff costs (ADP 014 to 016)	013	23.229.517	23.229.517	23.082.620	23.082.620
a) Net salaries and wages	014	15.691.519	15.691.519	14.446.217	14.446.217
b) Tax and contributions from salary costs	015	4.854.947	4.854.947	5.681.645	5.681.645
c) Contributions on salaries	016	2.683.051	2.683.051	2.954.758	2.954.758
4 Depreciation	017	2.466.403	2.466.403	4.387.086	4.387.086
5 Other costs	018	3.380.677	3.380.677	2.802.463	2.802.463
6 Value adjustments (ADP 020+021)	019 020	227.329 0	227.329 0	209.232 0	209.232 0
a) fixed assets other than financial assets b) current assets other than financial assets	021	227.329	227.329	209.232	209.232
7 Provisions (ADP 023 to 028)	022	0	0	0	0
a) Provisions for pensions, termination benefits and similar	023	0	0	0	0
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases	025	0	0	0	0
d) Provisions for renewal of natural resources	026	0	0	0	0
e) Provisions for warranty obligations	027	0	0	0	0
f) Other provisions 8 Other operating expenses	028 029	0 50.253	0 50.253	0 62.929.464	0 62.929.464
III FINANCIAL INCOME (ADP 031 to 040)	030	641.864	641.864	186.216	186.216
1 Income from investments in holdings (shares) of undertakings within
the group	031	0	0	0	0
2 Income from investments in holdings (shares) of companies linked by	032	0	0	0	0
virtue of participating interests 3 Income from other long-term financial investment and loans granted
to undertakings within the group	033	0	0	0	0
4 Other interest income from operations with undertakings within the	034	0	0	0	0
group
5 Exchange rate differences and other financial income from	035	0	0	0	0
operations with undertakings within the group 6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income	037	4.565	4.565	19.181	19.181
8 Exchange rate differences and other financial income	038	637.299	637.299	46.078	46.078
9 Unrealised gains (income) from financial assets	039	0	0	108.720	108.720
10 Other financial income	040	0	0	12.237	12.237
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	17.088.290	17.088.290	4.289.720	4.289.720
1 Interest expenses and similar expenses with undertakings within the group	042	0	0	0	0
2 Exchange rate differences and other expenses from operations with
undertakings within the group	043	1.693	1.693	0	0
3 Interest expenses and similar expenses	044	2.589.025	2.589.025	2.255.128	2.255.128
4 Exchange rate differences and other expenses	045	5.133.018	5.133.018	2.034.592	2.034.592
5 Unrealised losses (expenses) from financial assets 6 Value adjustments of financial assets (net)	046 047	O 0	O 0	0 0	0 0
7 Other financial expenses	048	9.364.554	9.364.554	0	0
SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	049	0	O	O
OF PARTICIPATING INTERESTS					0
SHARE IN PROFIT FROM JOINT VENTURES	050	0	0	0	0
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF PARTICIPATING INTEREST	051	3.498	3.498	0	0
VIII SHARE IN LOSS OF JOINT VENTURES	052	0	0	0	0
IX TOTAL INCOME (ADP 001+030+049 +050)	053	56.057.542	56.057.542	52.139.432	52.139.432
TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	59.163.222	59.163.222	112.895.156	112.895.156
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	-3.105.680	-3.105.680	-60.755.724	-60.755.724
1 Pre-tax profit (ADP 053-054)	056	0	0	0	0
2 Pre-tax loss (ADP 054-053)	057 058	-3.105.680 -175.380	-3.105.680 -175.380	-60.755.724	-60.755.724
XII INCOME TAX XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-2.930.300	-2.930.300	-9.600.854 -51.154.870	-9.600.854 -51.154.870
1 Profit for the period (ADP 055-059)	060	0	0	0	0
2 Loss for the period (ADP 059-055)	061	-2.930.300	-2.930.300	-51.154.870	-51.154.870
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)

XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS (ADP 063-064)	062	0	0	0	0
1 Pre-tax profit from discontinued operations	063	0	0	0	0
2 Pre-tax loss on discontinued operations	064	0	0	0	0
XV INCOME TAX OF DISCONTINUED OPERATIONS	065	0	0	0	0
1 Discontinued operations profit for the period (ADP 062-065)	066	0	0	0	0
2 Discontinued operations loss for the period (ADP 065-062)	067	0	0	0	0
TOTAL OPERATIONS (to be filled in only by undertakings subject to IFRS with discontinued operations)
XVI PRE-TAX PROFIT OR LOSS (ADP 055-+062)	068	C	0	0	0
1 Pre-tax profit (ADP 068)	069	0	0	0	0
2 Pre-tax loss (ADP 068)	070	0	0	0	0
XVII INCOME TAX (ADP 058+065)	071	0	0	0	0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071)	072	0	0	0	0
1 Profit for the period (ADP 068-071)	073	0	0	0	0
2 Loss for the period (ADP 071-068)	074	0	0	0	0
APPENDIX to the P&L (to be filled in by undertakings that draw up consolidated annual financial statements)
XIX PROFIT OR LOSS FOR THE PERIOD (ADP 076+077)	075	-2.930.300	-2.930.300	-51.154.870	-51.154.870
1 Attributable to owners of the parent	076	-2.905.646	-2.905.646	-32.739.117	-32.739.117
2 Attributable to minority (non-controlling) interest	077	-24.654	-24.654	-18.415.753	-18.415.753
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD	078	-2.930.300	-2.930.300	-51.154.870	-51.154.870
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX
(ADP 80+ 87)	079	-3.977.035	-3.977.035	0	0
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	-3.977.085	-3.977.035	0	0
1 Changes in revaluation reserves of fixed tangible and intangible assets	081	-3.977.035	-3.977.035	0	0
2 Gains or losses from subsequent measurement of equity instruments	082	0	0	0	0
at fair value through other comprehensive income
3 Fair value changes of financial liabilities at fair value through statement of profit or loss, attributable to changes in their credit risk	083	0	0	0	0
4 Actuarial gains/losses on the defined benefit obligation	084	0	0
				0	0
5 Other items that will not be reclassified	085	0	0	0	0
6 Income tax relating to items that will not be reclassified	086	0	0	0	0
IV Items that may be reclassified to profit or loss (ADP 088 to 095)	087	0	0	0	0
1 Exchange rate differences from translation of foreign operations	088	0	0	0	0
2 Gains or losses from subsequent measurement of debt securities at	089	0		0	0
fair value through other comprehensive income
3 Profit or loss arising from effective cash flow hedging	090	0	0	0	0
4 Profit or loss arising from effective hedge of a net investment in a foreign operation	091	0	0	0	0
5 Share in other comprehensive income/loss of companies linked by virtue of participating interests	092	0	0	0	0
6 Changes in fair value of the time value of option	093	0	0	O	0
7 Changes in fair value of forward elements of forward contracts	094	0	0	0	0
8 Other items that may be reclassified to profit or loss	095	0	0
				0	0
9 Income tax relating to items that may be reclassified to profit or loss	096	0	0	O	0
V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 080+087- 086 - 096)	097	-3.977.035	-3.977.035	0	0
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 078+097)	098	-6.907.335	-6.907.335	-51.154.870	-51.154.870
APPENDIX to the Statement on comprehensive in be filled in by undertakings that draw up consolidated statements)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP
100+101)	099	-6.907.335	-6.907.335	-51.154.870	-51.154.870
1 Attributable to owners of the parent	100	-6.882.681	-6.882.681	-32.739.117	-32.739.117
2 Attributable to minority (non-controlling) interest	101	-24.654	-24.654	-18.415.753	-18.415.753

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2021. to 31.03.2021.

in HRK Submitter: INSTITUT IGH d.d.
Item	ADP code	Same period of the previous year	Current period
1	S	St	ব
Cash flow from operating activities
1 Pre-tax profit 2 Adjustments (ADP 003 to 010):	001 002	-3.105.680 11.463.964	-51.154.870
a) Depreciation	003	2.466.403	30.015.517
b) Gains and losses from sale and value adjustment of fixed tangible and			4.387.086
intangible assets c) Gains and losses from sale and unrealised gains and losses and value	004	0	21.295.250
adjustment of financial assets	005	227.329	0
d) Interest and dividend income	006	0	-19.181
e) Interest expenses	007	2.589.025	2.255.128
f) Provisions	008	0	0
g) Exchange rate differences (unrealised)	009	4.497.412	1.988.514
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	1.683.795	108.720
I Cash flow increase or decrease before changes in working capital	019	8.358.284	-21.139.353
(ADP 001+002)
3 Changes in the working capital (ADP 013 to 016)	012	-13.523.326	-8.420.777
a) Increase or decrease in short-term liabilities	013	-16.263.027	-13.083.217
b) Increase or decrease in short-term receivables	014	2.695.573	4.662.500
c) Increase or decrease in inventories	015	44.128
d) Other increase or decrease in working capital	016 017	0
II Cash from operations (ADP 011+012)	018	-5.165.042	-29.560.070
4 Interest paid 5 Income tax paid	019	0 0	0 0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	-5.165.042	-29.560.070
1 Cash receipts from sales of fixed tangible and intangible assets 2 Cash receipts from sales of financial instruments	021 022	2.143.532 0	0 0
3 Interest received	023	0	0
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	0	0
6 Other cash receipts from investment activities	026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	2.143.532	0
1 Cash payments for the purchase of fixed tangible and intangible assets	028	0	-267.733
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	0	0
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	0	0
IV Total cash payments from investment activities (ADP 028 to 032)	033	0	-267.733
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	2.143.532	-267.733
Cash flow from financing activities
1 Cash receipts from the increase in initial (subscribed) capital	035	0	0
2 Cash receipts from the issue of equity financial instruments and debt financial instruments	036	0	0
3 Cash receipts from credit principals, loans and other borrowings	037	0	0
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	0	0
1 Cash payments for the repayment of credit principals, loans and other	040	0	-631.000
borrowings and debt financial instruments
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease	042	0	-239.515
4 Cash payments for the redemption of treasury shares and decrease in initial (subscribed) capital	043	0	0
5 Other cash payments from financing activities	044	0	0

VI Total cash payments from financing activities (ADP 040 to 044)	045	O	-870 515
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	0	-870-515
1 Unrealised exchange rate differences in respect of cash and cash equivalents	047	0
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020+034+046+047)	048	-3.021.510	-30.698.318
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	12.010.301	8.546.431
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	8.988.791	-22.151.887

0,735,520

-9,735,520 40.028.203 -51.154.870 1,800,26 -6.103.33 16.103.53 9.735.52 -6.368.01 -6.368.01 6.103.33 -112.841.48 -62.235.0 62 235.0 -51.154.8 548.4 548.44 AS 2351 41.82B 896 957 50 BOS 696.95 90 05 ്ടാപയിരു Profitiloss for the | Total ettributable to
owners year 61.538.108 -6.103.331 -41.131.534 548,448 9.735.620
-9.735.520 -51.154.870 1.800-28 39.331.24 -6.368.01 -16.103.53 -112.144.53 6.103.3 61.538.10 -61,538 10 -51.154.8 548.4 -9.735. -6.3681 0 735 520 9,735,620 -Б1.154.870 -51.154.870 9.735.520 -9.735.520 9 735 521 51.154.876 9.735.52 0.735.52 6.639.0 6.639 0 a Gthor Islinealue 227,958,761 43.154.299 -9.735,620 1.800.288 264 377 540 -9.735.520 43.154.209 271.913.201 261.377.544 43.154.296 0.635. 10.535. Rovelention 53 346 639 -43,154.299 43.154.29 -43.154.299 -6,368.0 -6.368.0 6.500.9 6.500.9 -6.308.0 6.500 954.402 954_402 1,502,850 548.448 954 402 154 -548. ડા Treasury ahnoldings (ceductible Statuation)
treasury shares 5.676.024 5.676.02 6.676.02 1.446.309 1,446,309 1:446.309 1 446 30 1,446,3 1.446 he IFRS) -255,383 -255.383 -255.383 255.383 -255.383 s in accordanc nts in accordanc 255.3 116.604.710 116 604 710 116.604.710 16.604.71 w up financial stat 116.604.71 in financial sta 116.604. for the period from 1.1.2021 to to 31.3.2021 ings that 5时 08 18 10 드 전 은 후 15 16 17 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ 25 26 -27 43 51 -52 - 1 53 した 등 영향을 받지 않을 응 ន នេះន 31 -ន នេ 34 류 유로드 주 그 수 있 수 있 요 요 07 s Bedneglion of reasury ebrances
Paymont of Canada in moralistadors
Damont of Caladon in moralistadors
Camporate (Astronomiano io maters) and manusianani proportual
Balan OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX
DP 06 to 14) licronso in reserves arraing from the pro-bankruplcy softloment procodure
to 23) Changes in noonuning noilers
Correction of errors
Presidente entre
Plannoe on the first day of the current business year (restation) (AOP 28 to 30)
Presidentes in romistion PENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by und ENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by und COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32
52) TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED
RECTLY IN EQUITY (ADP 16 to 23)
urrent pariod OMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP
S) OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET OF
X (ADP 33 to 41) I TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED
IRECTLY IN EQUITY (ADP 42 to 50) Sthara in other comprehensive income/loss of companies linked by virtue of
ficipaling interents
Actuarial gains/losses on the defined benefit obligation
Tax on transaction Salous periou 3am or losses from subsequent measurement of financial assets at foir of financial assets at foir of helm
ough other comprehensive income (available for sale)

Profit or los ocrease in initial (subscribed) capital (other than arising from the preinges in revaluation reserves of fixed langible and intangible assets edure

locrease in initial (subscribed) capital nrising from the reinvestmant e ease in initial (subscribed) capital rrising from the pro-bank.
re

cosse in initial (subscribed) capital arising from the roinvestm ofit/loss of the period
ichange rate differences from translation of foreign operations there perfour
Shance on the first day of the current business year -- il --
Changes in accounting policies
Correction of errors Payment of share in profitidiredend
Other distributions and payments to members/sharefwol
Transfer to reserves according to the annual schedule tedomption of treasury shares/holdings
layments from members/shareholders
layment of share in profit/dividend ous poriod

STATEMENT OF CHANGES IN EQUITY